C.R.S. Section 29-4-712
Powers of the board

  • executive director
  • mortgage purchase
  • loans to lenders
  • assistance in providing housing facilities

(1)

Upon the approval by the board of a plan pursuant to section 29-4-711 and upon or prior to the authorization of bonds or other financial arrangement to implement the plan, the board shall authorize the executive director to:

(a)

Invest in, purchase, participate in the purchase, make commitments for the purchase or participation in the purchase, and take assignments from lenders of mortgage loans;

(b)

Make loans and commitments therefor to lenders.

(2)

No mortgage loan or interest therein purchased from a lender shall be eligible for purchase or commitment to purchase by the authority under this section unless, at or before the time of transfer thereof to the authority, such lender certifies that in its judgment the mortgage loan would in all respects be a prudent investment at the purchase price paid.

(3)

The authority shall require, as a condition of a loan to a lender, that the lender invest the proceeds of such loan in mortgage loans to families or sponsors upon such terms and conditions as the authority may require.

(3.5)

The authority shall require, as a condition of purchase or commitment to purchase mortgage loans or interests therein, the following:

(a)

That such mortgage loans shall have been made upon such terms and conditions as the authority may require; or

(b)

That the proceeds of such purchase, or their equivalent, shall be invested in mortgage loans upon such terms and conditions as the authority may require.

(4)

Intentionally left blank —Ed.

(a)

Mortgage loans made by lenders to families with the proceeds of a loan as provided for in subsection (3) of this section, pursuant to a commitment to purchase as provided for in paragraph (a) of subsection (3.5) of this section, or with the proceeds of the purchase of a mortgage loan as provided for in paragraph (b) of subsection (3.5) of this section, shall be to families who qualify as low-income or low- or moderate-income families.

(b)

Mortgage loans made by lenders to sponsors with the proceeds of a loan under subsection (3) of this section shall be made on such terms and conditions as the board may determine periodically.

(5)

In conjunction with the purchase of such mortgage loans or interests therein from lenders, the authority may require the lender to furnish collateral security in such amounts as the authority shall determine to be necessary to assure the payment of such mortgage loans and the interest thereon as the same become due. Such collateral security shall consist of any obligations or mortgages satisfactory to the authority.

(6)

Intentionally left blank —Ed.

(a)

Each loan to a lender shall be a general obligation of the lender and shall be additionally secured as to payment of both principal and interest by a pledge of and lien upon collateral security in such amounts and of such types as the board, by regulation, determines to be necessary to assure the payment of such loans and the interest thereon as the same become due and payable.

(b)

The authority may require in the case of any or all lenders that any required collateral be lodged with a bank or trust company, located either within or outside the state, designated by the authority as custodian therefor. In the absence of such requirement, each lender shall enter into an agreement with the authority referring to this subsection (6); containing such provisions as the authority deems necessary to identify, maintain, and service such collateral; and providing that the lender shall hold such collateral as trustee for the benefit of the authority and shall be held accountable as the trustee of an express trust for the application and disposition of such collateral, including the income and proceeds therefrom, solely for the uses and purposes as provided in the agreement. A copy of each such agreement and any revisions or supplements thereto, which revisions or supplements may, among other things, add to, delete from, or substitute items of collateral pledged by such agreement, shall be filed with the secretary of state to perfect the security interest of the authority in the collateral. No filing, recording, possession, or other action under article 9 of title 4, C.R.S., or any other law of this state shall be required to perfect the security interest of the authority in such collateral. The security interest of the authority in such collateral shall be deemed perfected, and the trust for the benefit of the authority so created shall be binding on and after the time of such filing with the secretary of state against all parties having prior unperfected or subsequent security interests or claims of any kind in tort, in contract, or otherwise against such lender. The authority may also establish such additional requirements as it deems necessary with respect to the pledging, assigning, setting aside, or holding of such collateral and the making of substitutions therefor or additions thereto and the disposition of income and receipts therefrom.

(7)

Subject to any agreement with holders of bonds, the authority may collect, enforce the collection of, and foreclose on any collateral required by subsections (5) and (6) of this section and acquire or take possession of such collateral and sell the same at public or private sale, with or without public bidding, and otherwise deal with such collateral as may be necessary to protect the interest of the authority therein.

(8)

In addition to the other powers granted by this part 7, the authority shall have the power, with respect to mortgage purchases and loans to lenders as provided under this section and section 29-4-711, to collect and pay reasonable fees and charges, to exercise the powers enumerated in section 29-4-710 (1)(c) to (1)(m), and to establish the terms and conditions of such mortgage purchases and loans to lenders by rules and regulations, including, without limitation, rules and regulations as to:

(a)

Reinvestment and commitments to reinvest by lenders of the proceeds of mortgage purchases or loans;

(b)

Requirements as to the location, number of units, and other characteristics of the housing facilities to be financed through such reinvestment by lenders;

(c)

The type, term, interest rate, purchase price, and condition of mortgages to be acquired by the authority and of mortgage loans to be made by lenders;

(d)

The warranties, representations, and services of lenders;

(e)

Restrictions as to the interest rates on housing facility loans or the return realized therefrom in order to protect against the realization by lenders of excessive financial returns or benefits as determined by prevailing market conditions;

(f)

Such other matters related to such mortgage purchases and loans to lenders as shall be deemed necessary by the authority to accomplish the purposes of this part 7.

(9)

Repealed.

Source: Section 29-4-712 — Powers of the board - executive director - mortgage purchase - loans to lenders - assistance in providing housing facilities, https://leg.­colorado.­gov/sites/default/files/images/olls/crs2023-title-29.­pdf (accessed Oct. 20, 2023).

29‑4‑101
Short title 29‑4‑102
Legislative declaration 29‑4‑103
Definitions 29‑4‑104
Powers of cities to undertake projects 29‑4‑105
Eminent domain 29‑4‑106
Acquisition of land for government 29‑4‑107
Management of housing projects 29‑4‑108
Moneys of city 29‑4‑109
Construction contracts and costs 29‑4‑110
Bonds secured by taxes - maturity 29‑4‑111
Bonds not secured by taxes authorized by resolution 29‑4‑112
Tax resolution - payment of bonds 29‑4‑113
Form of bonds - rate of interest 29‑4‑114
Provisions of bonds, mortgages, or trust indentures 29‑4‑115
Mortgage when financed by government 29‑4‑116
Remedies of an obligee of city 29‑4‑117
Additional remedies 29‑4‑118
Remedies cumulative 29‑4‑119
Limitations on remedies of obligee 29‑4‑120
Foreclosure sale subject to government agreement 29‑4‑121
Action by resolution 29‑4‑122
Tax exemptions 29‑4‑123
Supplemental nature of article 29‑4‑201
Short title 29‑4‑202
Legislative declaration 29‑4‑203
Definitions 29‑4‑204
Petition for creation of authority - notice - hearing 29‑4‑205
Appointment of commissioners 29‑4‑206
Duty of the authority and commissioners 29‑4‑207
Interested commissioners or employees 29‑4‑208
Removal of commissioners 29‑4‑209
Powers of authority 29‑4‑210
Rentals and tenant selection 29‑4‑211
Eminent domain 29‑4‑212
Acquisition of land for government 29‑4‑213
Zoning and building laws 29‑4‑214
Types of bonds 29‑4‑215
Form of bonds 29‑4‑216
Provisions of bond or mortgage 29‑4‑217
Power to mortgage - when 29‑4‑218
Remedies of an obligee of authority 29‑4‑219
Additional remedies 29‑4‑220
Remedies cumulative 29‑4‑221
Limitations on remedies of obligee 29‑4‑222
Sale subject to government agreement 29‑4‑223
Contracts with federal government 29‑4‑224
Wage and labor conditions 29‑4‑225
Insurance 29‑4‑226
Exemption from special assessments 29‑4‑227
Tax exemptions 29‑4‑228
Reports 29‑4‑229
Low rentals 29‑4‑230
Previous housing authorities validated 29‑4‑231
Contracts and undertakings validated 29‑4‑232
Notes and bonds validated 29‑4‑301
Short title 29‑4‑302
Legislative declaration 29‑4‑303
Definitions 29‑4‑304
Preparation of development plan 29‑4‑305
Assistance in preparation of plan 29‑4‑306
Action on setting up of authority 29‑4‑307
Additional powers of authority 29‑4‑308
Organization of authority 29‑4‑309
Condemnation for a superior use 29‑4‑310
Area not wholly in one municipality 29‑4‑311
Termination of an authority 29‑4‑312
Appropriations by municipality 29‑4‑313
Taxation 29‑4‑314
Supervision of reconstruction agency 29‑4‑401
Existing statutes no bar to creation of housing authority 29‑4‑402
Cities and towns empowered to create housing authorities 29‑4‑501
Legislative declaration 29‑4‑502
Definitions 29‑4‑503
Creation of housing authority 29‑4‑504
Appointment of commissioners 29‑4‑505
Powers of authority 29‑4‑506
Policy of authority 29‑4‑507
Exemption from special assessments - tax exemptions 29‑4‑508
Boundaries of authority 29‑4‑509
Conformity with building laws 29‑4‑601
Applicability of part 6 29‑4‑602
Posting and publication of notice - petition 29‑4‑603
Cooperative agreement - costs of election 29‑4‑604
Election - resolution 29‑4‑605
Notice of election 29‑4‑606
Conduct of election 29‑4‑607
Count of ballots - canvass - results of election 29‑4‑701
Short title 29‑4‑702
Legislative declaration 29‑4‑703
Definitions - rules 29‑4‑704
Colorado housing and finance authority 29‑4‑704.5
Reference in contracts and documents 29‑4‑705
Records of board 29‑4‑706
Meetings of board 29‑4‑707
Disclosure of interests required 29‑4‑708
General powers of the authority - repeal 29‑4‑709
Power of board - housing facility plans 29‑4‑710
Powers of the board - executive director - housing facility loans - assistance in housing facility development 29‑4‑710.5
Powers of the board - lease, sale, or financing of projects 29‑4‑710.6
Powers of the board - loans for capital 29‑4‑710.7
Powers of the board - issuance of bonds to maintain balances in the unemployment compensation fund 29‑4‑711
Power of board - housing facility plans - mortgage purchase - loans to lenders 29‑4‑712
Powers of the board - executive director - mortgage purchase - loans to lenders - assistance in providing housing facilities 29‑4‑713
Power of the board - home improvement loans 29‑4‑714
Powers of the board - home improvement loans - purchase of such loans - loans to lenders 29‑4‑716
Standards for approval of organizations 29‑4‑717
Findings - percentage of low-income families required 29‑4‑718
Bonds and notes 29‑4‑719.1
Economic development fund 29‑4‑720
Validity of any pledge 29‑4‑721
Remedies 29‑4‑722
Negotiable instruments 29‑4‑723
Bonds eligible for investment 29‑4‑724
Refunding bonds 29‑4‑725
Nonliability of state for bonds 29‑4‑726
Members of authority not personally liable on bonds 29‑4‑727
Property taxation - exemption of bonds from taxation 29‑4‑728
Revolving fund established 29‑4‑729
Reporting 29‑4‑730
Powers of the authority - investments 29‑4‑731
Agreement of this state 29‑4‑732
This part 7 not a limitation of powers 29‑4‑734
Termination of powers 29‑4‑735
Colorado strategic seed fund council - creation 29‑4‑1001
Short title 29‑4‑1002
Definitions 29‑4‑1003
Rent reporting for credit pilot program - created - third-party contractor - participant landlords and participant tenants - financial education courses required - compensation for participant landlords 29‑4‑1004
Rent reporting for credit pilot program - rules 29‑4‑1005
Rent reporting for credit pilot program - report 29‑4‑1006
Repeal of part 29‑4‑1101
Short title 29‑4‑1102
Legislative declaration 29‑4‑1103
Definitions 29‑4‑1104
Middle-income housing authority - creation - board of directors - meetings - records - tax exempt - audit - report 29‑4‑1105
General powers 29‑4‑1106
Additional powers - affordable workforce housing projects 29‑4‑1107
Powers of the board - selection of projects - ownership - report 29‑4‑1108
Relationship of authority and other jurisdictions 29‑4‑1109
Bonds 29‑4‑1110
Agreement of the state not to limit or alter rights of obligees 29‑4‑1111
Issuance of funds to the authority 29‑4‑1112
No action maintainable 29‑4‑1113
Judicial examination of powers, acts, proceedings, or contracts of the authority 29‑4‑1114
This part 11 not a limitation of powers 29‑4‑1115
Construction of this part 11
Green check means up to date. Up to date

Current through Fall 2024

§ 29-4-712’s source at colorado​.gov