Sec. 8-242a. Establishment of subsidiaries by authority.
Sec. 8-242a. Establishment of subsidiaries by authority. It is found and declared
that the purposes of the Connecticut Housing Finance Authority may from time to time
best be fulfilled by permitting the authority to create certain subsidiaries to own, operate
and manage properties providing housing for low and moderate income families and
persons and to otherwise obtain financing for such properties. It is further found and
declared that the creation of subsidiaries will assist in ensuring continued occupancy of
authority financed developments by low and moderate income persons and families in
accordance with the statutory purpose of the authority. It is further found and declared
that in order for such subsidiaries to fulfill their purposes, liability will be limited solely
to the assets and revenues or other resources of the subsidiary and without recourse
liability to the Housing Mortgage General Fund or other reserve, insurance or designated
funds or any other assets of the authority. It is further found and declared that expenditures of public moneys and exercise of limited borrowing powers by such subsidiaries
may from time to time be necessary in order to rehabilitate or improve such housing
development and otherwise fulfill the corporate purposes of the authority and that such
expenditures of moneys and borrowing therefore constitutes a serving of a needed public
purpose and is in the public interest.
(P.A. 94-148, S. 1, 3.)
History: P.A. 94-148 effective May 24, 1994.