Sec.8-216b-7. Contract for financial assistance

(a) Following application approval, the Commissioner shall request that the State Bond Commission provide financial assistance in the form of a grant.

(b) Following approval by the State Bond Commission pursuant to the provisions of Section 3-20 of the Connecticut General Statutes, the State, acting by and through the Commissioner, may enter into a contract(s) with a housing site development agency or nonprofit corporation for financial assistance for a project(s) in the form of grant(s) in an amount not in excess of two-thirds of the cost of the project(s) as approved by the Commissioner.

(c) Such contract(s) shall include, but not be limited to, the amount of the financial assistance to be provided and the rights and obligations of the parties under the contract(s).

(Effective June 26, 1989)