§ 42-55-11. Admission and income limitations relative to housing developments.
(a) Admission to housing developments financed or insured by corporation mortgage loans or by the proceeds of mortgage loans purchased by the corporation or the proceeds of a loan to a mortgage lender or financed by the proceeds of obligations issued by the corporation pursuant to the provisions of this chapter shall be limited primarily to persons or families of low and moderate income.
(b) The corporation shall approve a residential selection plan submitted by a housing sponsor for a housing development to be financed pursuant to the provisions of this chapter. The corporation shall make and publish regulations from time to time governing the terms of the resident selection plans. These plans shall include criteria for resident selection which establish income limits for eligible residents which may vary with the size and circumstances of the person or family. Subject to the approval of the corporation, resident selection plans may provide, with respect to dwelling accommodations, that any local housing authority created pursuant to the Rhode Island law in the municipality in which the housing development is located, shall have the right to designate residents, who are otherwise eligible for these accommodations as they become available, either in the initial occupancy of the housing development, or as vacancies occur.
(c) The corporation shall by rules and regulations provide for the periodic examination of the income of any person or family residing in any housing development financed with a loan from the corporation.
History of Section.P.L. 1973, ch. 262, § 1; P.L. 1975, ch. 128, § 5; P.L. 1982, ch. 295, § 8.
Structure Rhode Island General Laws
Title 42 - State Affairs and Government
Chapter 42-55 - Rhode Island Housing and Mortgage Finance Corporation
Section 42-55-1. - Short title.
Section 42-55-2. - Legislative findings.
Section 42-55-3. - Definitions.
Section 42-55-4. - Creation of corporation — Composition — Personnel — Compensation.
Section 42-55-5. - General powers.
Section 42-55-5.1. - Subsidiary corporations.
Section 42-55-5.2. - Consistency with plans.
Section 42-55-5.3. - Letters of eligibility.
Section 42-55-5.4. - Renewable energy in housing developments.
Section 42-55-6. - Powers relative to making loans.
Section 42-55-7.1. - Powers relative to acquisition and operation of housing projects.
Section 42-55-8. - Supervision of housing sponsors and health care sponsors.
Section 42-55-9. - Terms and conditions of loans.
Section 42-55-11. - Admission and income limitations relative to housing developments.
Section 42-55-13. - Bonds and notes.
Section 42-55-14. - Reserve funds and appropriations.
Section 42-55-15. - Issuance of refunding obligations.
Section 42-55-16. - Sale of refunding obligations.
Section 42-55-17. - Remedies of bondholders and note holders.
Section 42-55-18. - Pledge of the state.
Section 42-55-19. - Credit of state not pledged.
Section 42-55-20. - Notes and bonds as legal investments.
Section 42-55-22. - Annual reports.
Section 42-55-22.1. - Mortgage disclosure reports.
Section 42-55-22.2. - Fair housing policy reports.
Section 42-55-22.3. - Emergency housing assistance.
Section 42-55-23. - Authorization to accept appropriated moneys.
Section 42-55-24. - Tax exemption.
Section 42-55-24.1. - Allocation of tax credits.
Section 42-55-26. - Qualified mortgage bonds.
Section 42-55-27. - Lead paint removal revolving fund.
Section 42-55-28. - Inconsistent provisions in other laws superseded.