§ 42-113-7 - Allocation system.
SECTION 42-113-7
§ 42-113-7 Allocation system. – (a) In determining the allocation of funds available for the purposes of thischapter, the board shall evaluate each proposal on the basis of the followingcriteria:
(1) The need to maintain balance between the dual goals inallocating resources;
(2) The need for a timely response to unpredictablecircumstances or special opportunities to serve the purposes of this chapter;
(3) The level of funding or other participation by private orpublic sources in the activity being considered for funding by the board;
(4) What resources will be required in the future to sustainthe project;
(5) The need to pursue the goals of this chapter withoutdisplacing lower income Rhode Islanders; and
(6) The long-term effect of proposed activity and, withrespect to low and moderate income housing, the likelihood that the activitywill prevent the loss of subsidized housing units and will result in thepreservation of affordability in perpetuity.
(b) The board's allocation system shall include a method,defined by rule, that evaluates the need for, impact of, and quality of,activities proposed by applicants.
(c) Any eligible owner or prospective eligible owner of adevelopment where eligible units are located will specifically agree to make atleast fifty percent (50%) of all units located in the development available andaffordable to eligible tenants on a perpetual basis.
(d) Twenty-five percent (25%) of the annual funds will beutilized to fund housing projects, twenty-five percent (25%) will supportconservation projects, and the remaining fifty percent (50%) of the totalannual fund can be used for either type of project with projects combiningthese goals and satisfying the above factors receiving highest priority.
(e) No more than five percent (5%) of the total annual budgetof the board, including funds to be distributed, shall be devoted to the costsof administration of this chapter.
(f) Housing projects must result in units which areaffordable for at least ninety-nine (99) years with the housing andconservation board retaining first right of refusal in the event of sale ortransfer of property for which funds from this trust fund have been used. Openspace conservation projects for which funds from this trust fund were used mustremain for the purpose specified in the application for which they were granted.
(g) The board shall have the authority to establish, removeor modify from time to time according to the administrative procedures act,chapter 35 of this title, rules and regulations governing application andallocation procedures for grants and other functions necessitated byadministration of this chapter.