Sec. 8-68j. Financially distressed development. Transfer to Connecticut Housing Finance Authority.
Sec. 8-68j. Financially distressed development. Transfer to Connecticut
Housing Finance Authority. (a) As used in this section:
(1) "Commissioner" means the Commissioner of Economic and Community Development;
(2) "Connecticut Housing Finance Authority" means the authority created and operating pursuant to the provisions of chapter 134;
(3) "Financially distressed development" means a housing development owned by
a housing authority and subject to an asset that was transferred from the Department of
Economic and Community Development to the Connecticut Housing Finance Authority
pursuant to section 8-37u or subdivision (3) of section 32-11; and
(4) "Housing authority" means a local housing authority owning a financially distressed development.
(b) Notwithstanding any provision of the general statutes, a housing authority may,
with the approval of the Commissioner of Economic and Community Development,
quit claim or otherwise transfer its interest in a financially distressed development to
the Connecticut Housing Finance Authority. The commissioner may grant such approval
upon an express finding that: (1) The housing authority is financially unable to maintain
the development; (2) there is no reasonable prospect that the housing authority will be
able to maintain the property in the future; (3) the housing authority has requested to
transfer the development; and (4) the Connecticut Housing Finance Authority is prepared to accept the transfer.
(June 30 Sp. Sess. P.A. 03-6, S. 51; May Sp. Sess. P.A. 04-2, S. 92.)
History: June 30 Sp. Sess. P.A. 03-6 effective August 20, 2003; May Sp. Sess. P.A. 04-2 amended Subsec. (a)(3) by
making technical changes, effective May 12, 2004.