Therefore, this bill is not expected to have a direct fiscal impact on the municipality in which the housing authority is located. The analyses indicate the costs of developing and maintaining a project over its useful life. Developers operating elderly, elderly congregate, and moderate rental housing projects must each submit an analysis every six months to the commissioner, who must approve the amounts budgeted for repair, maintenance, and replacement reserves. The members must help operate and manage the project. They have the right to live in their units as long as they comply with the terms of their occupancy agreements.
Members have no equity or ownership in the housing.