§ 4009. Rentals
It is hereby declared to be the policy of this State that each housing authority shall manage and operate its housing projects in an efficient manner so as to enable it to fix the rentals for dwelling accommodations at the lowest possible rates consistent with providing decent, safe, and sanitary dwelling accommodations and that no housing authority shall construct or operate any such project for profit, or as a source of revenue to the State or municipality. To this end an authority shall fix the rental for dwellings in its projects at no higher rate than it shall find to be necessary in order to produce revenue which, together with all other available moneys, revenues, income and receipts of the authority from whatever source derived, will be sufficient:
(1) to pay as the same become due, the principal and interest on the bond of the authority;
(2) to meet the cost of and to provide for maintaining and operating the projects, including the cost of any insurance, and the administrative expenses of the authority; and
(3) to create, during not less than six years immediately succeeding its issuance of any bonds, a reserve sufficient to meet the largest principal and interest payments that will be due on such bonds in any one year thereafter and to maintain such reserve. (1961, No. 212, § 9, eff. July 11, 1961; amended 1967, No. 332 (Adj. Sess.), § 4, eff. March 23, 1968.)
Copyright ©2024 LegalFix. All rights reserved. LegalFix is not a law firm, is not licensed to practice law, and does not provide legal advice, services, or representation. The information on this website is an overview of the legal insurance products you can purchase—or that may be provided by your employer as an employee benefit or by your credit union or other membership group as a membership benefit.
LegalFix provides its members with access to legal services through a network of provider law firms. LegalFix, its corporate entity, and its officers, directors, employees, agents, and contractors do not provide legal advice, services, or representation—directly or indirectly.
The articles and information on the site are not legal advice and should not be relied upon—they are for information purposes only. You should become a LegalFix member to get legal services from one of our provider law firms.
You should not disclose confidential or potentially incriminating information to LegalFix—you should only communicate such information to your provider law firm.
The benefits and legal services described in the LegalFix legal plans are not always available in all states or with all plans. See the legal plan Benefit Overview and the more comprehensive legal plan contract during checkout for coverage details in your state.
Use of this website, the purchase of legal insurance products, and access to the LegalFix network of provider law firms are subject to the LegalFix Terms of Service and Privacy Policy.
