2023 Colorado Revised Statutes › Title 29 - GOVERNMENT - LOCAL (§§ 29-1-101 — 29-37-210) › HOUSING (§§ 29-4-101 — 29-4-1208) › Article 4 - Housing (§§ 29-4-101 — 29-4-1208) › Part 7 - HOUSING AND BUSINESS DEVELOPMENT AND FINANCING (§§ 29-4-701 — 29-4-735) › Section 29-4-710 - Powers of the board - executive director - housing facility loans - assistance in housing facility development

(1)
Upon acceptance of a housing facility plan pursuant to section
29-4-709
and upon or prior to the issuance of bonds or other financial arrangement for the development of such facility, the board shall have adopted rules and regulations applicable to such plan. In addition to the other powers granted in this part 7, the authority shall have the power to, and, upon the adoption of a plan as provided in section
29-4-709
, the board shall authorize the executive director to:
(a)
(I)
Make, purchase, or participate in making or purchasing housing facility loans or commitments therefor to sponsors, which are approved pursuant to section
29-4-716
and are subject to the limitations prescribed by section
29-4-717
, and to low- or moderate-income families and, in connection with any such loan:
(A)
To agree to limitations upon the right to dispose of any housing facility or part thereof or to undertake additional housing facility programs;
(B)
To a governmental entity, to agree to limitations upon the exercise of any powers conferred upon the authority by this part 7.
(II)
Except as provided in this section, housing facility loans to sponsors or to low- or moderate-income families shall be secured by a mortgage or such other security interest as the authority shall determine adequate to secure repayment of the housing facility loan.
(b)
Make or participate in the making of housing facility loans secured by second deeds of trust or mortgages to sponsors or low- or moderate-income families if the total amount of such second deeds of trust or mortgages does not exceed fifteen percent of the total amount of loans secured by first deeds of trust or mortgages issued by the authority;
(c)
Collect and pay reasonable fees and charges in connection with making, purchasing, and servicing of loans;
(d)
Sell at public or private sale, including the sale to the federal national mortgage association or the government national mortgage association, all or any part of any mortgage or other instrument or document securing a construction, land development, mortgage, or temporary loan of any type permitted by this part 7;
(e)
Purchase, in order to meet the requirements of the sale of its mortgages to the federal national mortgage association, stock of the association;
(f)
Consent to the modification of the rate of interest, time of payment of any installment of principal or interest, or any other terms of any mortgage loan, mortgage loan commitment, construction loan, temporary loan, contract, or agreement of any kind to which the authority is a party;
(g)
Include in any loan such amounts necessary to pay financing charges, consultant, advisory, and legal fees, and such other expenses, including interest charges, as are necessary or incidental to such loan;
(h)
Make and execute agreements, contracts, and other instruments necessary or convenient in accordance with the provisions of this part 7, including contracts with any person, firm, corporation, governmental agency, or other entity;
(i)
Receive, administer, and comply with the conditions and requirements respecting any appropriation or any gift, grant, or donation of any property or money;
(j)
Assist in the preparation and operation of housing facility programs and planning for the construction of any such housing facility or any part thereof;
(k)
Set construction standards for housing facilities financed under this part 7;
(l)
Insure or require the insuring of the property or operations of the housing facilities against such risks as the board deems advisable;
(m)
Procure insurance of any secured debts or parts thereof made or held by the board on any property included in any housing facility.
(n)
Repealed.
L. 73: p. 809, § 1. C.R.S. 1963: § 69-11-10. L. 75: Entire section R&RE, p. 973, § 6, effective April 9. L. 77: IP(1)(a)(I) amended, p. 1418, § 5, effective May 14. L. 79: (1)(n) added, p. 1618, § 18, effective June 8. L. 82: (1)(n) repealed, p. 473, § 9, effective April 15. L. 2007: IP(1), (1)(a)(II), and (1)(b) amended, p. 706, § 6, effective May 3.
This section was originally numbered as §
29-4-709
in C.R.S. 1973 but was renumbered on revision in the 1977 replacement volume for ease of location.