§ 42-55-27 - Lead paint removal revolving fund.
SECTION 42-55-27
§ 42-55-27 Lead paint removal revolvingfund. – (a) There is created, as a separate fund within the treasury, the lead paintremoval revolving fund. The fund shall consist of any sums that the state mayfrom time to time appropriate, as well as money received from donations, gifts,bequests, or otherwise from any public or private source, which money isintended to implement and encourage lead paint removal.
(b) The treasurer shall contract with the Rhode Islandhousing and mortgage finance corporation for the administration anddisbursement of funding. The Rhode Island housing and mortgage financecorporation shall adopt rules and regulations in conjunction with thedepartment of health and appropriate community groups consistent with thepurposes of this section and the Administrative Procedures Act, chapter 35 ofthis title, which provide for the orderly and equitable disbursement andrepayment of funds.
(c) All funds placed in the lead paint removal fund shall bemade available:
(1) To make loans to individuals and non-profit organizationsfor the purpose of reducing lead hazards in housing units for Rhode Islanders;and
(2) To fund improvements to residential property inconjunction with lead paint reduction as necessary to conduct lead hazardreduction.
(d) Loans made available under the provisions of this sectionmay be made directly, or in cooperation with other public and private lenders,or any agency, department, or bureau of the federal government or the state.
(e) The proceeds from the repayment of any loans made forthat purpose shall be deposited in and returned to the lead paint revolvingfund to constitute a continuing revolving fund for the purposes provided inthis section.
(f) The department of health and the Rhode Island housing andmortgage finance corporation, in coordination with cities and towns, shall takeany action necessary to obtain federal assistance for lead hazard reduction tobe used in conjunction with the lead paint removal revolving fund.