§42-55-8  Supervision of housing sponsors and health care sponsors. –


Published: 2015

Subscribe to a Global-Regulation Premium Membership Today!

Key Benefits:

Get a Day Pass for only USD$49.99.
TITLE 42

State Affairs and Government

CHAPTER 42-55

Rhode Island Housing and Mortgage Finance Corporation

SECTION 42-55-8



   § 42-55-8  Supervision of housing sponsors

and health care sponsors. –

The corporation shall have the power to supervise housing sponsors of

multi-family residential housing units and single family residential housing

units designed by the sponsor for occupancy primarily by persons and families

of low and moderate income or sponsors of health care facilities and their real

and personal property in the following respects:



   (1) The corporation may prescribe uniform systems of accounts

and records for housing sponsors and health care sponsors and may require them

to make reports and give answers to specific questions on those forms and at

times necessary for the purposes of this chapter;



   (2) Through its agents or employees, the corporation may

enter upon and inspect the lands, buildings and equipment of a housing sponsor

or health care sponsor, including all parts thereof, and may examine all books

and records with reference to capital structure, income, expenditures, and

other payments of a housing sponsor or health care sponsor;



   (3) The corporation may supervise the operation and

maintenance of any housing development, housing project, or health care

facilities, and may order any repairs that may be necessary to protect the

public interest or the health, welfare, or safety of the housing development or

housing project occupants or health care facility user;



   (4) The corporation may fix, and alter from time to time, a

schedule of charges for any housing development, housing project or health care

facility;



   (5) The corporation may determine standards for, and may

control resident selection by a housing sponsor or health care sponsor;



   (6) The corporation may require any housing sponsor or health

care sponsor to pay to the corporation any fees that it may prescribe in

connection with the examination, inspection, supervision, auditing, or other

regulation of the housing sponsor;



   (7) The corporation may order any housing sponsor or health

care sponsor to do, or to refrain from doing, those things necessary to comply

with the provisions of law, the rules and regulations of the corporation, and

the terms of any contract or agreement to which the housing sponsor or health

care sponsor may be a party;



   (8) The corporation may regulate the retirement of any

capital investment or the redemption of stock where the retirement or

redemption when added to any dividend or other distribution shall exceed in any

one fiscal year ten percent (10%) (or such lesser amount as may be determined

by the rules and regulations of the corporation) of the original face amount of

any investment or equity in any housing sponsor or health care sponsor;



   (9) The corporation may prescribe regulations specifying the

categories of cost which shall be allowable in the construction or

rehabilitation of a housing development or housing project or health care

facility. The corporation may require any housing sponsor or health care

sponsor to certify the actual housing development or health care facility costs

upon completion of the housing development or health care facility, subject to

audit and determination by the corporation. Notwithstanding the provisions of

this subdivision, the corporation may accept, in lieu of any certification of

housing development or health care facility costs, any other assurances of the

housing development or health care facility costs, in any form or manner

whatsoever, as will enable the corporation to determine with reasonable

accuracy the amount of the housing development or health care facility costs.



History of Section.

(P.L. 1973, ch. 262, § 1; P.L. 1977, ch. 195, § 3; P.L. 1982, ch.

295, § 6; P.L. 1987, ch. 287, § 1.)

Related Laws