Sec. 8-214g. Limited Equity Cooperative and Mutual Housing Fund.
Sec. 8-214g. Limited Equity Cooperative and Mutual Housing Fund. (a) The
proceeds from the sale of bonds issued for the purposes of sections 8-214f to 8-214h,
inclusive, authorized pursuant to any authorization, allocation or approval of the State
Bond Commission made prior to July 1, 1990, and of any notes issued in anticipation
thereof as may be required for such purposes shall be deposited in a fund to be known
as the "Limited Equity Cooperative and Mutual Housing Fund", which fund shall be
used to provide the financial assistance authorized by subsections (c) and (d) of section
8-214f. Payments from the Limited Equity Cooperative and Mutual Housing Fund to
nonprofit corporations pursuant to said subsections shall be made by the State Treasurer
on certification of the Commissioner of Economic and Community Development in
accordance with the contract for financial assistance between the state and such nonprofit
corporation.
(b) Subject to the approval of the Governor, any administrative or other costs or
expenses incurred by the state in carrying out the provisions of sections 8-214f to 8-214h,
inclusive, including but not limited to hiring employees and entering into contracts, may
be paid from the Limited Equity Cooperative and Mutual Housing Fund.
(P.A. 87-417, S. 8, 10; P.A. 90-238, S. 18, 32; P.A. 95-250, S. 1; P.A. 96-211, S. 1, 5, 6.)
History: P.A. 90-238 revised provisions re allocation of moneys to housing funds; P.A. 95-250 and P.A. 96-211 replaced
Commissioner and Department of Housing with Commissioner and Department of Economic and Community Development.