Sec.8-218c-21. Contract for financial assistance

(a) Contract(s) shall include, but not be limited to: the amount of the financial assistance to be provided, the terms and conditions, the rights and obligations of the parties under the contract(s), and any other special provisions agreed upon between the parties.

(b) Permanent financing shall be repayable within thirty (30) years from the date of completion of the housing development as determined by the Commissioner.

(c) A legal instrument, as approved by the Commissioner, shall be filed governing the long term use and resale of the property for which the state has provided financial assistance. The Commissioner may subordinate the state's mortgage(s) if the level of state financial assistance warrants.

(Effective November 30, 1990)