1. The Division may make, undertake commitments to make and participate with lending institutions in the making of mortgage loans and may make temporary loans and advances in anticipation of mortgage loans to finance the acquisition, construction, development, renewal, redevelopment, rehabilitation or refinancing of residential housing, including, without limitation, multifamily housing, within this state.
2. The Division may issue letters of credit to finance the acquisition, construction, development, renewal, redevelopment, rehabilitation or refinancing of residential housing, including, without limitation, multifamily housing, within this state if, at the time a letter of credit is issued, the Division has a credit rating within one of the three highest rating categories of a nationally recognized rating agency.