2005 Connecticut Code - Sec. 17b-749g. Child care facilities loan guarantee program. Regulations.
Sec. 17b-749g. Child care facilities loan guarantee program. Regulations. (a)
There is established a child care facilities loan guarantee program for the purpose of
guaranteeing loans for the expansion or development of child care and child development centers in the state. The program shall contain any moneys required by law to be
deposited in the program, including, but not limited to, any moneys appropriated by the
state, premiums and fees for guaranteeing loans, and proceeds from the sale, disposition,
lease or rental of collateral relating to loan guarantees. Any balance remaining in the
program at the end of any fiscal year shall be carried forward in the program for the
fiscal year next succeeding. The program shall be used to guarantee loans pursuant to
subsection (b) of this section and to pay reasonable and necessary expenses incurred
for administration under this section. The Commissioner of Social Services may enter
into a contract with a quasi-public agency, banking institution or nonprofit corporation
to provide for the administration of the program, provided no loan guarantee shall be
made from the program without the authorization of the commissioner as provided in
subsection (b) of this section. The total aggregate amount of guarantees from the program, with respect to the insured portions of the loan, may not exceed at any one time
an amount equal to three times the balance in the guarantee program.
(c) Priority for loan guarantees shall be given to financing child care centers and child development centers that (1) have obtained accreditation from the National Association for the Education of Young Children or have an application pending for such accreditation, and (2) are included in a local school readiness plan, and (3) shall promote the colocation of programs endorsed by the Commissioners of Education and Social Services pursuant to section 4b-31. School readiness programs, licensed child care providers or nonprofit developers of a child care center operating under a legally enforceable agreement with child care providers are eligible for such guaranteed loans.
(d) The Commissioner of Social Services may adopt regulations, in accordance with the provisions of chapter 54, to establish procedures and qualifications for application for guarantees under this section.
(P.A. 97-259, S. 14, 41.)
History: P.A. 97-259 effective July 1, 1997.
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