9-4-910 - Corporation -- Powers. - Utah Statutes

9-4-910. Corporation -- Powers.
The corporation has and may exercise all powers necessary or appropriate to carry out thepurposes of this part, including the following:
(1) to have perpetual succession as a body politic and corporate, constituting a publiccorporation, and to adopt, amend, and repeal rules, policies, and procedures for the regulation ofits affairs and the conduct of its business;
(2) to sue and be sued in its own name;
(3) to have an official seal and power to alter that seal at will;
(4) to maintain an office at any place or places within this state it may designate;
(5) to adopt, amend, and repeal bylaws and rules, not inconsistent with this part, to carryinto effect the powers and purposes of the corporation and the conduct of its business;
(6) to make and execute contracts and all other instruments necessary or convenient forthe performance of its duties and the exercise of its powers and functions under this part,including contracts or agreements for the servicing and originating of mortgage loans;
(7) to employ advisers, consultants, and agents, including financial experts, independentlegal counsel, and any advisers, consultants, and agents as may be necessary in its judgment andto fix their compensation;
(8) to procure insurance against any loss in connection with its property and other assets,including mortgage loans, in amounts and from insurers it considers desirable;
(9) to borrow money and to issue bonds and notes or other evidences of indebtedness asprovided in this part;
(10) to receive and accept aid or contributions from any source of money, property, labor,or other things of value to be held, used, loaned, granted, and applied to carry out the purposes ofthis part subject to the conditions, if any, upon which the grants and contributions are made,including gifts or grants from any department, agency, or instrumentality of the United States orof this state for any purpose consistent with this part;
(11) to enter into agreements with any local public body, any housing sponsor, anydepartment, agency, or instrumentality of the United States or this state, or with mortgagors andmortgage lenders for the purpose of planning and regulating and providing for the financing andrefinancing, construction, rehabilitation, leasing, management, maintenance, operation, sale, orother disposition of, any residential housing undertaken with the assistance of the corporationunder this part;
(12) to exercise all of its remedies following the default under any mortgage loan,including:
(a) proceeding with a foreclosure action or private sale to obtain title to the real andpersonal property held as collateral and taking assignments of leases and rentals;
(b) to own, lease, clear, reconstruct, rehabilitate, repair, maintain, manage, and operatethis property in preparation for its disposition; and
(c) to assign, encumber, sell, or otherwise dispose of this property;
(13) to invest any funds not required for immediate disbursement, including funds heldin reserve, in a manner consistent with applicable provisions of Title 51, Chapter 7, State MoneyManagement Act;
(14) to provide technical and financial assistance to housing sponsors and advisorycommittees in the development or operation of housing for low and moderate income persons;
(15) to gather and distribute data and information concerning the housing needs of low

and moderate income families within the various communities of this state;
(16) to the extent permitted under any contract with the holders of bonds, notes, andother obligations of the corporation, to consent to any modification with respect to rate ofinterest, time and payment of any installment of principal or interest security, or any other term ofany contract, mortgage, mortgage loan, mortgage loan commitment, contract, or agreement ofany kind to which the corporation is a party;
(17) to the extent permitted under any contract with the holders of bonds, notes, andother obligations of the corporation, to enter into contracts with any mortgagor or housingsponsor containing provisions enabling the mortgagor to reduce the rental or carrying charges topersons unable to pay the regular schedule of charges where, by reason of other income orpayment by any department, agency, or instrumentality of the United States or of this state, thereduction can be made without jeopardizing the economic stability of residential housing beingfinanced;
(18) to acquire property within this state for the purpose of holding it for subsequentdisposition to a housing sponsor or other entity that can use it for residential housing for low andmoderate income persons, except that if no person can be found to use it in this manner, thecorporation may dispose of the property to any person;
(19) to purchase, own and operate residential housing for the benefit, in whole or in part,of low and moderate income persons, so long as the corporation makes reasonable efforts to sellthat residential housing to a housing sponsor;
(20) to incorporate or form one or more subsidiaries of the corporation for the purpose ofcarrying out any of the powers of the corporation and accomplishing any of the purposes of thecorporation, to invest in and provide financial assistance to these subsidiaries, to borrow fromthese subsidiaries, to guarantee the obligations of these subsidiaries, and to enter into agreementswith these subsidiaries to carry out any of the corporation's powers under this part;
(21) to enter into partnership and limited liability company agreements, to purchase andsell interests in housing sponsors, to serve as general partner of a partnership, and to serve as amanager of a limited liability company to carry out any of the corporation's powers under thispart;
(22) to require that persons receiving a mortgage loan or financial assistance from thecorporation subject the property involved to restrictive covenants that shall be considered to berunning with the land, regardless of whether or not the corporation enjoys privity of estate orwhether or not the covenant touches and concerns the burdened property;
(23) to enter into management agreements with any person or entity for the performanceby the person or entity for the corporation of any of its functions or powers, with terms andconditions as may be mutually agreeable;
(24) to sell, at public or private sale, with or without public bidding, any mortgage loanor other obligation held by the corporation;
(25) to sell or convey real property owned by the corporation to low or moderate incomepersons and housing sponsors, without consideration if the sale or conveyance will inureprimarily to the benefit of low or moderate income persons living in a housing development;
(26) upon making a determination that the financial status of a housing development willjeopardize any economic interest of the corporation in the housing development, to assumemanagerial and financial control of the property or the owner and to supervise and prescribe theactivities of the property or the owner in a manner and under terms and conditions as the

corporation may stipulate in any contract;
(27) to supervise housing sponsors of housing developments;
(28) to service mortgage loans;
(29) to give consideration to those activities which promote the availability of accessiblehousing; and
(30) to do any act necessary or convenient to the exercise of the powers granted in orreasonably implied from this part.

Amended by Chapter 95, 2003 General Session