Connecticut Administrative Code
Title 8 - Zoning, Planning, Housing, Economic and Community Development
214h - Limited Equity Cooperative/Mutual Housing Association Program
Limited Equity Cooperative/Mutual Housing Association
Section 8-214h-19 - Terms and conditions

Universal Citation: CT Reg of State Agencies 8-214h-19

Current through September 9, 2024

(a) A developers' fee may be established at up to 10% of the total development cost, less the cost of land, or $100,000, whichever is less.

(b) The fee schedule shall be determined as follows:

Percent of Fee

Key Event

10%

Preliminary Application

15%

Final Application

25%

Construction Start

50%

Construction Completion

(c) Developer's fees are earned based on the schedule established for completing key events in the development process, as approved by the Commissioner.

(d) Developers shall only earn a fee for those key events that are completed according to the established schedule. Developers may not be entitled to earn a fee for key events completed after the established schedule. Developers shall earn, but not receive, any fee, until completion of the housing development.

Disclaimer: These regulations may not be the most recent version. Connecticut may have more current or accurate information. We make no warranties or guarantees about the accuracy, completeness, or adequacy of the information contained on this site or the information linked to on the state site. Please check official sources.
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