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§ 14-169-225. Federal aid or cooperation

AR Code § 14-169-225 (2018) (N/A)
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(a) (1) In addition to the powers conferred upon a housing authority by other provisions of this subchapter, the authority is empowered to:

(A) Borrow money or accept grants or other financial assistance from the federal government for, or in aid of, any housing project within its area of operation;

(B) Take over or lease or manage any housing project or undertaking constructed or owned by the federal government; and

(C) To these ends, comply with such conditions and enter into such mortgages, trust indentures, leases, or agreements as may be necessary, convenient, or desirable.

(2) It is the purpose and intent of this section to authorize every authority to do any and all things necessary or desirable to secure the financial aid or cooperation of the federal government in the undertaking, construction, maintenance, or operation of any housing project by an authority.

(b) A housing authority shall have the power to procure insurance or guarantees from the federal government of the payment of any debts, or parts thereof, whether or not incurred by the authority, secured by mortgages on any property included in any of its housing projects.

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