§ 45-60-4 - Allocation system.
SECTION 45-60-4
§ 45-60-4 Allocation system. – (a) In determining the allocation of funds available for the purposes of thischapter, the board shall evaluate each proposal on the basis of the followingcriteria which may include, but not be limited to:
(1) The need for a timely response to unpredictablecircumstances or special opportunities to serve the purposes of this chapter;
(2) The level of funding or other participation by private orpublic sources in the activity being considered for funding by the board;
(3) What resources will be required in the future to sustainthe project;
(4) The long-term effect of proposed activity and thelikelihood that the activity will result in the preservation of affordabilityin perpetuity;
(5) The board's allocation system shall include a method,defined by rule, that evaluates the need for, impact of, and quality of,activities proposed by applicants.
(b) Affordable housing projects must result in units whichremain affordable for the maximum time allowed by law; the housing board shallretain first right of refusal in the event of sale or transfer of suchproperties for which funds from this trust fund have been used.