Race Housing Corporation

Programs: (a) to buy, own, sell, assign, mortgage, or lease any interest in real estate and personal property and to construct, maintain, and operate improvements thereon necessary or incident to the accomplishment of the purposes set forth in article ii hereof, but solely in connection with the project assisted under section 202 of the housing act of 1959, as amended or section 811 of the national affordable housing act. (b) to borrow money and issue evidence of indebtedness in furtherance of any or all of the objects of its business, and to secure the same by mortgage, pledge, or other lien on the corporation's property. (c) to do and perform all acts reasonably necessary to accomplish the purposes of the corporation, including the execution of a regulatory agreement with the secretary of housing and urban development, and of such other instruments and undertakings as may be necessary to enable the corporation, its successors and assigns, so long as a mortgage on the corporation's property is held by the secretary of housing and urban development. (d) in the event of the dissolution of the corporation or the winding up of its affairs, or other liquidation of its assets, the corporation's property shall not be conveyed to any organization created or operated for profit or to any individual and all assets remaining after the payment of the corporation's debts shall be conveyed or distributed only to an organization or organizations created and operated for nonprofit purposes similar to those of the corporation other than one created for religious purposes; provided, however, that the corporation shall at all times have the power to convey any or all of its property to the secretary of housing and urban development.