II. Purpose and Powers

§1. Purpose.

The purpose for which the Corporation has been organized is to purchase or otherwise acquire, operate, and manage housing projects in Greenbelt on a not-for-profit basis, and in the interest of and for the housing of its members, to purchase or otherwise acquire memberships or interests in a not-for-profit cooperative mortgage company organized by the Corporation and the National Consumer Cooperative Bank or its successors for the purpose of making unit loans to members of housing cooperatives, including the Corporation. In connection with such projects, the Corporation may either itself or by or through a subsidiary corporation or corporations, or by contract, lease, or otherwise, provide such community facilities, services, and benefits as may be necessary or convenient for the welfare of its members and the usefulness of the projects, provided the membership shall determine such facilities, services, or benefits are needed and are not available through other competent authority, institution, or agency.

§2. Powers.

In furtherance of the foregoing purpose, the Corporation shall have the power to purchase, lease, or otherwise acquire land in Greenbelt, both improved and unimproved, and to construct or locate dwellings and other buildings and facilities thereon, to manage such property, and to do any and all things necessary or convenient for the fulfillment of the purpose of the Corporation. The management of property shall include the power to act as agent for members and prospective members of the Corporation in the sale or lease of housing units and in all transactions incidental thereto.