§ 42-55-5.3 Letters of eligibility. –The corporation shall issue all letters of eligibility for low and moderateincome housing for applications made pursuant to chapter 53 of title 45.
(a) Evaluation of requests for letters of eligibility:
(1) The corporation shall establish for each application:
(i) The name and address of the applicant;
(ii) The address of the site and site description;
(iii) The number and type (homeownership or rental) ofhousing units proposed;
(iv) The name of the housing program under which projecteligibility is sought;
(v) Relevant details of the particular project if notmandated by the housing program (including percentage of units for low ormoderate income households, income eligibility standards, the duration ofrestrictions requiring low or moderate income housing); and
(2) The corporation shall determine:
(i) That the proposed project appears generally eligibleunder the requirements of the housing program, subject to final review ofeligibility and to final approval;
(ii) That the subsidizing agency, or the corporation, hasperformed an on-site inspection of the site and has reviewed pertinentinformation submitted by the applicant;
(iii) That an initial pro forma has been reviewed and theproject appears financially feasible on the basis of estimated developmentcosts;
(iv) That the developer meets the general eligibilitystandards of the housing program; and
(v) That the applicant controls the site.
(b) The corporation shall provide a copy of the letter ofeligibility to the administrative officer of the local review board of the cityor town in which the project would be located.
(c) The corporation shall annually report to the governor,the speaker of the house and the president of the senate, and the secretary ofthe state planning council, by February 15:
(1) The number of letters of eligibility issued, the federaland state subsidy programs under which they were eligible, and the number ofproposed subsidized units involved, by city and town, during the precedingcalendar year;
(2) The number of units of low and moderate income housingconstructed under federal and state subsidy programs, during the precedingcalendar year;
(3) The average annual number of units of low and moderateincome housing constructed under federal and state subsidy programs for thethree (3) preceding calendar years; and
(4) The number of units of low and moderate income housinglikely to be constructed in the current calendar year based on the three (3)year average of units constructed, adjusted for any changes in law that eitherincreased or decreased funding available for subsidizing the construction oflow and moderate income housing. The average annual number of units ofsubsidized low and moderate income housing, adjusted for any changes in law,shall be a basis for assessing whether low and moderate income housing goalswithin affordable housing plans are being implemented.
§ 42-55-5.3 Letters of eligibility. –The corporation shall issue all letters of eligibility for low and moderateincome housing for applications made pursuant to chapter 53 of title 45.
(a) Evaluation of requests for letters of eligibility:
(1) The corporation shall establish for each application:
(i) The name and address of the applicant;
(ii) The address of the site and site description;
(iii) The number and type (homeownership or rental) ofhousing units proposed;
(iv) The name of the housing program under which projecteligibility is sought;
(v) Relevant details of the particular project if notmandated by the housing program (including percentage of units for low ormoderate income households, income eligibility standards, the duration ofrestrictions requiring low or moderate income housing); and
(2) The corporation shall determine:
(i) That the proposed project appears generally eligibleunder the requirements of the housing program, subject to final review ofeligibility and to final approval;
(ii) That the subsidizing agency, or the corporation, hasperformed an on-site inspection of the site and has reviewed pertinentinformation submitted by the applicant;
(iii) That an initial pro forma has been reviewed and theproject appears financially feasible on the basis of estimated developmentcosts;
(iv) That the developer meets the general eligibilitystandards of the housing program; and
(v) That the applicant controls the site.
(b) The corporation shall provide a copy of the letter ofeligibility to the administrative officer of the local review board of the cityor town in which the project would be located.
(c) The corporation shall annually report to the governor,the speaker of the house and the president of the senate, and the secretary ofthe state planning council, by February 15:
(1) The number of letters of eligibility issued, the federaland state subsidy programs under which they were eligible, and the number ofproposed subsidized units involved, by city and town, during the precedingcalendar year;
(2) The number of units of low and moderate income housingconstructed under federal and state subsidy programs, during the precedingcalendar year;
(3) The average annual number of units of low and moderateincome housing constructed under federal and state subsidy programs for thethree (3) preceding calendar years; and
(4) The number of units of low and moderate income housinglikely to be constructed in the current calendar year based on the three (3)year average of units constructed, adjusted for any changes in law that eitherincreased or decreased funding available for subsidizing the construction oflow and moderate income housing. The average annual number of units ofsubsidized low and moderate income housing, adjusted for any changes in law,shall be a basis for assessing whether low and moderate income housing goalswithin affordable housing plans are being implemented.
§ 42-55-5.3 Letters of eligibility. –The corporation shall issue all letters of eligibility for low and moderateincome housing for applications made pursuant to chapter 53 of title 45.
(a) Evaluation of requests for letters of eligibility:
(1) The corporation shall establish for each application:
(i) The name and address of the applicant;
(ii) The address of the site and site description;
(iii) The number and type (homeownership or rental) ofhousing units proposed;
(iv) The name of the housing program under which projecteligibility is sought;
(v) Relevant details of the particular project if notmandated by the housing program (including percentage of units for low ormoderate income households, income eligibility standards, the duration ofrestrictions requiring low or moderate income housing); and
(2) The corporation shall determine:
(i) That the proposed project appears generally eligibleunder the requirements of the housing program, subject to final review ofeligibility and to final approval;
(ii) That the subsidizing agency, or the corporation, hasperformed an on-site inspection of the site and has reviewed pertinentinformation submitted by the applicant;
(iii) That an initial pro forma has been reviewed and theproject appears financially feasible on the basis of estimated developmentcosts;
(iv) That the developer meets the general eligibilitystandards of the housing program; and
(v) That the applicant controls the site.
(b) The corporation shall provide a copy of the letter ofeligibility to the administrative officer of the local review board of the cityor town in which the project would be located.
(c) The corporation shall annually report to the governor,the speaker of the house and the president of the senate, and the secretary ofthe state planning council, by February 15:
(1) The number of letters of eligibility issued, the federaland state subsidy programs under which they were eligible, and the number ofproposed subsidized units involved, by city and town, during the precedingcalendar year;
(2) The number of units of low and moderate income housingconstructed under federal and state subsidy programs, during the precedingcalendar year;
(3) The average annual number of units of low and moderateincome housing constructed under federal and state subsidy programs for thethree (3) preceding calendar years; and
(4) The number of units of low and moderate income housinglikely to be constructed in the current calendar year based on the three (3)year average of units constructed, adjusted for any changes in law that eitherincreased or decreased funding available for subsidizing the construction oflow and moderate income housing. The average annual number of units ofsubsidized low and moderate income housing, adjusted for any changes in law,shall be a basis for assessing whether low and moderate income housing goalswithin affordable housing plans are being implemented.
