§ 45-33.3-1 - Housing project loans.
SECTION 45-33.3-1
§ 45-33.3-1 Housing project loans. –Any housing authority created under chapter 25 or 26 of this title, and anyredevelopment agency created under chapter 31 of this title, is authorized tomake loans as provided in this chapter to any one or more persons,partnerships, or corporations for the purpose of financing the acquisition,construction, rehabilitation, or other development of one or more lower incomehousing projects located within their respective communities. For purposes ofthis chapter, a lower income housing project means one or more buildings andstructures, and all real and personal property associated therewith, to be usedprimarily for residential rental purposes; provided, that not less than twentypercent (20%) of the residential units in the project will be occupied oravailable for occupancy, for a term of years that the authority or agencydetermines, by persons or families whose income is fifty percent (50%) or lessof the median gross income for the area in which the project is located, asdetermined by the United States Department of Housing and Urban Development;and provided, further, that a portion of the cost of the project has beenapproved prior to April 30, 1988 for funding by a housing development grantunder § 17 of the United States Housing Act of 1937 [42 U.S.C. §1417, repealed by Pub. L. 90-448, Aug. 1, 1968].