§ 35-3-22 - Affordable housing – rental subsidy account.
SECTION 35-3-22
§ 35-3-22 Affordable housing – rentalsubsidy account. – (a) There is hereby created within the general fund an affordable housingrental subsidy account, which shall be administered by the state controller andwhich shall be used solely for the purpose of providing such sums as may berequired to fund the affordable housing rental subsidy in accordance withchapter 11.2 of title 42.
(b) At the end of each fiscal year following the completionof the post audit of the financial transactions of the state by the stateauditor general but prior to the issuance of his or her final audit report asset forth in § 22-13-4, the state controller shall transfer to theaffordable housing rental subsidy account twenty percent (20%) of the amountpayable into the general revenue fund pursuant to § 42-61-15 for eachfiscal year.
(2) In carrying out the provisions of subsection (b), thestate controller shall initially, at the fiscal year opening, transfer theamount identified as that fiscal year's projected estimate; the transfer shallbe adjusted at the end of the fiscal year in order to conform to therequirements of subsection (b).
(c) Notwithstanding any provision of the general laws to thecontrary, for the period beginning July 1, 1994, and ending June 30, 1997, theRhode Island housing and mortgage finance corporation shall annually allocatefunds sufficient to carry out the provisions of chapter 11.2 of title 42.