Sec.8-79a-3. Eligibility conditions

(a) Housing authority:

(1) The governing body of the municipality must find and declare that there is a need for a housing authority in the municipality in accordance with section 8-40 of the Connecticut General Statutes and establish such authority;

(2) The housing authority must execute a cooperation agreement with the governing body of the municipality to implement section 8-71 of the Connecticut General Statutes;

(3) The housing authority must conduct a public hearing concerning the site for housing for moderate income families in accordance with section 8-74 of the Connecticut General Statutes;

(4) The commissioner may enter into a contract with a housing authority for financial assistance for a moderate rental housing project or projects in accordance with section 8-70 of the Connecticut General Statutes.

(b) Stock corporations: Stock corporation shall be eligible for moderate rental funds if;

(1) One or more incorporators executes and files in the manner provided in section 33-285 of the Connecticut General Statutes, a certificate of incorporation, together with an appointment of a statutory agent for service as provided in section 33-296 of the Connecticut General Statutes;

(2) A copy of such endorsed certificate of incorporation certified by the secretary of the state shall be forwarded to the department of housing;

(3) The certificate of incorporation shall meet the requirements of chapter 599, section 33-290 of the Connecticut General Statutes and state as one of its purposes the construction, rehabilitation, ownership or operation of housing;

(4) All stock corporations must file an annual report with the secretary of the state as required by chapter 599 section 33-298 of the Connecticut General Statutes;

(5) The department of housing must be informed in writing of the corporations principal place of business.

(c) Foreign stock corporations: All foreign stock corporations shall be eligible for moderate rental funds if;

(1) An application for a certificate of authority to transact business in the state of Connecticut has been executed in the manner provided in chapter 599 section 33-285 of the Connecticut General Statutes and delivered to the secretary of the state accompanied by an appointment of an attorney upon whom process may be served as provided in chapter 599, section 33-400 of the Connecticut General Statutes;

(2) A copy of such endorsed certificate of authority certified by the secretary of the state shall be forwarded to the department of housing;

(3) The certificate of authority shall meet the requirements of chapter 599 section 33-399 of the Connecticut General Statutes and state as one of its purposes, the construction, rehabilitation, ownership, or operation of housing;

(4) A foreign corporation authorized to transact business in the state of Connecticut shall have on file an annual report or any other similar reports required by law in the office of the secretary of the state as required by chapter 599, section 33-406 of the Connecticut General Statutes;

(5) The department of housing must be informed in writing of the corporation's principal place of business.

(d) Nonstock corporations: All nonstock corporations shall be eligible for moderate rental funds if

(1) One or more incorporators shall execute and file in the manner provided in chapter 600 section 33-422 of the Connecticut General Statutes, a certificate of incorporation, together with an appointment of a statutory agent for service as provided in chapter 600 section 33-433 of the Connecticut General Statutes;

(2) A copy of such endorsed certificate of incorporation certified by the secretary of the state shall be forwarded to the department of housing;

(3) The certificate of incorporation shall meet the requirements of chapter 600 of section 33-427 of the Connecticut General Statutes and state as one of its purposes the construction, rehabilitation, ownership, or operation, of housing;

(4) All nonstock corporations shall file a biennial report with the secretary of the state as required by chapter 600 section 33-435 of the Connecticut General Statutes;

(5) The department of housing must be informed in writing of the corporation's principal place of business.

(e) Foreign nonstock corporations: All foreign nonstock corporations shall be eligible for moderate rental funds if

(1) An application for a certificate of authority to transact business in the State of Connecticut has been executed as provided in chapter 600 section 33-422 of the Connecticut General Statutes, and delivered to the secretary of the state accompanied by an appointment of an attorney upon whom process may be served as provided in chapter 600 section 33-509 of the Connecticut General Statutes;

(2) A copy of such endorsed certificate of authority certified by the secretary of the state shall be forwarded to the department of housing;

(3) The certificate of authority shall meet the requirements of chapter 600 section 33-508 of the Connecticut General Statutes and state as one of its purposes the construction, rehabilitation, ownership or operation of housing;

(4) All foreign nonstock corporations shall file a biennial report with the secretary of the state as required by chapter 600 section 33-514 of the Connecticut General Statutes;

(5) The department of housing must be informed in writing of the corporation's principal place of business.

(f) Partnerships, limited partnerships, joint ventures, trusts or associations: All partnerships, limited partnerships, joint ventures, or associations shall be eligible for moderate rental funds if:

(1) all partnerships, limited partnerships, joint ventures, trusts, or associations shall provide the commissioner with a certified copy of their basic documents of organization;

(2) All partnerships, limited partnerships, joint ventures, trusts, or associations must have the construction, rehabilitation, ownership, or operation of housing listed as one of the purposes to be promoted or carried out;

(3) The department of housing must be provided with an up-to-date listing of all individuals who will have any interest whatsoever in the organization along with the current addresses of these individuals.

All developers except housing authorities will be required to show their financial ability to undertake the development of proposed project through the provision of financial statements showing the net worth of the developer and its members, principal stock holders or general partners, a resume of a previous participation and any other financial documents which the commissioner may require. The commissioner may also require a credit report from any appropriate credit reporting agency for his consideration in determining the financial capability of developers.

(Effective April 21, 1986)