§ 1680.205. Agency powers
Purdon's Pennsylvania Statutes and Consolidated StatutesTitle 35 P.S. Health and Safety
35 P.S. § 1680.205
§ 1680.205. Agency powers
The agency shall have the following powers:
(5) To accept grants-in-aid, gifts, donations, legacies or usages of money made or extended by individuals, organizations, public or private corporations, departments or instrumentalities of the Commonwealth, or the Federal government, and to return money advanced for its usage not otherwise required for its purposes or for any capital reserve fund created in accordance with section 504-A of this act.1
(10) Acquire by purchase, gift or foreclosure any real or personal property, or any interest therein, to enter into any lease of property and to hold, sell, assign, lease, encumber, mortgage or otherwise dispose of any real or personal property, or any interest therein, or mortgage lien interest owned by it or under its control, custody or in its possession and release or relinquish any right, title, claim, lien, interest, easement or demand however acquired, including any equity or right of redemption, in property foreclosed by it and to do any of the foregoing by public or private sale, with or without public bidding, notwithstanding the provisions of any other law.
(12) To invest any funds held in reserves or sinking funds, or any funds not required for immediate disbursement, in such investments as may be lawful for fiduciaries under any law of the Commonwealth, including insured mortgages, which for such temporary purposes alone, need not be made by a mortgagor or involve real estate located in Pennsylvania.
(18) Subject to any agreement with bondholders or noteholders, to collect, enforce the collection of, and foreclose on any collateral securing its loans and acquire or take possession of such collateral and sell the same at public or private sale, with or without bidding, and otherwise deal with such collateral as may be necessary to protect the interests of the agency therein or in which the agency has an interest.
(19) Subject to any agreement with bondholders or noteholders and with the written approval of the Governor, to consent to any modification with respect to rate of interest, time and payment of any installment of principal or interest, security or any other term of any loan to a mortgage lender or any bond or note, contract or agreement of any kind to which the agency is a party.
(21) To form corporations under the not-for-profit laws of this Commonwealth for the purpose of owning or developing low-income and moderate-income housing and housing for persons with disabilities, the elderly or other persons with special needs. Any such corporation shall be subject to the same oversight and auditing requirements which are applicable to the agency under this act.
Credits
1959, Dec. 3, P.L. 1688, Art. II, § 205. Amended 1968, July 31, P.L. 914, No. 274, §§ 1 to 3; 1972, Dec. 5, P.L. 1259, No. 282, § 3, eff. Jan. 11, 1973; 1976, April 7, P.L. 73, No. 33, §§ 2, 3, imd. effective; 1981, Dec. 31, P.L. 594, No. 176, § 3, effective Jan. 1, 1982; 1992, Dec. 18, P.L. 1652, No. 182, § 3, imd. effective.
Footnotes
35 P.S. § 1680.504a.
35 P.S. § 1680.205, PA ST 35 P.S. § 1680.205
Current through Act 10 of the 2024 Regular Session. Some statute sections may be more current, see credits for details.
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