Sec. 8-78. Aggregate of bonds and notes state may issue for moderate rental housing projects.
Sec. 8-78. Aggregate of bonds and notes state may issue for moderate rental
housing projects. The aggregate amount of all bonds and notes issued by the state
pursuant to subsection (a) of section 8-80 to meet its obligations under assistance
agreements for moderate rental housing projects entered into by it shall not exceed the
sum of (1) one hundred sixty-nine million one hundred thirty-two thousand four hundred
thirty-five dollars, exclusive of any notes or bonds, the avails of which shall be used for
the purpose of refunding outstanding notes or bonds issued for said purposes, and (2)
twenty-eight million dollars, provided the proceeds of such bonds and notes issued
pursuant to the authorization in subdivision (2) of this section shall be made available
for use only with respect to moderate rental housing projects. In considering housing
projects for use of the bond proceeds, the Department of Economic and Community
Development shall attempt to capture all federal Section 8 subsidies, for family, elderly,
and congregate housing units available to the Department of Economic and Community
Development, Connecticut Housing Finance Authority or from other sources; encourage
the construction or rehabilitation of multifamily rental projects which meet the Mortgage
and Revenue Bond Tax Act of 1980 criteria for moderate income; and utilize any other
federal subsidy programs for low and moderate income housing which may become
available now or in the future, provided the state bonds can be adequately secured and
the intent of this section can be assured. The Department of Economic and Community
Development may also enter into joint loan participations with other financing sources
in order to maximize the number of housing units produced for the amount allocated.
(1949 Rev., S. 956; 1949, 1951, 1953, June, 1955, S. 453d; November, 1955, S. N19; 1957, P.A. 395, S. 2; 1959, P.A.
466, S. 2; 1961, P.A. 447, S. 4; 1963, P.A. 54, S. 2; P.A. 78-304, S. 14, 22; P.A. 80-382, S. 1, 3; P.A. 81-370, S. 1, 13; 81-400, S. 1, 2; P.A. 82-369, S. 1, 28; P.A. 84-443, S. 3, 20; P.A. 85-558, S. 4, 17; P.A. 86-396, S. 5, 25; P.A. 88-343, S. 4,
32; P.A. 89-331, S. 7, 30; P.A. 90-238, S. 4, 32; P.A. 91-233; P.A. 95-250, S. 1; P.A. 96-211, S. 1, 5, 6.)
History: 1959 act changed termination date for entry into assistance agreements from June 30, 1959, to July 1, 1961;
1961 act changed said date to July 1, 1963; 1963 act removed said date; P.A. 78-304 changed $19,00,000 maximum for
bonds and notes to $25,000,000; P.A. 80-382 changed maximum to $30,000,000; P.A. 81-370 increased the aggregate of
bonds the state may issue for moderate rental housing from $130,000,000 to $135,000,000; P.A. 81-400 increased the
aggregate of bonds and notes the state may issue for moderate rental housing by $25,000,000 and provided that proceeds
of bonds issued pursuant to the increase may be used only for projects qualified for federal subsidy under section 8 of the
United States Housing Act of 1937; P.A. 82-369 increased the amount in Subdiv. (1) from $135,000,000 to $142,500,000,
added Subdiv. (3) which authorized $3,000,000 for use only with respect to moderate rental housing projects qualified for
federal assistance, added provisions requiring housing department to attempt to capture all available Section 8 subsidies,
encourage construction or rehabilitation of multifamily rental projects and utilize any other federal subsidy programs for
low and moderate income housing and authorized department to enter into joint loan participations; P.A. 84-443 increased
authorization limit to $152,500,000; P.A. 85-558 increased the bond authorization limit to $165,500,000; P.A. 86-396
amended Subdiv. (1) to increase bond authorization to $174,500,000; P.A. 88-343 decreased the bond authorization from
to $169,500,000; P.A. 89-331 reduced the bond authorization to $169,132,435; P.A. 90-238 inserted a reference to the
issuance of bonds and notes pursuant to Subsec. (a) of Sec. 8-80; P.A. 91-233 eliminated Subdiv. (3) re limitation of use
of bond authorizations for federal assistance and transferred the bond authorization under Subdiv. (3) to Subdiv. (2); P.A.
95-250 and P.A. 96-211 replaced Commissioner and Department of Housing with Commissioner and Department of
Economic and Community Development.