RI Gen L § 42-11.2-5 (2021)
2021 Rhode Island General Laws|Title 42 - State Affairs and Government|Chapter 42-11.2 - Affordable Housing Opportunity|Section 42-11.2-5 - Application for assistance payments by owner.

§ 42-11.2-5. Application for assistance payments by owner.(a) The executive department shall take applications for the unit based rental assistance program from eligible owners or prospective eligible owners of units eligible for assistance under this chapter.(b) The executive department shall require, as prerequisites to its approval of any application or its commitment of financial assistance hereunder, that:(i) Any current eligible owner of units eligible for assistance under this chapter demonstrate that the financing of its acquisition, construction, or substantial rehabilitation of those units was secured upon reasonable terms acceptable to the department;(ii) Any prospective eligible owner of units eligible for assistance under this chapter secure the financing of its acquisition, construction, or substantial rehabilitation of the units upon the best reasonably available terms and conditions; and(iii) Any eligible owner or prospective eligible owner of units eligible for assistance under this chapter specifically agree to make at least fifty percent (50%) of all units available for and affordable to eligible tenants, as defined in § 42-11.2-11, in perpetuity, or until such time as the department determines and specifically rules that the units may be disposed of or otherwise utilized in a manner and in circumstances in which:(A) The occupants of such units will not be involuntarily displaced; and(B) Such disposal or utilization will not adversely affect the availability of affordable housing in the city or town in which the units are located.(iv) Notwithstanding the provisions of subsection (b)(iii), any eligible owner that is a limited partnership with a corporate general partner which is either a nonprofit housing development corporation or wholly owned by a nonprofit housing development corporation and which had commenced construction prior to the effective date of this chapter on the housing units for which rental assistance payments are sought pursuant to this chapter shall be eligible for assistance under this chapter; provided, that the executive department has approved a plan submitted by the eligible owner providing for the future acquisition of the housing units by the nonprofit housing development corporation for the purpose of preserving the long-term affordability of the housing units eligible under this chapter.(c) For purposes of this section, a unit is considered to be affordable if the rent charged for the unit is no greater than the maximum fair market rent for the particular size unit as established by the U.S. Department of Housing and Urban Development for the Section 8 existing housing program under 42 U.S.C. § 1437f, and as the same may be amended from time to time.(d) The executive department may contract with an appropriate agency for the purpose of servicing the rental assistance program provided, however, the department may not delegate its authority to enter into contracts as provided herein.History of Section.P.L. 1988, ch. 579, § 1; P.L. 1990, ch. 370, § 1.