§ 42-55-29. Liberal construction.
Neither this chapter nor anything contained in this section is or shall be construed as a restriction or limitation upon any powers which the corporation might otherwise have under any laws of this state, and this chapter is cumulative to those powers. The corporation shall use its restricted fund balances only (i) for the provision of housing, including, but not limited to, the acquisition, retention, rehabilitation, construction, development, operation, and maintenance of housing units for low and moderate income persons; activities that support and assist the development of housing for low and moderate income persons; and the incidental expenses related to the financing of those activities and (ii) for the general administrative costs of the corporation. This chapter does and shall be construed to provide a complete, additional, and alternative authority for doing the things authorized hereby, and shall be regarded as supplemental and additional to powers conferred by other laws. The issuance of bonds, notes, and other obligations of the corporation under the provisions of this chapter need not comply with the requirements of any other state law applicable to the issuance of bonds, notes, and other obligations, and contracts for the construction and acquisition of any housing developments undertaken pursuant to this chapter need not comply with the provisions of any other state law applicable to contracts for the construction and acquisition of state owned property. No proceedings, notice, or approval under chapter 35 of title 42 or otherwise, shall be required for the issuance of any bonds, notes, and other obligations, any instrument as security therefor, or in connection with the adoption of any bond resolution, except as is provided in this chapter.
History of Section.P.L. 1973, ch. 262, § 1; G.L. 1956, § 42-55-25; P.L. 1987, ch. 287, § 1; P.L. 1991, ch. 270, 1.
Structure Rhode Island General Laws
Title 42 - State Affairs and Government
Chapter 42-55 - Rhode Island Housing and Mortgage Finance Corporation
Section 42-55-1. - Short title.
Section 42-55-2. - Legislative findings.
Section 42-55-3. - Definitions.
Section 42-55-4. - Creation of corporation — Composition — Personnel — Compensation.
Section 42-55-5. - General powers.
Section 42-55-5.1. - Subsidiary corporations.
Section 42-55-5.2. - Consistency with plans.
Section 42-55-5.3. - Letters of eligibility.
Section 42-55-5.4. - Renewable energy in housing developments.
Section 42-55-6. - Powers relative to making loans.
Section 42-55-7.1. - Powers relative to acquisition and operation of housing projects.
Section 42-55-8. - Supervision of housing sponsors and health care sponsors.
Section 42-55-9. - Terms and conditions of loans.
Section 42-55-11. - Admission and income limitations relative to housing developments.
Section 42-55-13. - Bonds and notes.
Section 42-55-14. - Reserve funds and appropriations.
Section 42-55-15. - Issuance of refunding obligations.
Section 42-55-16. - Sale of refunding obligations.
Section 42-55-17. - Remedies of bondholders and note holders.
Section 42-55-18. - Pledge of the state.
Section 42-55-19. - Credit of state not pledged.
Section 42-55-20. - Notes and bonds as legal investments.
Section 42-55-22. - Annual reports.
Section 42-55-22.1. - Mortgage disclosure reports.
Section 42-55-22.2. - Fair housing policy reports.
Section 42-55-22.3. - Emergency housing assistance.
Section 42-55-23. - Authorization to accept appropriated moneys.
Section 42-55-24. - Tax exemption.
Section 42-55-24.1. - Allocation of tax credits.
Section 42-55-26. - Qualified mortgage bonds.
Section 42-55-27. - Lead paint removal revolving fund.
Section 42-55-28. - Inconsistent provisions in other laws superseded.