Current through September 9, 2024
(a) The Commissioner may solicit and/or accept applications for financial assistance for project(s) from developers.
(b) Developers may be required to pay a processing fee.
(c) As part of the application and project approval process, the developer shall be required to furnish the following:
(1) Certification of the developer's eligibility, as defined in Section 8-214h-3 above;
(2) The developer's plan for ongoing management of the project, including, but not limited to: Board of Director's composition and responsibilities; ongoing oversight by the developer/Board of Directors; membership rights and responsibilities, and resident training requirements;
(3) Evidence of housing need and marketability;
(4) Evidence of equity interest;
(5) Evidence of site control;
(6) Evidence that local site plan approval has been obtained;
(7) Evidence of local support;
(8) Plans and specifications in accordance with the Commissioner's design standards;
(9) Financial information on projected costs of development and management;
(10) Evidence that the developer has the financial ability to undertake the development of the project through the provision of financial statements or other documentation;
(11) A list of housing projects which it has developed, owned or managed; and
(12) A statement authorizing the Commissioner to apply for a credit report from any appropriate credit reporting agency covering the developer for consideration in determining the financial capability of the developer.
(d) The Commissioner may, from time to time, request additional information from the developer.
(e) Applications shall be approved or disapproved by the Comissioner based on the factors listed in Section 8-214h-4(c) above, the availability of financial assistance, and factors which shall include, but not be limited to:
(1) Any needs outlined in the Five Year Housing Advisory Plan;
(2) Housing assistance plans, if in existence;
(3) Any other statistical data on housing need and marketability;
(4) Suitability of the proposed site and project;
(5) The apparent capability of the developer to plan, complete and provide for management of the project;
(6) The degree to which State financial assistance is leveraged with other funds to produce housing for low and moderate income families;
(7) Local community support; and
(8) Approval by the Commissioner of the developer's proposed methods of financing, the developer's proposed return on equity for limited equity cooperatives and membership fees for mutual housing associations, the proposed carrying charges, the income limits for admission, and a detailed estimate of the expenses and revenues in the form and manner prescribed by the Commissioner.
(f) If applicable, a legal opinion shall be submitted by the developer that the proposed project complies with the provisions of the Common Interest Ownership Act, Chapter 828 of the Connecticut General Statutes.
(g) If an application is disapproved, the developer shall be notified in writing of the reason(s) for the disapproval.
(h) If an application is approved, the Commissioner shall request State financial assistance in the form of grants, loans or any combination thereof from the State Bond Commission.
