2006 Louisiana Laws - RS 40:600.6 — Powers and duties of the agency

§600.6. Powers and duties of the agency

A. The agency shall have the powers necessary or convenient to carry out and effectuate the purposes and provisions of this Chapter, including the following powers in addition to all other powers granted by other provisions of this Chapter:

(1)  Sue and be sued in its own name.

(2)  Have a seal and alter the same at its pleasure.

(3)  Adopt bylaws for the internal organization and government of the agency.

(4)(a)  Adopt and amend rules and regulations of the agency in accordance with the Administrative Procedure Act, including those provisions which provide for legislative review of agency rules and regulations.

(b) Notwithstanding the provisions of Subparagraph (a) of this Paragraph, the Administrative Procedure Act shall not apply to the agency with respect to:

(i)  The sale of bonds, notes, or other obligations of the agency, or programs of the agency funded with the proceeds thereof, when such sale occurs after reasonable public notice and public hearing.

(ii)  The administration and allocation of low-income housing tax credits under Section 42 of the Federal Internal Revenue Code of 1986, as amended, except that upon adoption of rules and regulations relative to such administration and allocation, the agency shall submit these rules and regulations to the Joint Legislative Committee on the Budget for review.

(iii)  The Home Program, except that upon adoption of any rules and regulations relative to such program, the agency shall submit such rules and regulations to the Joint Legislative Committee on the Budget for review.

(iv)  The Risk Sharing Program, except that upon adoption of any rules and regulations relative to such program, the agency shall submit such rules and regulations to the Joint Legislative Committee on the Budget for review.

(v)  The Mark to Market Program, except that upon adoption of any rules and regulations relative to such program, the agency shall submit such rules and regulations to the Joint Legislative Committee on the Budget for review.

(vi)  The Louisiana Housing Trust Fund, except that upon adoption of rules and regulations relative to the fund, the agency shall submit such rules and regulations to the Joint Legislative Committee on the Budget for review.

(vii)  The Low Income Housing Energy Assistance Program (LIHEAP), except that upon adoption of rules and regulations relative to such program, the agency shall submit such rules and regulations to the Joint Legislative Committee on the Budget for review.

(viii)  The Weatherization Program (WAP), except that upon adoption of any rules and regulations relative to such program, the agency shall submit such rules and regulations to the Joint Legislative Committee on the Budget for review.

(ix)  The Section 8 Contract Administration Program, except that upon adoption of any rules and regulations relative to such program, the agency shall submit such rules and regulations to the Joint Legislative Committee on the Budget for review.

(x) The Louisiana Habitat for Humanity Loan Purchase Program Act, except that upon adoption of rules and regulations relative to the program as further provided in Chapter 3-D of Title 40 of the Louisiana Revised Statutes of 1950, the agency shall submit such rules and regulations to the Joint Legislative Committee on the Budget for review.

(5)  Make and execute contracts and all other instruments necessary or convenient for the exercise of its powers and functions under this Chapter with any federal or state governmental agency, public or private corporation, lending institution or other entity or person.

(6)  Accept donations of movable or immovable property from any source and receive appropriations from the legislature or financial assistance or subsidies from the federal or state government.

(7)  Subject to the rights of holders of bonds of the agency, to renegotiate, refinance or foreclose on any mortgage or commence any action or protect or enforce any right or benefit conferred upon the agency by any law, mortgage, contract or other agreement and bid for and purchase such property at any foreclosure or at any other sale or otherwise acquire or take possession of any such property; and in such event the agency may complete, administer, pay the principal of and interest on any obligation incurred in connection with such property, dispose of and otherwise deal with such property in such manner as may be necessary or desirable to protect the interest of the agency or of holders of its bonds therein.

(8)  Procure or provide for the procurement of insurance or reinsurance against any loss in connection with its property or operations, including but not limited to, insurance, reinsurance or other guarantees from a federal or state governmental agency or private insurance company for the payment of any bonds issued by the agency or bonds, notes, or any other obligations or evidences of indebtedness issued or made by any lending institution or other entity or person or insurance or reinsurance against loss with respect to mortgages or mortgage loans, including the power to pay premiums on such insurance or reinsurance.

(9)  Insure, reinsure, or cause to be insured or reinsured mortgage loans or mortgages on residential housing, to receive premiums on such insurance or reinsurance, and to establish reserves for losses, and to participate in the insurance or reinsurance of mortgage loans or mortgages on residential housing with the federal or state government.

(10)  Enter into agreements and contracts with persons and entities including, but not limited to, the federal or state government or its subdivisions, agencies or instrumentalities, or with mortgagors or lending institutions.

(11)  Undertake and carry out or authorize the completion of studies and analyses of housing conditions and needs within the state and ways of meeting such needs, to make such studies and analyses available to the public and to the housing industry, and to engage in research to disseminate information on housing.

(12)  Accept federal, state, or private financial or technical assistance; comply with any conditions for such assistance; and become a "co-insurer" with the United States Department of Housing and Urban Development or other appropriate federal agency for housing finance programs.

(13)  Collect fees and charges in connection with its loans, insurance, commitments, and services including, but not limited to, reimbursement of costs of issuing bonds, service charges, and insurance premiums.

(14)  Purchase secured loans or make lending commitments to purchase or sell construction or mortgage loans with respect to residential housing; make secured loans to lending institutions, including commitments therefor, with respect to the making of construction or mortgage loans by lending institutions for residential housing.

(15)  Acquire or contract to acquire from any person, firm, corporation, municipality, federal or state agency, by grant, purchase or otherwise, movable or immovable property or any interest therein; to own, hold, clear, improve, lease, construct, or rehabilitate, and to sell, invest, assign, exchange, transfer, convey, lease, mortgage, or otherwise dispose of or encumber the same, subject to the rights of holders of the bonds of the agency, at public or private sale, with or without public bidding.

(16)  Borrow money, issue bonds and provide for the rights of the lenders or holders thereof.

(17)  Subject to the rights of holders of the bonds of the agency, to consent to any modification with respect to the rate of interest, time payment of any installment of principal or interest, security or other term of any loan, contract, mortgage, mortgage loan or commitment therefor or agreement of any kind to which the agency is a party or beneficiary.

(18)  Maintain an office at such place or places in the state as the agency shall determine.

(19)(a)  In carrying out its functions under this Chapter, the agency shall adopt rules and regulations which shall require fair, impartial, and equitable treatment of all lending institutions by the agency.

(b)  Such rules and regulations shall insure that favoritism shall not be an element in the allocation of services by the agency and that objective standards and criteria shall control and govern access to the allocation of services and functions authorized by this Chapter.

(c)  The board of commissioners of the agency shall establish policy for housing finance for all units, divisions, agencies, public corporations, and instrumentalities of the state involved directly or indirectly in financing single family or multi-family housing.

(20)  Purchase secured loans or make lending commitments to purchase loans on multi-family housing projects under such guidelines, rules, and restrictions as shall be adopted by the agency in compliance with Paragraph (4) of this Subsection.

(21)  The agency is authorized to sell residential loans purchased by it or by others either singly or in "packages" or pools to investors, including the retirement plans and trusts established for the employees of the state and its subdivisions, agencies, instrumentalities, and units of government which may be authorized to purchase residential first mortgages for investment purposes; however, all such mortgage loans purchased by the agency for resale shall have been made on real estate in the state.

(22)  Notwithstanding anything stated in this Chapter or in any other law to the contrary, particularly R.S. 12:202.1, to create or cause to be created such nonprofit corporations as may be necessary or expedient to participate in housing programs of the federal government or its agencies and instrumentalities, including the creation of a nonprofit corporation to address the needs of the Road Home Program, as more specifically described in R.S. 40:600.61, et seq.

(23)  Notwithstanding the provisions of this Chapter or any other law to the contrary, particularly R.S. 12:202.1, to create or cause to be created such nonprofit corporations as may be necessary or desirable to establish housing equity funds, the purpose of which shall be to direct the investment of capital primarily from Louisiana residents to residential housing developments qualifying under Section 42 of the Internal Revenue Code of 1986 for low income housing credits.

(24)  Administer the federal grants for energy assistance and weatherization services for low-income persons.

(25)  Administer the Louisiana Housing Trust Fund.

(26)  Notwithstanding any provisions of this Chapter or any other law to the contrary, the agency is authorized to:

(a)  Sponsor a statewide community housing development organization to partnership with or to expand the capacity of local nonprofit organizations in limited resource communities and to develop and manage affordable residential rental housing in partnership with such local nonprofit organizations.

(b)  Originate and fund second mortgage loans to persons or households of very low, low, or moderate income as defined by the United States Department of Housing and Urban Development.

(c)  Finance directly pools of loans to public housing authorities as established under the Louisiana Housing Authorities Law, contained in R.S. 40:381 et seq.

(d)  Establish one or more subsidiaries to carry out the purposes of this Chapter.

B.  The agency may promulgate rules, regulations, or such other procedures for the coordination of all state administered housing programs.  Notwithstanding anything stated in this Chapter or in any other provision of the law to the contrary, every department, agency, or instrumentality of the state administering any federal or state housing resource shall provide assistance to the agency, including but not limited to, information, financial resources, technical assistance and personnel of such department, agency, or instrumentality, which is or may be used to provide decent, safe, sanitary, and affordable housing to the residents of the state and to comply with any and all rules, regulations, or procedures established by the agency.

C.  The Louisiana Housing Finance Agency is authorized and directed to cooperate and coordinate with units of general local government, local public housing authorities, and other instrumentalities of local government, including but not limited to public trusts and local nonprofit housing corporations, in developing a comprehensive plan and housing strategy as required in the Cranston - Gonzales National Affordable Housing Act for the restoration and revitalization of public housing developments.  The strategy shall identify existing private and public funds which are available for such restoration and revitalization.  The plan shall include, if practicable, timetables for the implementation of each restoration and revitalization program as required by Section 91.15(i) and (j) and Section 91.20(j) of 24 CFR Part 91.  Each Comprehensive Housing Affordability Strategy and amendment thereto prepared by the state and units of local government pursuant to 24 CFR Part 91 shall be submitted to the House Committee on Municipal, Parochial and Cultural Affairs and the Senate Committee on Local and Municipal Affairs for review within thirty days of their completion.

D.  The Louisiana Housing Finance Agency shall submit to the House Committee on Municipal, Parochial and Cultural Affairs and the Senate Committee on Local and Municipal Affairs each Comprehensive Housing Affordability Strategy (CHAS) and any amendment thereto prepared by or on behalf of the state and units of local government pursuant to 24 CFR Part 91 for review within thirty days of their completion.  Each CHAS shall contain a statement identifying the resources reasonably expected to be made available from the United States Department of Housing and Urban Development, other federal or state and local governments for rental assistance, homeless assistance, production of new units, rehabilitation of existing units, acquisition of existing units and any other assistance provided to carry out the following purposes of the Cranston-Gonzales National Affordable Housing Act:

(1)  To help families not owning a home to save for a downpayment for the purchase of a home.

(2)  To retain, wherever feasible, as housing affordable to low-income families, those dwelling units produced for such purpose with federal assistance.

(3)  To extend and strengthen partnerships among all levels of government and the private sector, including for-profit and nonprofit organizations, in the production and operation of housing affordable to low-income and moderate-income families.

(4)  To expand and improve federal rental assistance for very low-income families.

(5)  To increase the supply of supportive housing, which combines structural features and services needed to enable persons with special needs to live with dignity and independence.

Added by Acts 1980, No. 707, §1, eff. July 24, 1980; Acts 1984, No. 892, §1; Acts 1985, No. 882, §1; Acts 1987, No. 834, §1; Acts 1988, No. 625, §2; Acts 1990, No. 844, §1; Acts 1990, No. 1031, §1; Acts 1990, No. 1032, §1; Acts 1991, No. 763, §1; Acts 1992, No. 1062, §2; Acts 1999, No. 1006, §1; Acts 2001, No. 702, §2, eff. June 25, 2001; Acts 2003, No. 734, §1, eff. June 27, 2003; Acts 2003, No. 983, §1, eff. July 1, 2003 ; Acts 2004, No. 723, §1; Acts 2006, No. 510, §1, eff. July 1, 2006; Acts 2006, No. 654, §1, eff. June 29, 2006.