{"data":{"id":"us-ky/krs-99.650","jurisdiction":"us-ky","citation":"KRS 99.650","heading":"Powers of agency.","body":"(1) Each agency created under the terms of KRS 99.610 to 99.680 shall constitute a\npublic body corporate and politic, exercising public and essential governmental\nfunctions, and shall have all of the powers necessary and convenient to carry out\nand effectuate the purposes and provisions of KRS 99.610 to 99.680 including but\nwithout limiting the generality of the foregoing, the following powers in addition to\nother powers granted herein and by other statutory authority:\n(a) To sue and be sued; to have a seal; to  make and execute contracts and other\ninstruments necessary or convenient to the exercise of its powers;\n(b) To make, and from time to time amend and repeal bylaws, rules, and\nregulations not inconsistent with KRS 99.610 to 99.680, to carry into effect\nthe powers and purposes thereof, subject to approval, amendment, or\nmodification by the governing board;\n(c) To select and appoint such officers, agents, counsel, and employees,\npermanent and temporary, as it may require, and determine their\nqualifications, duties, and compensation, subject, however, to the provisions\nof its budget;\n(d) Within the jurisdiction of the city in which it is established, and for the\npurpose of developing a project area or areas, to purchase, lease, obtain option\nupon, acquire by gift, grant, bequest, devise, or otherwise, any real or personal\nproperty or any interest therein, together with any improvements thereon; to\nclear any and all buildings, structures, or other improvements from any real\nproperty so acquired; to renovate or re habilitate any improvements to such\nreal property so acquired and to dispose of any personal property resulting\ntherefrom; to develop and construct residential housing for persons and\nfamilies of lower income; to sell, lease, exchange, subdivide, transfer,  assign,\npledge, encumber by mortgage, deed of trust or otherwise, or otherwise to\ndispose of any real or personal property or any interest therein at its fair value\nfor uses in accordance with the development plan, irrespective of the cost of\nacquiring and preparing said property; to insure or provide for the insurance of\nany real or personal property or operation of the agency against risks or\nhazards; and pursuant to the provisions of KRS 99.610 to 99.680, to rent,\nmaintain, manage, operate, and repair s uch real property and any\nimprovements thereto;\n(e) Within the jurisdiction of the city in which it is established, and for the\npurpose of developing a project area or areas: to make or participate in the\nmaking of construction, land development, mortgage,  and rehabilitation loans\nand to purchase or participate in the purchase of construction, land\ndevelopment, mortgage, and rehabilitation loans for residential housing\nprojects, provided, however, that such loans shall be made only upon the\ndetermination by  the agency that such loans are not otherwise available,\nwholly or in part, from private lender upon reasonably equivalent terms and\nconditions; to insure or reinsure construction, land development, mortgage,\nand rehabilitation loans on residential housing  projects provided, however,\nthat any such insurance or reinsurance shall be made only upon the\ndetermination by the agency that such insurance or reinsurance is not\notherwise available wholly or in part from private insurers upon reasonably\nequivalent terms and conditions; to make grants from appropriated funds, and\nany other funds from any source available to the agency, to builders,\ndevelopers, and owners of residential housing for the development,\nconstruction, rehabilitation, or maintenance of resident ial housing and such\nfacilities related thereto as the agency shall deem important for a proper living\nenvironment, all on such terms and conditions as may be deemed appropriate\nby the agency; to sell, at public or private sale, all or any part of any mort gage\nor other instrument or document securing a construction land development, or\nrehabilitation loan for residential housing projects of any type, appropriate to\nthe purpose of the agency; to consent, whenever it deems it necessary or\ndesirable in the fulfillment of its corporate purposes, to the modification of the\nrate of interest, time of payment of any installment of principal or interest, or\nany other terms, of any mortgage loan, mortgage loan commitment,\nconstruction or land development loan, rehabil itation loan, contract, or\nagreement of any kind relating to residential housing projects to which the\nagency is a party;\n(f) Within a project area, to cause streets and highways to be laid out and graded,\nand pavements or other road surfacing, sidewalks, curbs, gutters, storm\nsewers, and public utilities of every kind to be improved, constructed, and\ninstalled and to close any streets according to the development plan;\n(g) To invest any funds held in reserves or sinking funds or any funds not required\nfor immediate disbursement, in property or securities in which banks or\ninsurance companies may legally invest funds subject to their control; to\npurchase its bonds at a price not more than the principal amount thereof and\naccrued interest, all bonds so purchased to be canceled;\n(h) To obligate lessees or purchasers of land acquired in a project: (1) to use such\nland for the purpose designated in the development plan; (2) to begin the\nbuilding of specified improvements or renovation of existing improvement\nwithin a period of time which the agency fixes as reasonable; and (3) to\ncomply with such other conditions as in the opinion of the agency are\nnecessary to carry out the purposes of KRS 99.610 to 99.680; the agency, by\nprovision in the contract, deed, or lease  may make any of the purchaser's\nobligations, covenants or conditions running with the land, whose breach shall\ncause the fee to revert to the agency;\n(i) To contract as, and to accept the obligations of, an owner of benefited\nproperty under the terms of KRS 107.010 to 107.220, inclusive;\n(j) To exercise all powers granted to governmental agencies under proposed\nlegislation which deals with the use of \"tax increment\" revenues and financing\nof public purpose projects through the use thereof;\n(k) To exercise all powers granted to governmental agencies by KRS 58.010 to\n58.140, inclusive;\n(l) To make periodic grants to reduce principal and interest payments on\nmortgages or rentals payable by persons and families of low income;\n(m) To rehabilitate, acquire, establish, and operate, lease, and sublease, residential\nhousing for persons and families of lower income and to enter into agreements\nor other transactions with any federal, state, or local government agency for\nthe purpose of providing adequate living quarter s for such persons and\nfamilies and to contract to assume the rights, powers, duties, and obligations\nof any local housing authority or similar agency of the federal, state, city, or\nurban-county governments;\n(n) To borrow from and to accept loans and grants from the federal, state, city, or\nurban-county governments or any agency thereof, or from any sources, public\nor private, for the purposes of KRS 99.610 to 99.680, and to pledge such\nsecurity as may be required, an agency, notwithstanding the provisions of any\nother law, may include in any contract for financial assistance with the federal,\nstate, city, or urban -county government any conditions which the federal,\nstate, city, or urban -county government may attac h to its financial aid not\ninconsistent with the purposes of KRS 99.610 to 99.680; and\n(o) To exercise all or any part or combination of the powers herein granted.\n(2) Nothing contained in this section shall authorize such agency to construct any of the\nbuildings for residential, commercial, industrial, or other use contemplated by the\ndevelopment plan, except as to the development and construction of residential\nhousing for persons and families of lower income and except insofar as any\nindustrial building may be authorized to be constructed by a lessee, on behalf of the\nagency, under the provisions of KRS 103.200 to 103.285, inclusive.","path":["KRS Chapter 99"],"source_url":"https://apps.legislature.ky.gov/law/statutes/statute.aspx?id=26573","current_through":"Includes enactments through the 2026 Regular Session","vintage":"09/05/2026","retrieved_at":"2026-09-05T20:50:02Z","sha256":"4af98522acbafee39b359ab7bb5102021f6dba6726bb57640128bfcadb30db7c","source_id":"us-ky","stale":false,"prev":"us-ky/krs-99.645","next":"us-ky/krs-99.655"},"notice":"GroundRules: Original legal text. Not legal advice."}