Connecticut Administrative Code
Title 8 - Zoning, Planning, Housing, Economic and Community Development
214h - Limited Equity Cooperative/Mutual Housing Association Program
Section 8-214h-7 - Eligibility for admission
Universal Citation: CT Reg of State Agencies 8-214h-7
Current through September 9, 2024
(a) A family shall be eligible for admission to a project provided they do not exceed the admission income limits established in Section 8-214h-8 of these regulations; and
(1) For limited equity cooperative project(s), contribute their labor (sweat equity) during the development or operation of the project, or make a cash contribution to become a member of the project or both, in an amount approved by the Commissioner. The value of the sweat equity shall not exceed the hourly wage rates, determined from time to time by the U.S. Department of Labor, Employment and Standards Administration, Wage and Hour Division for labor performed in the applicable municipality or region; or
(2) For mutual housing association project(s), pay a membership fee, in an amount determined by the Board of Directors and approved by the Commissioner.
(3) The manner and/or value of sweat equity, cash contribution or membership fee shall be set at a level affordable to low and moderate income families.
(b) The application for admission shall be substantially in the form prescribed by the Commissioner and shall include a notice of the penalty for false statement for any person and permission for the developer to verify the income of the applicant.
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