TITLE 42

State Affairs and Government

CHAPTER 42-55

Rhode Island Housing and Mortgage Finance Corporation

SECTION 42-55-12



   § 42-55-12  Procedure prior to financing of

housing developments undertaken by housing sponsors. –

Notwithstanding any other provision of this chapter, the corporation is not

empowered to finance any housing development undertaken by a housing sponsor

pursuant to §§ 42-55-6 and 42-55-7 unless, prior to financing any

housing development under this chapter, the corporation finds:



   (1) That there exists a shortage of decent, safe, and

sanitary housing at rentals or prices which persons and families of low or

moderate income can afford within the general housing market area to be served

by the proposed housing development;



   (2) That private enterprise and investment have been unable,

without assistance, to provide an adequate supply of decent, safe, and sanitary

housing in the general housing market area at prices which persons or families

of low and moderate income can afford or to provide sufficient mortgage

financing for residential housing for occupancy by those persons or families;



   (3) That the housing sponsor or sponsors undertaking the

proposed housing development in this state will supply well-planned, well

designed housing for persons or families of low and moderate income and that

those sponsors are financially responsible institutions;



   (4) That the housing development to be assisted pursuant to

the provisions of this chapter will be of public use and will provide a public

benefit;



   (5) That the housing development will be undertaken and the

housing sponsor or sponsors regulated pursuant to the authority and within the

restrictions provided for by this chapter.



History of Section.

(P.L. 1973, ch. 262, § 1.)