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U.S. Code as of:
01/19/04
Section 3936. Purposes and powers of corporation
(a) Building, rehabilitation, acquisition, and financing of housing
and related facilities for families and individuals of low or
moderate income; acquisition and disposal of property; funds
In order to achieve the objectives and carry out the purposes of
this chapter, the corporation is authorized to -
(1) plan, initiate, and carry out, pursuant to Federal programs
or otherwise, the building, rehabilitation, acquisition, and
financing of housing and related facilities primarily for the
benefit of families and individuals of low or moderate income;
(2) buy, own, manage, lease, or otherwise acquire or dispose of
property in connection with the developments, projects, or
undertakings referred to in paragraph (1);
(3) provide such funds as may be necessary to accomplish the
developments, projects, or undertakings referred to in paragraph
(1); and
(4) for the purpose of generating income to support the
building or rehabilitation of housing primarily for the benefit
of families and individuals of low or moderate income (A) design,
develop, manufacture and sell products and services for use in
the construction, sale, or financing of housing, and (B) design
and develop commercial, industrial, or retail facilities that are
not directly related to housing, except that the development and
preservation of housing for families and individuals of low or
moderate income shall be the primary activity of the corporation.
(b) Authorization to enter into partnerships, limited partnerships,
joint ventures, and other associations; manager or general
partner of partnership, venture, or association; research and
studies; technical assistance; loans or grants; hire or
acceptance of services of consultants, experts, advisory boards
and panels
Included in the activities authorized to the corporation for the
accomplishment of the purposes indicated in subsection (a) of this
section are, among others not specifically named -
(1) to enter into partnerships, limited partnerships, joint
ventures, and other associations with individuals, corporations,
and private and governmental agencies, organizations, and
institutions;
(2) to act as manager or general partner of any such
partnership, venture, or association;
(3) to conduct or contract for research and studies related to
the development, demonstration, and evaluation of improved
techniques and methods of constructing, rehabilitating, and
maintaining housing;
(4) to provide technical assistance to nonprofit corporations,
limited dividend corporations, and others with respect to the
planning, refinancing, construction, rehabilitation, maintenance,
and management of housing for low and moderate income families
and individuals;
(5) to make loans or grants including grants of interests in
housing and related facilities, to nonprofit corporations,
limited dividend corporations, and others, in carrying out its
activities under subsection (a) of this section; and
(6) to hire or accept the voluntary services of consultants,
experts, advisory boards, and panels to aid the corporation in
carrying out the purposes of this chapter.
(c) Exercise of powers conferred upon stock corporation by District
of Columbia Business Corporation Act
To carry out the foregoing purposes and engaged in the foregoing
activities, the corporation shall have the usual powers conferred
upon a stock corporation by the District of Columbia Business
Corporation Act.
(d) Labor standards
Nothing in this chapter shall have the effect of waiving or
otherwise affecting the applicability of the provisions of sections
3141-3144, 3146, and 3147 of title 40, or any other law requiring
compliance with labor standards, in the case of any construction to
which such provisions would otherwise apply.
(e) Maximum combined outstanding equity commitment
The combined outstanding equity commitment of the corporation and
the partnership with respect to activities undertaken under
subsection (a)(4) of this section may not exceed (1) 7 percent of
their total combined equity commitment outstanding during the first
12-month period following October 17, 1984; (2) 14 percent of their
total combined equity commitment outstanding during the second
12-month period following October 17, 1984; or (3) 20 percent of
their total combined equity commitment outstanding at any time
thereafter.
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