Section 5204-A - Purposes and powers Every authority activated pursuant to this act shall have as its purpose the broadening of the market for housing, alleviating shortages of housing, stimulating the market for housing and improving the quality of life of the residents of the Commonwealth by making available funds for loans evidenced by residential loan notes. Each authority activated pursuant to this article shall be a public instrumentality, a public body corporate and politic, and shall have all of the powers granted to authorities under section 4.B of the act of May 2, 1945 (P.L. 382, No. 164) known as the "Municipality Authorities Act of 1945," to the extent not inconsistent with this article and to the extent necessary to carry out the foregoing purposes and shall also have the following powers:
(1) To proceed with foreclosure actions, to own, lease, clear, construct, reconstruct, rehabilitate, renovate, improve, repair, maintain, manage, operate, assign, encumber, sell or otherwise dispose of any real or personal property obtained by the authority due to default on any loan held by the authority.(2) To sell, at public or private sale, with or without public bidding, any mortgage, mortgage loan or other instrument or asset or any item of real or personal property owned by the authority.(3) To invest in, make commitments to purchase, take assignments from and to purchase from lending institutions residential loan notes and to accept the assignment of any mortgage or other security given for such note, acquired by such lending institution pursuant to a prior agreement between the authority and such lending institution which agreement requires the lending institution to make residential loans to its customers on terms and conditions specified by the authority in such agreement, including but not limited to terms and conditions relating to the rate of interest on and security for such notes.(4) To make residential loans directly to natural persons to enable such persons to acquire residences or to rehabilitate residences owned by or to be acquired by such persons: Provided, however, That each such loan must be made pursuant to an agreement with a lending institution which requires the loan to be originated and serviced by such lending institution.(5) To become a mortgagee approved for participation in all mortgage insurance programs of the United States Department of Housing and Urban Development or the Federal Housing Administration or any successor to either and to enter such contracts and agreements with the United States Department of Housing and Urban Development or the Federal Housing Administration or their respective successors as may be required to achieve such status.(6) To do all other acts or things necessary or convenient for the general welfare of the authority and to carry out the powers granted to it to fulfill its purposes.1953, July 28, P.L. 723, No. 230, art. XXII-A, § 2204-A, added 1981, Nov. 5, P.L. 330, No. 120, § 2, imd. effective.