{"data":{"id":"us-dc/d.c.-code-42-2703.01","jurisdiction":"us-dc","citation":"D.C. Code § 42-2703.01","heading":"General powers.","body":"The Agency is hereby granted all powers necessary or convenient to effectuate its corporate purposes, including but not limited to, the following:\n\n(1)\nTo have perpetual succession;\n\n(2)\nTo sue and be sued in its own name;\n\n(3)\nTo have an official seal and power to alter that seal at will;\n\n(4)\nTo acquire (by purchase or otherwise), sell, construct, lease, improve, rehabilitate, repair and otherwise maintain an office or offices at such places within the District of Columbia as the Agency shall from time to time designate and to issue bonds or otherwise provide financing for such offices;\n\n(5)\nTo adopt, amend and repeal bylaws, rules and regulations to carry out its purposes under this chapter;\n\n(6)\nTo make and execute contracts and all other instruments for the performance of its duties under this chapter and contracts for or relating to the development, construction, rehabilitation, improvement, maintenance, repair, operation, and management of housing projects;\n\n(6A)\nTo originate and service mortgage loans or contract for the origination and servicing of mortgage loans and loans.\n\n(7)\nTo employ advisers, consultants, and agents including, but not limited to, financial advisers, appraisers, accountants and legal counsel, and to fix their compensation;\n\n(8)\nTo collect reasonable interest, fees and charges in connection with making and servicing its loans, including State and Local Government Loans, notes, bonds, obligations, commitments and other evidences of indebtedness, and in connection with providing technical, consultative and project assistance services;\n\n(9)\nTo procure insurance or self-insure against any loss in connection with its property and other assets, including mortgage loans, in such amounts and from such insurers as it deems desirable;\n\n(10)\nTo borrow money and to issue bonds, notes or other obligations and to give security therefor;\n\n(11)\nTo enter into agreements with the United States or any agency, department, instrumentality or political subdivision thereof, to provide that interest on any bonds, notes or other obligations of the Agency will be subject to federal income taxes;\n\n(12)\nTo contract for and to receive contributions, gifts, grants, subsidies, and loans of money, property, labor or other things of value from any source to be used for the purpose of this chapter and subject to the conditions upon which the contributions, gifts, grants, subsidies, and loans are made;\n\n(13)\nTo enter into agreements with any department, agency or instrumentality of the United States or the District and with sponsors and mortgage lenders for the purpose of planning, regulating and providing for the financing and refinancing, construction, reconstruction or rehabilitation, leasing, management, maintenance, operation, acquisition, sale or other disposition of any housing project undertaken with the assistance of the Agency under this chapter;\n\n(13A)\nTo make state and local government loans and enter into such agreements with the respective Eligible State and Local Government Units for the purpose of making a State or Local Government Loan on such terms and conditions as the Agency determines to be appropriate;\n\n(14)\nTo proceed with foreclosure action, to take assignments of leases and rentals, to acquire property in lieu of foreclosure;\n\n(15)\nTo own, lease, clear, reconstruct, rehabilitate, improve, repair, maintain, manage, operate, assign, encumber, or sell or otherwise dispose of any real or personal property if:\n(A)\nThe property was obtained by the Agency due to the default of any obligation held by the Agency; and\n(B)\nRepealed.\n\n(15A)\nTo acquire (by purchase or otherwise), own, lease, clear, construct, reconstruct, rehabilitate, improve, repair, maintain, manage, operate, assign, encumber, or sell or otherwise dispose of any real property; provided, that:\n(A)\nThe Agency shall not finance more than 4 housing projects in any one fiscal year; and\n(B)\nThe authority of the Agency to acquire properties by purchase or otherwise under this paragraph shall terminate on December 31, 2007; provided, that before that time the Agency may submit a request for renewal of authority;\n\n(16)\nTo invest any funds not required for immediate disbursement, including funds held in reserve, in investments; the income derived from the investment shall be deposited as provided in § 42-2704.11;\n\n(17)\nTo provide technical assistance to profit and nonprofit entities in the development or operation of housing for low and moderate income persons in accordance with § 42-1734 [repealed]; to gather and distribute data and information concerning the housing needs of low and moderate income persons within the District;\n\n(18)\nTo the extent permitted under its contract with the holders of bonds, notes and other obligations 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 term of any contract, mortgage, mortgage loan, mortgage loan commitment, or contract or agreement of any kind to which the Agency is a party;\n\n(19)\nTo sell, at public or private sale, with or without public bidding, any mortgage or other obligation held by the Agency pursuant to regulations promulgated by the Agency;\n\n(20)\nTo make grants, or to convert loans to grants or to forgive loans, to make loans or mortgage loans, either directly or through mortgage lenders, for the purpose of assisting in developing, acquiring, constructing, rehabilitating or improving any housing project financing under this chapter;\n\n(20A)\nTo establish funds and reserves to provide additional security for loans provided for housing projects;\n\n(20B)\nTo enter into such contracts with government agencies that the Agency considers appropriate for housing projects;\n\n(20C)\nTo establish nonprofit and for-profit corporations, partnerships, limited liability companies, business trusts, and any other entities to act in furtherance of its general powers or purposes;\n\n(20D)\nTo establish such supportive programs as provided in § 42-2703.05; and\n\n(21)\nTo do any act necessary or convenient to the exercise of the powers granted by or reasonably implied from this chapter.","path":["Title 42. Real Property.","Chapter 27. Housing Finance Agency.","Subchapter III. Operations of the Agency."],"source_url":"https://code.dccouncil.gov/us/dc/council/code/sections/42-2703.01","current_through":"2026-08-20 (D.C. Law 26-175)","vintage":"","retrieved_at":"2026-08-29T05:44:07Z","sha256":"d62f009c4152624a0f118570550b7c15c49041cd421a6158836380fe4c14508b","source_id":"us-dc","stale":false,"prev":"us-dc/d.c.-code-42-2702.07","next":"us-dc/d.c.-code-42-2703.02"},"notice":"GroundRules: Original legal text. Not legal advice."}