[§201H-124]  Rental assistance contracts. 
(a)  The corporation may enter into a rental assistance contract and a
regulatory agreement with the owner of an eligible project, when the owner of
an eligible project is other than the corporation.



(b)  Prior to the execution of a rental
assistance contract, the corporation may execute an agreement to enter into a
rental assistance contract with an owner.  The agreement shall provide for the
execution of a rental assistance contract upon satisfaction of the terms set
forth in the agreement and otherwise established by the corporation.  Each
rental assistance contract heretofore entered into by the corporation that
provided that rental assistance payments shall be made solely from the earnings
on the investment of the rental assistance revolving fund shall hereafter,
without modification of the contracts, be payable from the aggregate principal
sum and the accumulated earnings in the rental assistance revolving fund.



(c)  A rental assistance contract and any subsidy
of tenants' rents in projects developed under this subpart shall be for a term
not in excess of thirty-five years and shall be approved by the board of
directors of the corporation.  Upon that approval by the corporation, the
director of finance shall be authorized to guarantee the obligation of the
corporation for the term of the rental assistance contract or the subsidy of
tenants' rents in an amount equal to the aggregate obligation of the
corporation to make assistance payments; provided that the aggregate of all of
the outstanding guarantees shall not exceed $100,000,000.  Pursuant to that
guarantee, the corporation shall make annual rental payments to the owner in
accordance with the approved rental assistance contract or to the tenants in
accordance with the approved subsidy.



(d)  Each rental assistance contract shall set
forth a maximum annual rental assistance payment amount.  The corporation shall
establish procedures for determining the maximum annual rental assistance
payment amount and may consider the following:



(1)  The cost of constructing the eligible project;



(2)  The estimated annual operating cost of the
eligible project;



(3)  The estimated maximum rentals that may be charged
for dwelling units in the eligible project;



(4)  The amount of funds available for the funding of
rental assistance contracts;



(5)  The number of eligible projects requiring
assistance under this subpart; and



(6)  A restricted rate of return on equity to the
owner, which rate shall be established by the corporation by rule. [L 2006, c
180, pt of §4]