RSA 162-L:4 · Powers and Duties of the Authority

162-L:4 Powers and Duties of the Authority. –

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I.

The authority shall have all the powers necessary and convenient to carry out and effectuate the purposes and provisions of this chapter and may:

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(a)

Adopt bylaws and rules for the regulation of its affairs and the conduct of its business.

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(b)

Adopt an official seal.

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(c)

Sue and be sued in its own name.

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(d)

Maintain an office.

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(e)

Accept from any source loans, contributions, or grants to aid the authority in the conduct of its affairs.

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(f)

Make and execute contracts and all other instruments necessary or convenient for the exercise of its powers and functions.

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(g)

Acquire real property or an interest in real property, by purchase or foreclosure, when such acquisition is necessary or appropriate to protect or secure any investment in which the authority has an interest; to sell, transfer, and convey any such property to a buyer and, in the event such sale, transfer, or conveyance cannot be effected with reasonable promptness or at a reasonable price, to lease such property to a tenant.

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(h)

Issue grants to finance operating or other costs of community development corporations and employee cooperatives under RSA 162-L:5.

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(i)

Provide technical assistance to community development corporations, other nonprofit organizations involved in community development activities, and employee and other types of cooperatives.

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(j)

Invest in or lend to any community development corporation, other nonprofit organizations involved in community development, or employee or other type of cooperative for a specific project if the authority finds that the project meets the following conditions:

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(1)

The project shall be within the scope of this chapter and may reasonably be expected to contribute to the development or redevelopment and economic well-being of target areas or target populations, to contribute to the economic development of the state, or to increase or maintain threatened primary employment or to provide affordable housing opportunities to low and moderate income people. Strong preference is given to housing projects which provide for the permanent affordability of the housing units through such legal mechanisms as deed restrictions, equity limitation formulas, or land leases.

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(2)

The project shall conform to all applicable environmental, zoning, building, planning or sanitation laws.

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(3)

The project shall be of public benefit and for a public purpose. The benefits, including increased or maintained primary employment and improved standard of living, shall primarily accrue to a target area or target population.

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(4)

There shall be a reasonable expectation that the project will be successful.

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(5)

Private industry shall have not provided sufficient capital required for the project or sufficient primary employment opportunities in the project's area.

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(6)

The authority shall determine that its participation is necessary to the successful completion of the proposed project because adequate funding for the project is unavailable in the traditional capital markets or because credit has been offered on terms that would preclude the success of the project.

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(7)

The proceeds of the purchase or contract shall be used solely in connection with the costs of the project.

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(8)

Provision shall have been made by contract for adequate reporting of financial data from the community development corporation, other nonprofit organizations involved in community development, or employee or other cooperative to the authority. Such provisions may include a requirement for an annual or other periodic audit of the project books.

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(9)

Provision has been made that should the authority desire to sell or otherwise dispose of the capital participation instrument obtained by contract, the community development corporation, other nonprofit organizations involved in community development, or employee or other types of cooperatives, or its nominee, shall have for 120 days the right of first refusal upon the sale or disposal and the right to meet any subsequent bona fide offer by a third party.

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(10)

The project shall not result in a substantial increase in unemployment in the area of original location of any business or establishment relocated as part of the project.

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(k)

Exercise any other powers, rights or responsibilities necessary to effectuate the purposes of this chapter.

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II.

The findings of the community development finance authority company under this section shall be conclusive and may not be appealed. Source. 1991, 334:3, eff. June 28, 1991.

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