Residential renovation loan commissions may carry out program activities, but any sale of renovated residences must follow the stated buyer, occupancy, and price requirements.
67.974. Powers of commission. — Each residential renovation loan commission may: (1) Receive, hold and convey title to real estate on projects carried out by the commission and receive and use for the purposes described in sections 67.970 to 67.983 any grants or loans made by the Missouri housing development commission pursuant to section 215.035 or 215.050; (2) Approve all proposed purchases of residences for renovation; (3) Approve the workmen who will perform the renovation and reconstruction work; the workmen, to be selected from the local labor force, shall be capable of performing the work for which they will be hired, and shall be, as far as practicable, persons who are not employed on a regular basis and who are indigenous to the areas which are selected for renovation activity; (4) Contract and be contracted with; (5) Seek such legal and other professional and staff assistance deemed necessary to carry out the purposes of this section; (6) Sell the residences renovated, but such sales shall be subject to the following requirements: (a) All residences sold which were acquired from a land reutilization authority pursuant to section 92.810 and at least seventy-five percent of all residences sold shall be sold to persons who qualify for low-income housing ownership benefits under federal or state law, or both, as determined annually by the residential renovation loan commission; (b) Each residence shall be sold only to a person who will be the actual owner of record of the residence and will actually occupy the residence for a period of not less than five years; (c) Each residence shall be sold at a price which will allow the commission to recover all costs incurred by it in acquiring, renovating, and selling such residence, including, but not limited to, the purchase price paid for such residence, labor, materials, and other renovation expenses and any reimbursement of expenses made to a land reutilization authority for property acquired pursuant to section 92.810; (7) Do all other things necessary to implement and administer the residential renovation program authorized by sections 67.970 to 67.983. (L. 1983 H.B. 788 § 3, A.L. 1993 S.B. 376)