2005 Connecticut Code - Sec. 8-78. Aggregate of bonds and notes state may issue for moderate rental housing projects.
Sec. 8-78. Aggregate of bonds and notes state may issue for moderate rental
housing projects. The aggregate amount of all bonds and notes issued by the state
pursuant to subsection (a) of section 8-80 to meet its obligations under assistance
agreements for moderate rental housing projects entered into by it shall not exceed the
sum of (1) one hundred sixty-nine million one hundred thirty-two thousand four hundred
thirty-five dollars, exclusive of any notes or bonds, the avails of which shall be used for
the purpose of refunding outstanding notes or bonds issued for said purposes, and (2)
twenty-eight million dollars, provided the proceeds of such bonds and notes issued
pursuant to the authorization in subdivision (2) of this section shall be made available
for use only with respect to moderate rental housing projects. In considering housing
projects for use of the bond proceeds, the Department of Economic and Community
Development shall attempt to capture all federal Section 8 subsidies, for family, elderly,
and congregate housing units available to the Department of Economic and Community
Development, Connecticut Housing Finance Authority or from other sources; encourage
the construction or rehabilitation of multifamily rental projects which meet the Mortgage
and Revenue Bond Tax Act of 1980 criteria for moderate income; and utilize any other
federal subsidy programs for low and moderate income housing which may become
available now or in the future, provided the state bonds can be adequately secured and
the intent of this section can be assured. The Department of Economic and Community
Development may also enter into joint loan participations with other financing sources
in order to maximize the number of housing units produced for the amount allocated.
History: 1959 act changed termination date for entry into assistance agreements from June 30, 1959, to July 1, 1961; 1961 act changed said date to July 1, 1963; 1963 act removed said date; P.A. 78-304 changed nineteen million dollar maximum for bonds and notes to twenty-five million dollars; P.A. 80-382 changed maximum to thirty million dollars; P.A. 81-370 increased the aggregate of bonds the state may issue for moderate rental housing from one hundred thirty million to one hundred thirty-five million dollars; P.A. 81-400 increased the aggregate of bonds and notes the state may issue for moderate rental housing by twenty-five million dollars and provided that proceeds of bonds issued pursuant to the increase may be used only for projects qualified for federal subsidy under section 8 of the United States Housing Act of 1937; P.A. 82-369 increased the amount in Subdiv. (1) from $135,000,000 to $142,500,000, added Subdiv. (3) which authorized $3,000,000 for use only with respect to moderate rental housing projects qualified for federal assistance, added provisions requiring housing department to attempt to capture all available Section 8 subsidies, encourage construction or rehabilitation of multifamily rental projects and utilize any other federal subsidy programs for low and moderate income housing and authorized department to enter into joint loan participations; P.A. 84-443 increased authorization limit to one hundred fifty-two million five hundred thousand dollars; P.A. 85-558 increased the bond authorization limit to one hundred sixty-five million five hundred thousand dollars; P.A. 86-396 amended Subdiv. (1) to increase bond authorization from sixty-five million five hundred thousand dollars to seventy-four million five hundred thousand dollars; P.A. 88-343 decreased the bond authorization from one hundred seventy-four million five hundred thousand dollars to one hundred sixty-nine million five hundred thousand dollars; P.A. 89-331 reduced the bond authorization from one hundred sixty-nine million five hundred thousand dollars to one hundred sixty-nine million one hundred thirty-two thousand four hundred thirty-five dollars; P.A. 90-238 inserted a reference to the issuance of bonds and notes pursuant to Subsec. (a) of Sec. 8-80; P.A. 91-233 eliminated Subdiv. (3) re limitation of use of bond authorizations for federal assistance and transferred the bond authorization under Subdiv. (3) to Subdiv. (2); P.A. 95-250 and P.A. 96-211 replaced Commissioner and Department of Housing with Commissioner and Department of Economic and Community Development.
