The Vermont Statutes Online
Conservation and Development
VERMONT HOUSING FINANCE AGENCY
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
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.)