The bill amends the State Housing Development Authority Act of 1966, specifically updating Section 22 to enhance the authority's powers in managing housing projects. Key insertions include the authority's ability to determine fees and charges for its publications and loans, which are not classified as interest. The authority is also empowered to make or purchase loans, including those for condominium units, and engage in financial activities such as selling mortgages and modifying security interests. Additionally, the bill allows the authority to appoint directors to nonprofit housing corporations and cooperatives in cases of financial jeopardy or regulatory violations, and it clarifies the authority's ability to approve articles of incorporation for housing-related entities.

Moreover, the bill introduces provisions for the authority to make working capital loans to contractors and subcontractors, requiring annual reporting on loan statistics. It mandates the adoption of a code of ethics for employees, including financial interest disclosures and conflict of interest definitions. The language regarding covenants for housing assistance is strengthened by changing "shall" to "must." The authority is also allowed to invest a portion of escrow funds in loans for multifamily housing developments and is tasked with supporting homeownership for low-income families, as well as administering a resident ownership revolving fund under the mobile home commission act. The enactment of this bill is contingent upon the passage of Senate Bill No. 934.

Statutes affected:
Senate Introduced Bill: 125.1422
As Passed by the Senate: 125.1422