TITLE 42
State Affairs and Government

CHAPTER 42-55
Rhode Island Housing and Mortgage Finance Corporation

SECTION 42-55-5.3


§ 42-55-5.3. Letters of eligibility.

The corporation shall issue all letters of eligibility for low and moderate income 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) of housing units proposed;

(iv) The name of the housing program under which project eligibility is sought;

(v) Relevant details of the particular project if not mandated by the housing program (including percentage of units for low or moderate income households, income eligibility standards, the duration of restrictions requiring low or moderate income housing); and

(2) The corporation shall determine:

(i) That the proposed project appears generally eligible under the requirements of the housing program, subject to final review of eligibility and to final approval;

(ii) That the subsidizing agency, or the corporation, has performed an on-site inspection of the site and has reviewed pertinent information submitted by the applicant;

(iii) That an initial pro forma has been reviewed and the project appears financially feasible on the basis of estimated development costs;

(iv) That the developer meets the general eligibility standards of the housing program; and

(v) That the applicant controls the site.

(b) The corporation shall provide a copy of the letter of eligibility to the administrative officer of the local review board of the city or 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 of the state planning council, by February 15:

(1) The number of letters of eligibility issued, the federal and state subsidy programs under which they were eligible, and the number of proposed subsidized units involved, by city and town, during the preceding calendar year;

(2) The number of units of low and moderate income housing constructed under federal and state subsidy programs, during the preceding calendar year;

(3) The average annual number of units of low and moderate income housing constructed under federal and state subsidy programs for the three (3) preceding calendar years; and

(4) The number of units of low and moderate income housing likely 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 either increased or decreased funding available for subsidizing the construction of low and moderate income housing. The average annual number of units of subsidized low and moderate income housing, adjusted for any changes in law, shall be a basis for assessing whether low and moderate income housing goals within affordable housing plans are being implemented.

History of Section.
(P.L. 2004, ch. 286, § 3; P.L. 2004, ch. 324, § 3.)