§ 42-55.1-3 - Housing trust fund development assistance.
SECTION 42-55.1-3
§ 42-55.1-3 Housing trust fund developmentassistance. – (a) The Rhode Island housing and mortgage finance corporation is authorized anddirected to provide financial assistance, in the form of grants, loans, or anycombination of these, to mutual housing associations, nonprofit housingdevelopment corporations and/or limited equity housing cooperatives, and otherqualified persons and entities pursuant to § 42-55.1-1, for use in thepurchase, acquisition, construction and/or production of decent, safe, andsanitary rental and home ownership housing, affordable to low and moderateincome persons and families in Rhode Island.
(b) The Rhode Island housing and mortgage finance corporationis authorized and directed to promulgate those rules and regulations that maybe necessary and appropriate to effectuate the purposes of this chapter. Theserules and regulations shall include, but need not be limited to:
(1) Application procedures for mutual housing associations,nonprofit housing development corporations, limited equity housing corporationsand other qualified persons and entities seeking financial assistance underthis section;
(2) Specific criteria for use in evaluating applications forfinancial assistance under this chapter, which criteria shall be designed tomaximize the availability of affordable rental and home ownership housing inthis state and the efficient use of monies available for that purpose in thehousing trust fund;
(3) Reasonable mandatory requirements and restrictionsdesigned to assure that any housing that may be purchased, acquired,constructed and/or produced with financial assistance under these provisionswill be maintained and operated in a fair, decent, safe, and sanitary manner;
(4) Standards for the corporate governance of entities,mutual housing associations, and limited equity housing cooperatives, includingprovisions for management services; and
(5) Standards and application procedures including thoserules and regulations that are necessary to establish either a line of creditor a blanket construction loan fund that provide financial assistance toqualified sponsors undertaking the development and construction of four (4) ormore residential properties for sale to persons and families of low andmoderate income in Rhode Island.