2016 -- S 2355

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     STATE OF RHODE ISLAND

IN GENERAL ASSEMBLY

JANUARY SESSION, A.D. 2016

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A N   A C T

RELATING TO TOWNS AND CITIES - REHABILITATION LOANS

     Introduced By: Senator John A. Pagliarini

     Date Introduced: February 10, 2016

     Referred To: Senate Finance

     It is enacted by the General Assembly as follows:

     SECTION 1. Chapter 45-33.1 of the General Laws entitled "Rehabilitation Loans" is

hereby repealed in its entirety.

CHAPTER 45-33.1

Rehabilitation Loans

     45-33.1-1. Rehabilitation loans. -- The various cities and towns and their respective

redevelopment agencies are severally authorized to make secured and unsecured loans with or

without interest to any one or more persons, partnerships, or corporations for the purpose of

making repairs, rehabilitation, or alterations to structures located within their respective

communities. These loans may be made to bring those structures into compliance with their

respective housing standards, or into compliance with rehabilitation standards contained in any

redevelopment plan approved pursuant to chapters 31 -- 33 of this title, or to improve the

respective structures, real estate, or neighborhoods. These loans may also be made to state-

chartered limited equity housing cooperatives.

     45-33.1-2. Acceptance of security interests and mortgages. -- The various cities and

towns and their respective redevelopment agencies are severally authorized to accept security

interests and mortgages in personal property and real estate to secure loans made under this

chapter, and are severally empowered to exercise all of the rights of a secured party or mortgagee

with respect to those secured loans.

     45-33.1-3. Powers additional. -- The authorization and empowerments provided by this

chapter are in addition to all other powers already granted and existing in the cities and towns and

their respective redevelopment agencies.

     SECTION 2. This act shall take effect upon passage.

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EXPLANATION

BY THE LEGISLATIVE COUNCIL

OF

A N   A C T

RELATING TO TOWNS AND CITIES - REHABILITATION LOANS

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     This act would repeal the provisions of the general laws which authorize cities, towns,

and redevelopment agencies to make rehabilitation loans.

     This act would take effect upon passage.

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