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.)