Sec. 8-219d. Financial assistance to nonprofit corporations for administrative expenses and technical assistance. Regulations.
Sec. 8-219d. Financial assistance to nonprofit corporations for administrative
expenses and technical assistance. Regulations. (a) The state, acting by and in the
discretion of the Commissioner of Economic and Community Development, may enter
into a contract to provide financial assistance in the form of grants-in-aid, loans or
deferred loans to nonprofit corporations, as defined in section 8-39, to assist such corporations with the costs of administrative expenses and technical assistance associated
with the development of housing for low and moderate income families and the elderly.
In the case of a deferred loan, the contract shall require that payments on interest are
due immediately but that payments on principal may be made at a later time.
(b) Any such grant-in-aid, loan or deferred loan shall be made only to a nonprofit
corporation which has resources for the costs listed under subsection (a) of this section
available from other sources in an amount equal to or greater than one hundred per cent
of the proposed grants, unless a nonprofit corporation has been incorporated for less
than two years, in which case the Commissioner of Economic and Community Development may waive the requirements contained in this subsection.
(c) In determining the amount of a grant-in-aid, loan or deferred loan under this
section, the Commissioner of Economic and Community Development shall consider
the number of dwelling units for low and moderate income and elderly persons which
are being developed or rehabilitated in the project or projects for which financial assistance is being requested, provided no such grant-in-aid, loan or deferred loan shall be
for an amount greater than one hundred thousand dollars.
(d) The Commissioner of Economic and Community Development shall adopt regulations, in accordance with the provisions of chapter 54, to carry out the purposes of
this section. Such regulations shall include provisions to establish eligibility requirements for nonprofit corporations to receive financial assistance provided under this
section, criteria which the commissioner shall use for awarding such financial assistance,
the purposes for which such financial assistance may be used and the terms and conditions which the commissioner shall establish for nonprofit corporations which receive
such assistance. Such regulations shall also include provisions requiring periodic reports
to be submitted by such nonprofit corporations to the commissioner and requiring that
a performance audit of such nonprofit corporations be conducted by an independent
accounting or management consulting firm on an annual basis.
(P.A. 87-482, S. 1, 3; P.A. 92-166, S. 19, 31; P.A. 95-250, S. 1; P.A. 96-211, S. 1, 5, 6.)
History: P.A. 92-166 amended Subsec. (a) to make loans and deferred loans a form of financial assistance available
under the section and providing that payments on interest are due immediately but that payments on principal may be made
at a later time and amended Subsecs. (b) and (c) to make technical changes consistent with the changes in Subsec. (a);
P.A. 95-250 and P.A. 96-211 replaced Commissioner and Department of Housing with Commissioner and Department of
Economic and Community Development.