§ 42-55.1-1 Rhode Island housing trustfund – Creation. – (a) There is created a trust fund to be known as the "Rhode Island housingtrust fund" which shall be administered by the Rhode Island housing andmortgage finance corporation without liability on the part of the state beyondthe amounts paid into and earned by the housing trust fund.
(b) The housing trust fund shall consist of five milliondollars ($5,000,000), fifty percent (50%) of which will be set aside, withinthirty (30) days of June 10, 1988, and the remaining fifty percent (50%) willbe set aside on or before November 1, 1988, by the Rhode Island housing andmortgage finance corporation from its existing housing endowment fund, and ofall other monies paid into and received by the housing trust fund, and of anyproperty and securities as may be acquired by and through the use of moniesbelonging to the housing trust fund, and of all interest earned upon monies,property, and securities belonging to the housing trust fund. All monies in thehousing trust fund shall be mingled and undivided. Additional monies for thehousing trust fund created hereby may only be designated by an act of thegeneral assembly, but in no event shall any contribution by the Rhode Islandhousing and mortgage finance corporation exceed sixty percent (60%) of theavailable funds for distribution from its housing endowment fund.
(c) All monies received by the Rhode Island housing andmortgage finance corporation for account of the housing trust fund shall, uponreceipt, be deposited by the Rhode Island housing and mortgage financecorporation in a clearance account in a bank in this state.
(d) Monies in the housing trust fund shall be usedexclusively for the development and preservation of housing affordable to lowand moderate income persons and families in Rhode Island as follows:
(1) Thirty-three and one-third percent (33 1/3%) in any onefiscal year of the monies in the housing trust fund shall be used to providefinancial assistance to mutual housing associations, nonprofit housingdevelopment corporations, and limited equity housing cooperatives;
(2) Thirty-three and one-third percent (33 1/3%) in any onefiscal year of the monies in the housing trust fund shall be used to providefinancial assistance to for-profit corporations, associations, and partnerships;
(3) Thirty-three and one-third percent (33 1/3%) in any onefiscal year of the monies in the housing trust fund shall be used to providefinancial assistance to those corporations, partnerships, associations,cooperatives, or other organizations set forth in subdivisions (1) and (2) ofthis subsection, whether profit or nonprofit, as the Rhode Island housing andmortgage finance corporation shall determine based upon its rules andregulations. In the award of those funds, priority shall be given to thefollowing factors:
(i) Housing which provides the longest term of affordability,
(ii) Housing which will be produced at the lowest cost perunit consistent with standards set by the Rhode Island housing and mortgagefinance corporation,
(iii) Housing which provides the greatest number of units forfamilies, and
(iv) Housing which is located in areas that best provide forfair housing opportunities;
(4) In order to finance housing under clauses (1) and (2) ofthis subsection which could not otherwise be funded because of a lack of moniesin the balance of the housing trust fund, the Rhode Island housing and mortgagefinance corporation, in its discretion, may allocate up to thirty percent (30%)of the funds available in any one fiscal year under clause (1) of thissubsection to housing funded under clauses (2) and (3) of this subsection andup to thirty percent (30%) of the funds available in any one fiscal year underclause (2) to housing funded under clauses (1) and (3); provided, that anyreallocation of funds under clause (1) of this subsection shall be replaced bymonies allocated to clause (2) of this subsection in the subsequent fiscal yearand any reallocation of funds under clause (2) of this subsection shall bereplaced by monies allocated from clause (1) of this subsection in thesubsequent fiscal year.
(e) No later than October 1, 1989, the Rhode Island housingand mortgage finance corporation will set aside and appropriate the sum of fivemillion dollars ($5,000,000) from its existing housing endowment fund in orderto recapitalize the housing trust fund as provided for in subsection (b).
§ 42-55.1-1 Rhode Island housing trustfund – Creation. – (a) There is created a trust fund to be known as the "Rhode Island housingtrust fund" which shall be administered by the Rhode Island housing andmortgage finance corporation without liability on the part of the state beyondthe amounts paid into and earned by the housing trust fund.
(b) The housing trust fund shall consist of five milliondollars ($5,000,000), fifty percent (50%) of which will be set aside, withinthirty (30) days of June 10, 1988, and the remaining fifty percent (50%) willbe set aside on or before November 1, 1988, by the Rhode Island housing andmortgage finance corporation from its existing housing endowment fund, and ofall other monies paid into and received by the housing trust fund, and of anyproperty and securities as may be acquired by and through the use of moniesbelonging to the housing trust fund, and of all interest earned upon monies,property, and securities belonging to the housing trust fund. All monies in thehousing trust fund shall be mingled and undivided. Additional monies for thehousing trust fund created hereby may only be designated by an act of thegeneral assembly, but in no event shall any contribution by the Rhode Islandhousing and mortgage finance corporation exceed sixty percent (60%) of theavailable funds for distribution from its housing endowment fund.
(c) All monies received by the Rhode Island housing andmortgage finance corporation for account of the housing trust fund shall, uponreceipt, be deposited by the Rhode Island housing and mortgage financecorporation in a clearance account in a bank in this state.
(d) Monies in the housing trust fund shall be usedexclusively for the development and preservation of housing affordable to lowand moderate income persons and families in Rhode Island as follows:
(1) Thirty-three and one-third percent (33 1/3%) in any onefiscal year of the monies in the housing trust fund shall be used to providefinancial assistance to mutual housing associations, nonprofit housingdevelopment corporations, and limited equity housing cooperatives;
(2) Thirty-three and one-third percent (33 1/3%) in any onefiscal year of the monies in the housing trust fund shall be used to providefinancial assistance to for-profit corporations, associations, and partnerships;
(3) Thirty-three and one-third percent (33 1/3%) in any onefiscal year of the monies in the housing trust fund shall be used to providefinancial assistance to those corporations, partnerships, associations,cooperatives, or other organizations set forth in subdivisions (1) and (2) ofthis subsection, whether profit or nonprofit, as the Rhode Island housing andmortgage finance corporation shall determine based upon its rules andregulations. In the award of those funds, priority shall be given to thefollowing factors:
(i) Housing which provides the longest term of affordability,
(ii) Housing which will be produced at the lowest cost perunit consistent with standards set by the Rhode Island housing and mortgagefinance corporation,
(iii) Housing which provides the greatest number of units forfamilies, and
(iv) Housing which is located in areas that best provide forfair housing opportunities;
(4) In order to finance housing under clauses (1) and (2) ofthis subsection which could not otherwise be funded because of a lack of moniesin the balance of the housing trust fund, the Rhode Island housing and mortgagefinance corporation, in its discretion, may allocate up to thirty percent (30%)of the funds available in any one fiscal year under clause (1) of thissubsection to housing funded under clauses (2) and (3) of this subsection andup to thirty percent (30%) of the funds available in any one fiscal year underclause (2) to housing funded under clauses (1) and (3); provided, that anyreallocation of funds under clause (1) of this subsection shall be replaced bymonies allocated to clause (2) of this subsection in the subsequent fiscal yearand any reallocation of funds under clause (2) of this subsection shall bereplaced by monies allocated from clause (1) of this subsection in thesubsequent fiscal year.
(e) No later than October 1, 1989, the Rhode Island housingand mortgage finance corporation will set aside and appropriate the sum of fivemillion dollars ($5,000,000) from its existing housing endowment fund in orderto recapitalize the housing trust fund as provided for in subsection (b).
§ 42-55.1-1 Rhode Island housing trustfund – Creation. – (a) There is created a trust fund to be known as the "Rhode Island housingtrust fund" which shall be administered by the Rhode Island housing andmortgage finance corporation without liability on the part of the state beyondthe amounts paid into and earned by the housing trust fund.
(b) The housing trust fund shall consist of five milliondollars ($5,000,000), fifty percent (50%) of which will be set aside, withinthirty (30) days of June 10, 1988, and the remaining fifty percent (50%) willbe set aside on or before November 1, 1988, by the Rhode Island housing andmortgage finance corporation from its existing housing endowment fund, and ofall other monies paid into and received by the housing trust fund, and of anyproperty and securities as may be acquired by and through the use of moniesbelonging to the housing trust fund, and of all interest earned upon monies,property, and securities belonging to the housing trust fund. All monies in thehousing trust fund shall be mingled and undivided. Additional monies for thehousing trust fund created hereby may only be designated by an act of thegeneral assembly, but in no event shall any contribution by the Rhode Islandhousing and mortgage finance corporation exceed sixty percent (60%) of theavailable funds for distribution from its housing endowment fund.
(c) All monies received by the Rhode Island housing andmortgage finance corporation for account of the housing trust fund shall, uponreceipt, be deposited by the Rhode Island housing and mortgage financecorporation in a clearance account in a bank in this state.
(d) Monies in the housing trust fund shall be usedexclusively for the development and preservation of housing affordable to lowand moderate income persons and families in Rhode Island as follows:
(1) Thirty-three and one-third percent (33 1/3%) in any onefiscal year of the monies in the housing trust fund shall be used to providefinancial assistance to mutual housing associations, nonprofit housingdevelopment corporations, and limited equity housing cooperatives;
(2) Thirty-three and one-third percent (33 1/3%) in any onefiscal year of the monies in the housing trust fund shall be used to providefinancial assistance to for-profit corporations, associations, and partnerships;
(3) Thirty-three and one-third percent (33 1/3%) in any onefiscal year of the monies in the housing trust fund shall be used to providefinancial assistance to those corporations, partnerships, associations,cooperatives, or other organizations set forth in subdivisions (1) and (2) ofthis subsection, whether profit or nonprofit, as the Rhode Island housing andmortgage finance corporation shall determine based upon its rules andregulations. In the award of those funds, priority shall be given to thefollowing factors:
(i) Housing which provides the longest term of affordability,
(ii) Housing which will be produced at the lowest cost perunit consistent with standards set by the Rhode Island housing and mortgagefinance corporation,
(iii) Housing which provides the greatest number of units forfamilies, and
(iv) Housing which is located in areas that best provide forfair housing opportunities;
(4) In order to finance housing under clauses (1) and (2) ofthis subsection which could not otherwise be funded because of a lack of moniesin the balance of the housing trust fund, the Rhode Island housing and mortgagefinance corporation, in its discretion, may allocate up to thirty percent (30%)of the funds available in any one fiscal year under clause (1) of thissubsection to housing funded under clauses (2) and (3) of this subsection andup to thirty percent (30%) of the funds available in any one fiscal year underclause (2) to housing funded under clauses (1) and (3); provided, that anyreallocation of funds under clause (1) of this subsection shall be replaced bymonies allocated to clause (2) of this subsection in the subsequent fiscal yearand any reallocation of funds under clause (2) of this subsection shall bereplaced by monies allocated from clause (1) of this subsection in thesubsequent fiscal year.
(e) No later than October 1, 1989, the Rhode Island housingand mortgage finance corporation will set aside and appropriate the sum of fivemillion dollars ($5,000,000) from its existing housing endowment fund in orderto recapitalize the housing trust fund as provided for in subsection (b).
