§ 1-8-21. General powers.

(a)

The Charlotte County Housing Finance Authority shall constitute a public body corporate and politic, exercising the public and essential governmental functions set forth in this article and shall exercise its power to borrow only for the purposes provided herein, as limited by the applicable provisions of the United States Internal Revenue Code. As so limited, the powers of the Charlotte County Housing Finance Authority shall include the power:

(1)

To sue and be sued; to have a seal and to alter the same at pleasure; to have perpetual succession; to make and execute contracts and other instruments necessary or convenient to the exercise of the powers of the Housing Finance Authority; and to make and from time to time amend and repeal bylaws, rules and regulations not inconsistent with this article and the Florida Housing Finance Authority Law, to carry into effect the powers and purposes of the Charlotte County Housing Finance Authority;

(2)

To purchase or make commitments to purchase or to make loans for such purpose, and to take assignments of, from lending institutions acting as a principal or as an agent of the Housing Finance Authority, mortgage loans and promissory notes accompanying such mortgage loans, including federally insured mortgage loans or participations with lending institutions in such promissory notes and mortgage loans, for the construction, purchase, reconstruction or rehabilitation of the qualifying housing development or portion thereof; provided that the proceeds of sale or equivalent monies shall be reinvested in mortgage loans;

(3)

To make loans to lending institutions under terms and conditions requiring the proceeds thereof to be used by such lending institutions for the making of new mortgages for any qualifying housing development or portion thereof, located wholly or partially within the unincorporated area of the county. Prior to making a loan to a lending institution which makes such loans or provides such financing, the lending institution must agree to use the proceeds of such loan within a reasonable period of time to make loans or to otherwise provide financing for the acquisition, construction, reconstruction or rehabilitation of a housing development or a portion thereof, and the Authority must find that such loan will assist in alleviating the shortage of housing and of capital for investment in housing within the unincorporated area of the county; and

(4)

To invest, at the direction of the lending institution, any funds held in reserves or sinking funds or any funds not required for immediate disbursement in property or securities in which lending institutions may legally invest funds subject to their control.

(b)

The Authority shall not finance the acquisition, construction, reconstruction or rehabilitation of any qualifying housing development for its own profit or as a source of revenue to any governmental unit.

(c)

The Housing Authority shall not have the power to acquire any real property by the exercise of the power of eminent domain.

(d)

Each qualifying housing development shall be subject to the planning, zoning, health and building laws, ordinances and regulations applicable to the place in which such qualifying housing development is situated.

(Ord. No. 81-21, § 7, 8-25-81)

State law reference

Similar provisions, F.S. § 159.608 et seq.; area of operation defined, F.S. § 159.603.