(1) Upon the approval by the board of a plan pursuant to section 29-4-713 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:
Make home improvement loans and commitments therefor to sponsors;
Invest in, purchase, participate in the purchase of, make commitments for the purchase or participation in the purchase of, and take assignments from lenders of home improvement loans;
Make loans and commitments therefor to lenders for the purpose of making fundsavailable for home improvement loans.
Home improvement loans may be insured or uninsured and may be made with suchsecurity, or may be unsecured, as the board deems advisable.
Notwithstanding anything in the provisions of sections 29-4-711 and 29-4-712, theauthority shall require, as a condition of a loan to a lender under this section, that the lender invest the proceeds of such loan in home improvement loans or in short-term obligations pending the making of such home improvement loans.
Loans to lenders under this section shall be subject to the provisions of section 29-4712 (6) and (7).
Home improvement loans made or acquired by the authority under this section ormade by a lender with the proceeds of a loan under this section shall be to families who qualify as low-income or low- or moderate-income families.
In addition to the other powers granted by this part 7, the authority shall have thepower, with respect to home improvement loans, the purchase of such loans, and loans to lenders under this section and section 29-4-713, 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 loans, loan purchases, and loans to lenders by rules and regulations, including but not limited to rules and regulations as to:
The alterations, repairs, and improvements which may be financed with home improvement loans;
The term, interest rate, and principal amount of home improvement loans made bythe authority or by lenders and the purchase price of such loans purchased by the authority;
Requirements as to the type, age, location, condition, and other characteristics ofhousing facilities as to which home improvement loans may be made;
Requirements as to the application and use by lenders of the proceeds of home improvement loan purchases or loans to lenders;
The warranties, representations, compensation, and services of lenders;
Such other matters related to home improvement loans, to the purchase thereof, or toloans to lenders under this section as shall be deemed necessary by the authority.
Source: L. 76: Entire section added, p. 689, § 3, effective April 19. L. 77: (1)(a), (1)(b),
(1)(c), (2), (3), (5), IP(6), (6)(a), (6)(b), (6)(c), (6)(d), and (6)(f) amended, p. 1413, § 4, effective June 19. L. 82: (5) R&RE, p. 472, § 6, effective April 15. L. 2007: (5) amended, p. 707, § 8, effective May 3.
Editor's note: This section was enacted as § 29-4-710.7 in House Bill 76-1231 but was renumbered on revision in the 1977 replacement volume for ease of location.