§ 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.)