Sec.8-214d-2. Program description

(a) The Commissioner is authorized to extend financial assistance in the form of a grant to nonprofit corporations, to enable them to acquire, hold and manage land and interests in land for the purpose of providing for existing and future housing needs of low and moderate income families.

(b) Program Purpose:

(1) Land Bank Program: to permit a nonprofit corporation to take advantage of an opportunity to acquire suitable property at a time when the corporation may be unable, for good and sufficient reason, as approved by the Commissioner, to actively pursue the development of a housing project for low and moderate income families.

(2) Land Trust Program: to permit a nonprofit corporation to acquire land or interests in land suitable for development and preservation of housing that will remain affordable to low and moderate income families.

(c) Nonprofit corporations shall be required to comply with all rules and orders promulgated, from time to time, by the Commissioner and consistent with the Connecticut General Statutes for the development and management of projects.

(d) The commissioner may, for good cause shown, if he deems it in the best interest of the state, waive any non-statutory requirement imposed by these regulations.

(Effective November 30, 1990)