§ 1110. Statement of legislative findings and purpose. The legislature hereby finds and declares that home ownership by persons of low and moderate income has long been, and still is, an essential element of the state’s social economy, resulting in the development, stabilization and preservation of neighborhoods and communities. The legislature further finds that persons […]
§ 1111. Definitions. 1. “Home” shall mean a one to four family dwelling which has at least one owner occupant or an owner occupied unit in a cooperative or a condominium. 2. “Eligible applicant” shall mean a city, a town, a village, a housing development fund company incorporated pursuant to article eleven of this chapter, […]
§ 1112. Affordable home ownership development contracts. 1. Within the limit of funds available in the affordable housing development account, the corporation is hereby authorized to enter into contracts with eligible applicants to provide grants which such applicants shall use to finance affordable home ownership development programs subject to the terms and conditions of this […]
§ 1113. General and administrative provisions. 1. The corporation shall issue and promulgate rules and regulations for the administration of this article. The rules and regulations shall include provisions concerning eligibility of grantees for state financial assistance; funding criteria and the funding determination process; supervision and evaluation of the contracting grantees; reporting, budgeting and recordkeeping […]
