New Jersey § 55:14k-5

§ 55:14k-5.

In order to carry out the purposes and provisions of this act, the agency, in addition

to any powers granted to it elsewhere in this act, shall have the following powers: a. To adopt bylaws for the regulation of its affairs and the conduct of its business;

to adopt an official seal and alter the same at pleasure; to maintain an office at

such place or places within the State as it may designate; to sue and be sued in

its own name; b. To conduct examinations and hearings and to hear testimony and take proof, under

oath or affirmation, at public or private hearings, on any matter material for its

information and necessary to carry out the provisions of this act; c. To issue subpenas requiring the attendance of witnesses and the production of books

and papers pertinent to any hearing before the agency, or before one or more of the

members of the agency appointed by it to conduct a hearing; d. To apply to any court, having territorial jurisdiction of the offense, to have

punished for contempt any witness who refuses to obey a subpena, or who refuses to

be sworn or affirmed to testify, or who is guilty of any contempt after summons to

appear; e. To acquire by purchase, gift, foreclosure or condemnation 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; f. To acquire, hold, use and dispose of its income revenues, funds and moneys; g. To adopt rules and regulations expressly authorized by this act and such additional

rules and regulations as shall be necessary or desirable to carry out the purposes

of this act. The agency shall adopt regulations which provide for consultation with housing sponsors

regarding the formulation of agency rules and regulations governing the operation

of housing projects and which require the agency to consult with the affected housing

sponsor prior to taking any and all specific proposed agency actions relating to the

sponsor's housing project. The agency shall publish all rules and regulations and file them with the Secretary

of State; h. To borrow money or secure credit on a temporary, short-term, interim or long-term

basis, and to issue negotiable bonds and to secure the payment thereof and to provide

for the rights of the holders thereof; i. To make and enter into and enforce all contracts and agreements necessary, convenient

or desirable to the performance of its duties and the execution of its powers under

this act, including contracts or agreements with qualified financial institutions

for the servicing and processing of eligible loans owned by the agency; j. To appoint and employ an executive director, who shall be the chief executive officer

of the agency, and additional officers, who need not be members of the agency as the

agency deems advisable, and to employ architects, engineers, attorneys, accountants,

construction and financial experts and other employees and agents as may be necessary

in its judgment and to determine their qualifications, terms of office, duties and

compensation; and to promote and discharge such officers, employees and agents, all

without regard to the provisions of Title 11 of the Revised Statutes, Civil Service; k. To contract for and to receive and accept any gifts, grants, loans or contributions

from any source, of money, property, labor or other things of value, to be held, used

and applied to carry out the purposes of this act subject to the conditions upon which

the grants and contributions may be made, including, but not limited to, gifts or

grants from any department or agency of the United States or the State for payment

of rent supplements to eligible families or for the payment in whole or in part of

the interest expense for a housing project or for any other purpose consistent with

this act; l. To enter into agreements to pay annual sums in lieu of taxes to any political subdivision

of the State with respect to any real property owned or operated directly by the agency; m. To procure insurance against any loss in connection with its operations, property

and other assets (including eligible loans) in the amounts and from the insurers it

deems desirable; n. To the extent permitted under its contract with the holders of bonds of the agency,

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 terms of any loan

to an institutional lender, eligible loan, loan commitment, contract or agreement

of any kind to which the agency is a party; o. To the extent permitted under its contract with the holders of bonds of the agency,

to enter into contracts with any housing sponsor containing provisions enabling the

housing sponsor to reduce the rental or carrying charges to persons unable to pay

the regular schedule of charges where, by reason of other income or payment from the

agency, any department or agency of the United States or the State, these reductions

can be made without jeopardizing the economic stability of the housing project; p. To make and collect the fees and charges it determines are reasonable; q. To the extent permitted under its contract with the holders of bonds of the agency,

to invest and reinvest any moneys of the agency not required for immediate use, including

proceeds from the sale of any obligations of the agency, in obligations, securities

or other investments as the agency deems prudent. All functions, powers and duties relating to the investment or reinvestment of these

funds, including the purchase, sale or exchange of any investments or securities may,

upon the request of the agency, be exercised and performed by the Director of the

Division of Investment in the Department of the Treasury, in accordance with written

directions of the agency signed by an authorized officer, without regard to any other

law relating to investments by the Director of the Division of Investment; r. To provide, contract or arrange for, where, by reason of the financing arrangement,

review of the application and proposed construction of a project is required by or

in behalf of any department or agency of the United States, consolidated processing

of the application or supervision or, in the alternative, to delegate the processing

in whole or in part to any such department or agency; s. To make eligible loans, and to participate with any department, agency or authority

of the United States or of any state thereof, this State, a municipality, or any banking

institution, foundation, labor union, insurance company, trustee or fiduciary in an

eligible loan, secured by a single participating mortgage, by separate mortgages or

by other security agreements, the interest of each having equal priority as to lien

in proportion to the amount of the loan so secured, but which need not be equal as

to interest rate, time or rate of amortization or otherwise, and to undertake commitments

to make such loans; t. To assess from time to time the housing needs of any municipality which is experiencing

housing shortages as a result of the authorization of casino gaming and to address

those needs when planning its programs; u. To sell any eligible loan made by the agency or any loan to an institutional lender

owned by the agency, at public or private sale, with or without bidding, either singly

or in groups, or in shares of loans or shares of groups of loans, issue securities,

certificates or other evidence of ownership secured by such loans or groups of loans,

sell the same to investors, arrange for the marketing of the same; and to deposit

and invest the funds derived from such sales in any manner authorized by this act; v. To make commitments to purchase, and to purchase, service and sell, eligible loans,

pools of loans or securities based on loans, insured or issued by any department or

agency of the United States, and to make loans directly upon the security of any such

loans, pools of loans or securities; w. To provide such advisory consultation, training and educational services as will

assist in the planning, construction, rehabilitation and operation of housing including

but not limited to assistance in community development and organization, home management

and advisory services for residents and to encourage community organizations and local

governments to assist in developing housing; x. To encourage research in and demonstration projects to develop new and better techniques

and methods for increasing the supply, types and financing of housing and housing

projects in the State and to engage in these research and demonstration projects and

to receive and accept contributions, grants or aid, from any source, public or private,

including but not limited to the United States and the State, for carrying out this

purpose; y. To provide to housing sponsors, through eligible loans or otherwise, financing,

refinancing or financial assistance for fully completed, as well as partially completed,

projects which may or may not be occupied, if the projects meet all the requirements

of this act, except that, prior to the making of the mortgage loans by the agency,

said projects need not have complied with sections 7a.(9) and 42 of this act; 1 z. To encourage and stimulate cooperatives and other forms of housing with tenant

participation; aa. To promote innovative programs for home ownership, including but not limited to

lease-purchase programs, employer-sponsored housing programs, and tenant cooperatives; bb. To set aside and designate, out of the funds that are or may become available

to it for the purpose of financing housing in this State pursuant to the terms of

this act, certain sums or proportions thereof to be used for the financing of housing

and home-ownership opportunities, including specifically lease-purchase arrangements,

provided by employers to their employees through nonprofit or limited-dividend corporations

or associations created by employers for that purpose; and to establish priority

in funding, offer bonus fund allocations, and institute other incentives to encourage

such employer-sponsored housing and home-ownership opportunities; cc. Subject to any agreement with bondholders, to collect, enforce the collection

of, and foreclose on any property or collateral securing its eligible loan or loans

to institutional lenders and acquire or take possession of such property or 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; dd. To administer and to enter into agreements to administer programs of the federal

government or any other entity which are in furtherance of the purposes of this act; ee. To do and perform any acts and things authorized by this act under, through, or

by means of its officers, agents or employees or by contract with any person, firm

or corporation; and ff. To do any acts and things necessary or convenient to carry out the powers expressly

granted in this act. 1

N.J.S.A. §§ 55:14K-7 and 55:14K-40.