C.  RentalAssistance Program

 

[§201H-121]  Purpose; findings anddeterminations.  The legislature finds and declares that the health andgeneral welfare of the people of this State require that the people of thisState have safe and sanitary rental housing accommodations available ataffordable rents; that a grave shortage in the number of such accommodationsaffordable by families and individuals of low- and moderate-income in the Stateexists; and that it is essential that owners of rental housing accommodationsbe provided with appropriate additional means to assist in reducing the cost ofrental housing accommodations to the people of this State.

The legislature further finds that the highcost of infrastructure development and the obtaining of interim constructionfinancing are two of the greatest impediments to the production of affordablerental housing in this State.  It is especially difficult for private nonprofitand for-profit entities to participate in the development of affordable housingdue to the difficulty in amassing the capital necessary to plan and carry out aproject to completion.

It is the purpose of this subpart to:

(1)  Assist owners in maintaining rentals at levelsaffordable to low- and moderate-income families and individuals by providingowners with rental assistance payments which, together with rental paymentsreceived from low- and moderate-income tenants, will provide owners withlimited but acceptable rates of return on their investments in rental housingaccommodations.  Assisting owners by entering into contracts with them toprovide for rental assistance payments is a valid public purpose and in thepublic interest; and

(2)  Provide a funding source for interim constructionfinancing for the development of affordable rental housing by private nonprofitand for-profit entities, as well as the corporation; provided that in allottingthis financing, the corporation shall give preference to qualified sponsors whoare private nonprofit and for-profit entities. [L 2006, c 180, pt of §4]