TITLE 42

State Affairs and Government

CHAPTER 42-55.1

Housing Trust Fund

SECTION 42-55.1-3



   § 42-55.1-3  Housing trust fund development

assistance. –

(a) The Rhode Island housing and mortgage finance corporation is authorized and

directed to provide financial assistance, in the form of grants, loans, or any

combination of these, to mutual housing associations, nonprofit housing

development corporations and/or limited equity housing cooperatives, and other

qualified persons and entities pursuant to § 42-55.1-1, for use in the

purchase, acquisition, construction and/or production of decent, safe, and

sanitary rental and home ownership housing, affordable to low and moderate

income persons and families in Rhode Island.



   (b) The Rhode Island housing and mortgage finance corporation

is authorized and directed to promulgate those rules and regulations that may

be necessary and appropriate to effectuate the purposes of this chapter. These

rules and regulations shall include, but need not be limited to:



   (1) Application procedures for mutual housing associations,

nonprofit housing development corporations, limited equity housing corporations

and other qualified persons and entities seeking financial assistance under

this section;



   (2) Specific criteria for use in evaluating applications for

financial assistance under this chapter, which criteria shall be designed to

maximize the availability of affordable rental and home ownership housing in

this state and the efficient use of monies available for that purpose in the

housing trust fund;



   (3) Reasonable mandatory requirements and restrictions

designed to assure that any housing that may be purchased, acquired,

constructed and/or produced with financial assistance under these provisions

will 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, including

provisions for management services; and



   (5) Standards and application procedures including those

rules and regulations that are necessary to establish either a line of credit

or a blanket construction loan fund that provide financial assistance to

qualified sponsors undertaking the development and construction of four (4) or

more residential properties for sale to persons and families of low and

moderate income in Rhode Island.



History of Section.

(P.L. 1988, ch. 617, § 1; P.L. 1989, ch. 296, § 1; P.L. 1990, ch.

431, § 4.)