Sec.8-119jj-21. Management

(a) Developers shall manage affordable housing developments in an efficient manner so that base rents can be fixed at the lowest possible level consistent with the provision of decent, safe and sanitary dwelling units.

(b) The total income for a development shall be sufficient to meet the costs of development operation including but not limited to:

(1) The cost of operating and maintaining the development including its administrative costs, provision of reasonable reserves for repairs, maintenance and replacements, and vacancy and collection losses;

(2) Property taxes, either full or abated, or payments in lieu of taxes not otherwise paid by the state to the municipality;

(3) The cost of a state service charge if one is assessed;

(4) A limited dividend for partnerships only, as approved by the Commissioner; and

(5) The cost of the principal and/or interest due and payable on the loan, if applicable.

(c) The Commissioner shall annually approve an operation or management plan for each development.

(Effective April 20, 1990)