17-2346.Operation of housing projects; nonprofit; fixing rentals;
non-dwelling facilities, rental.
It is hereby declared to be the policy of this state that each
municipality shall manage and operate its housing projects in an efficient
manner so as to enable it to fix the rentals or payments for dwelling
accommodations at low rates consistent with its providing decent, safe and
sanitary dwelling accommodations for persons of low income and that no
municipality shall construct or operate any housing project for profit, or
as a source of revenue to the municipality. To this end the municipality
shall fix the rentals or payments for dwellings in its projects at no
higher rates than it shall find to be necessary in order to produce
revenues which (together with all other available moneys, revenues, income
and receipts in connection with or for such projects from whatever sources
derived, including federal financial assistance) will be sufficient
(a) to pay, as the same become due, the principal and interest on the
bonds issued pursuant to this act;
(b) to create and maintain such reserves as may be required to assure
the payment of principal and interest as it becomes due on such bonds;
(c) to meet the cost of, and to provide for, maintaining and operating
the projects (including necessary reserves therefor and the cost of any
insurance and of administrative expenses); and
(d) to make such payments in lieu of taxes and, after payment in full of
all obligations for which federal annual contributions are pledged, to make
such repayments of federal and local contributions as it determines are
consistent with the maintenance of the low-rent character of projects.
Rentals or payments for dwellings shall be established and the projects
administered insofar as possible, so as to assure that any federal
financial assistance required shall be strictly limited to amounts and
periods necessary to maintain the low-rent character of the projects.
Nothing herein shall be construed to limit the amount an authority may
charge for non-dwelling facilities. All such income, together with other
income and revenue, shall be used in the operation of the projects to aid
in accomplishing the public purposes of this act.
History: L. 1957, ch. 132, § 10; L. 1968, ch. 70,
§ 1; L. 1973, ch. 96, § 6; July 1.
17-2346.Operation of housing projects; nonprofit; fixing rentals;
non-dwelling facilities, rental.
It is hereby declared to be the policy of this state that each
municipality shall manage and operate its housing projects in an efficient
manner so as to enable it to fix the rentals or payments for dwelling
accommodations at low rates consistent with its providing decent, safe and
sanitary dwelling accommodations for persons of low income and that no
municipality shall construct or operate any housing project for profit, or
as a source of revenue to the municipality. To this end the municipality
shall fix the rentals or payments for dwellings in its projects at no
higher rates than it shall find to be necessary in order to produce
revenues which (together with all other available moneys, revenues, income
and receipts in connection with or for such projects from whatever sources
derived, including federal financial assistance) will be sufficient
(a) to pay, as the same become due, the principal and interest on the
bonds issued pursuant to this act;
(b) to create and maintain such reserves as may be required to assure
the payment of principal and interest as it becomes due on such bonds;
(c) to meet the cost of, and to provide for, maintaining and operating
the projects (including necessary reserves therefor and the cost of any
insurance and of administrative expenses); and
(d) to make such payments in lieu of taxes and, after payment in full of
all obligations for which federal annual contributions are pledged, to make
such repayments of federal and local contributions as it determines are
consistent with the maintenance of the low-rent character of projects.
Rentals or payments for dwellings shall be established and the projects
administered insofar as possible, so as to assure that any federal
financial assistance required shall be strictly limited to amounts and
periods necessary to maintain the low-rent character of the projects.
Nothing herein shall be construed to limit the amount an authority may
charge for non-dwelling facilities. All such income, together with other
income and revenue, shall be used in the operation of the projects to aid
in accomplishing the public purposes of this act.
History: L. 1957, ch. 132, § 10; L. 1968, ch. 70,
§ 1; L. 1973, ch. 96, § 6; July 1.
17-2346.Operation of housing projects; nonprofit; fixing rentals;
non-dwelling facilities, rental.
It is hereby declared to be the policy of this state that each
municipality shall manage and operate its housing projects in an efficient
manner so as to enable it to fix the rentals or payments for dwelling
accommodations at low rates consistent with its providing decent, safe and
sanitary dwelling accommodations for persons of low income and that no
municipality shall construct or operate any housing project for profit, or
as a source of revenue to the municipality. To this end the municipality
shall fix the rentals or payments for dwellings in its projects at no
higher rates than it shall find to be necessary in order to produce
revenues which (together with all other available moneys, revenues, income
and receipts in connection with or for such projects from whatever sources
derived, including federal financial assistance) will be sufficient
(a) to pay, as the same become due, the principal and interest on the
bonds issued pursuant to this act;
(b) to create and maintain such reserves as may be required to assure
the payment of principal and interest as it becomes due on such bonds;
(c) to meet the cost of, and to provide for, maintaining and operating
the projects (including necessary reserves therefor and the cost of any
insurance and of administrative expenses); and
(d) to make such payments in lieu of taxes and, after payment in full of
all obligations for which federal annual contributions are pledged, to make
such repayments of federal and local contributions as it determines are
consistent with the maintenance of the low-rent character of projects.
Rentals or payments for dwellings shall be established and the projects
administered insofar as possible, so as to assure that any federal
financial assistance required shall be strictly limited to amounts and
periods necessary to maintain the low-rent character of the projects.
Nothing herein shall be construed to limit the amount an authority may
charge for non-dwelling facilities. All such income, together with other
income and revenue, shall be used in the operation of the projects to aid
in accomplishing the public purposes of this act.
History: L. 1957, ch. 132, § 10; L. 1968, ch. 70,
§ 1; L. 1973, ch. 96, § 6; July 1.