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The Vermont Statutes Online



Title

10

:
Conservation and Development






Chapter

025

:
VERMONT HOUSING FINANCE AGENCY






Subchapter

003
:
POWERS AND DUTIES










 

§

622. Powers relative to purchase of and sale to mortgage lenders of mortgage

loans; loans through mortgage lenders

The Agency shall

have the following powers in addition to others granted in this chapter:

(1) To invest

in, purchase or make commitments to purchase, and take assignments from

mortgage lenders, of notes and mortgages evidencing mortgage loans for the

purchase or refinancing of residential housing, whether or not for occupancy by

persons and families of low and moderate income in this State upon the terms

set forth in section 623 of this title.

(2) To make

loans to mortgage lenders under terms and conditions set forth in section 623

of this title.

(3) To make

commitments to purchase, and to purchase, service, and sell mortgage loans and

to make loans directly upon the security of any such mortgage, provided the

underlying mortgage loans shall have been made and shall be continued to be

used solely to finance or refinance the construction, rehabilitation, purchase,

or leasing of residential housing in this State.

(4) To sell, at

public or private sale, with or without public bidding, any mortgage or other

obligation held by the Agency.

(5) Subject to

any agreement with bondholders or noteholders, to collect, enforce the

collection of, and foreclose on any collateral securing its loans to mortgage

lenders 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 Agency

therein.

(6) Renegotiate,

refinance or foreclose or sell, or contract for the foreclosure of or sale of,

any mortgage in default; waive any default or consent to the modification of

the terms of any mortgage; commence any action to protect or enforce any right

conferred upon it by any law, mortgage, contract or other agreement, and bid

for and purchase such property at any foreclosure or at any other sale, or

acquire or take possession of any such property; operate, manage, lease,

dispose of, and otherwise deal with such property, in such manner as may be

necessary to protect the interests of the Agency and the holders of its bonds,

notes or other obligations.

(7) To purchase,

make, or otherwise participate in the making, to enter into commitments, for

the purchase, making, or participation in the making, of eligible loans for

rehabilitation to persons and families of low and moderate income, and to

owners of existing residential housing for occupancy by those persons and

families, for the rehabilitation of existing residential housing owned by them.

The loans may be insured or uninsured and shall be made with such security as

the Agency considers advisable. They may be made in amounts sufficient to

refinance existing indebtedness secured by the property, if the refinancing is

determined by the Agency to be necessary to permit the owner to meet his or her

housing costs without expending an unreasonable portion of his or her income on

it. A loan for rehabilitation shall not be made unless the Agency determines

that the loan is to be used primarily to make the housing more desirable to

live in, to increase the market value of the housing, to comply with building,

housing maintenance, fire, health, or similar codes and standards applicable to

housing, to accomplish energy conservation related improvements, or to ensure

independent living for elders or persons who have a disability. (Added 1973,

No. 260 (Adj. Sess.), § 3, eff. April 11, 1974; amended 1977, No. 59, § 1, eff.

April 23, 1977; 1987, No. 41, § 3; 2005, No. 189 (Adj. Sess.), § 3; 2013, No.

96 (Adj. Sess.), § 35.)