New Hampshire Revised Statutes 204-C:19 – Loans to Lending Institutions
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Without limiting the generality of the powers granted under N.H. Rev. Stat. § 204-C:8, the authority may:
I. Make loans to lending institutions under terms and conditions requiring the proceeds of the loans to be used by such lending institutions for the making of new mortgage loans for housing for eligible persons and families;
II. Purchase securities secured by, or providing financing for, mortgages on housing from lending institutions;
III. Require that loans to, or such securities purchased from, lending institutions shall be additionally secured as to payment of both principal and interest by a pledge of and lien upon collateral security in such amounts and consisting of such obligations, securities and mortgage loans as the authority shall by resolution determine to be necessary to assure the payment of such loans or such securities purchased and the interest on them as the same become due. The authority may require in the case of any or all lending institutions that any required collateral be lodged with a bank or trust company located either within or outside the state designated by the authority as custodian for the collateral. In the absence of such requirement, a lending institution shall, if collateral is to be provided for loan of such securities purchased, upon receipt of the proceeds from the authority, enter into an agreement with the authority containing such provisions as the authority shall deem necessary to adequately identify and maintain such collateral and service the same and shall provide that such lending institution shall hold such collateral as an agent for the authority and shall be held accountable as the trustee of an express trust for the application and disposition of and the income from the collateral solely to uses and purposes in accordance with the provisions of such agreement. A copy of each such agreement and any revisions or supplements to the agreement shall be filed with the secretary of state and no further filing or other action under N.H. Rev. Stat. Chapter 382-A or any other law of the state shall be required to perfect the security interest of the authority in such collateral or any additions to or substitutions for the collateral; and the lien and trust for the benefit of the authority so created shall be binding from and after the time made against all parties having claims of any kind in tort, contract, or otherwise against such lending institution. The authority may also establish such additional requirements as it deems necessary with respect to the pledging, assigning, setting aside or holding of such collateral and the making of substitutions for or additions to and the disposition of income and receipts from the collateral; and
IV. Collect, enforce the collection of, and foreclose on any collateral securing its loans to, or purchase of securities from, lending institutions and acquire or take possession of such collateral and sell the same at public or private sale, with or without public bidding, and otherwise deal with such collateral as may be necessary to protect the interest of the authority in the collateral, all subject to any agreement with bondholders or noteholders.
I. Make loans to lending institutions under terms and conditions requiring the proceeds of the loans to be used by such lending institutions for the making of new mortgage loans for housing for eligible persons and families;
Terms Used In New Hampshire Revised Statutes 204-C:19
- Authority: shall mean the New Hampshire housing finance authority. See New Hampshire Revised Statutes 204-C:1
- Contract: A legal written agreement that becomes binding when signed.
- Eligible persons and families: shall mean a person or persons, and families of 2 or more persons, irrespective of race, creed, national origin, sex, or gender identity, determined by the authority to require assistance under this chapter on account of insufficient personal or family income taking into consideration, without limitation, such factors as follows: (a) the amount of the total income of such persons and families available for housing needs; (b) the size of the family; (c) the cost and condition of housing facilities available; (d) the ability of such persons and families to compete successfully in the normal private housing market and to pay the amounts at which private enterprise is providing decent, safe and sanitary housing; and (e) if appropriate, standards established for various federal programs determining eligibility based on income of such persons and families. See New Hampshire Revised Statutes 204-C:1
- Housing: shall mean one or more new or existing dwelling units in the state financed pursuant to this chapter, including homes for persons with disabilities, mobile homes, prefabricated homes, any buildings, land, improvements, equipment, facilities or other real or personal properties which are deemed by the authority to be necessary, convenient, ancillary or desirable in connection with such dwelling units, and including, but not limited to, streets, sewers, utilities, parks, site preparation, off-site facilities, landscaping and other nonhousing facilities such as administrative, community, transportation, health, recreational, educational, commercial, retail, welfare and public facilities. See New Hampshire Revised Statutes 204-C:1
- Lending institution: shall mean any bank or trust company; Federal National Mortgage Association approved mortgage banker; savings bank; credit union; national banking association; insurance company; financial institution or governmental agency which customarily provides service or otherwise aids in the financing of mortgages located in the state. See New Hampshire Revised Statutes 204-C:1
- Lien: A claim against real or personal property in satisfaction of a debt.
- Mortgage: The written agreement pledging property to a creditor as collateral for a loan.
- Mortgage: shall mean a mortgage deed, deed of trust, or other instrument which shall constitute or create a security interest in tangible personal property constituting housing, or a lien on real property or on a leasehold under a lease having a remaining term, at any time such mortgage is acquired, which does not expire for at least that number of years beyond the maturity date of the obligation secured by such mortgage as is established by the authority as necessary to protect its interest as mortgagee. See New Hampshire Revised Statutes 204-C:1
- Obligations: shall mean collectively any bonds, notes, bond anticipation notes, debentures, interim certificates or other evidence of financial indebtedness issued by the authority pursuant to this chapter. See New Hampshire Revised Statutes 204-C:1
- state: when applied to different parts of the United States, may extend to and include the District of Columbia and the several territories, so called; and the words "United States" shall include said district and territories. See New Hampshire Revised Statutes 21:4
- Tort: A civil wrong or breach of a duty to another person, as outlined by law. A very common tort is negligent operation of a motor vehicle that results in property damage and personal injury in an automobile accident.
- Trustee: A person or institution holding and administering property in trust.
II. Purchase securities secured by, or providing financing for, mortgages on housing from lending institutions;
III. Require that loans to, or such securities purchased from, lending institutions shall be additionally secured as to payment of both principal and interest by a pledge of and lien upon collateral security in such amounts and consisting of such obligations, securities and mortgage loans as the authority shall by resolution determine to be necessary to assure the payment of such loans or such securities purchased and the interest on them as the same become due. The authority may require in the case of any or all lending institutions that any required collateral be lodged with a bank or trust company located either within or outside the state designated by the authority as custodian for the collateral. In the absence of such requirement, a lending institution shall, if collateral is to be provided for loan of such securities purchased, upon receipt of the proceeds from the authority, enter into an agreement with the authority containing such provisions as the authority shall deem necessary to adequately identify and maintain such collateral and service the same and shall provide that such lending institution shall hold such collateral as an agent for the authority and shall be held accountable as the trustee of an express trust for the application and disposition of and the income from the collateral solely to uses and purposes in accordance with the provisions of such agreement. A copy of each such agreement and any revisions or supplements to the agreement shall be filed with the secretary of state and no further filing or other action under N.H. Rev. Stat. Chapter 382-A or any other law of the state shall be required to perfect the security interest of the authority in such collateral or any additions to or substitutions for the collateral; and the lien and trust for the benefit of the authority so created shall be binding from and after the time made against all parties having claims of any kind in tort, contract, or otherwise against such lending institution. The authority may also establish such additional requirements as it deems necessary with respect to the pledging, assigning, setting aside or holding of such collateral and the making of substitutions for or additions to and the disposition of income and receipts from the collateral; and
IV. Collect, enforce the collection of, and foreclose on any collateral securing its loans to, or purchase of securities from, lending institutions and acquire or take possession of such collateral and sell the same at public or private sale, with or without public bidding, and otherwise deal with such collateral as may be necessary to protect the interest of the authority in the collateral, all subject to any agreement with bondholders or noteholders.