Sec.8-37y-4. Eligible activities

(a) An eligible developer may enter into an agreement with the Department to lease or purchase real property for an emergency shelter or transitional living facility for homeless persons, or for the construction, rehabilitation or renovation of housing for persons and families of low and moderate income.

(b) Any person, entity or eligible developer may enter into an agreement with the Department to exchange, for surplus property, real property which can be utilized for an emergency shelter, transitional living facility for homeless persons or for the construction, rehabilitation or renovation of housing for persons and families of low and moderate income.

(c) Upon transfer of the property, an eligible developer may undertake construction, rehabilitation or renovation of housing to be used for homeless persons or persons and families of low and moderate income.

(d) Types of housing that may be developed include but are not limited to emergency shelters, transitional living facilities, multi-family housing, single family housing and cooperatives.

(e) The eligible developer may:

(1) lease the real property to low and moderate income persons and families or other eligible developers or a housing partnership in which the general partner is an eligible developer;

(2) sell the real property to low and moderate income persons and families subject to deed restrictions approved by the Commissioner;

(3) retain the land in trust and lease or sell the building(s) or improvements to low and moderate income persons and families or other eligible developers or a housing partnership in which the general partner is an eligible developer.

(Effective November 26, 1993)