Sec. 8-68j. Financially distressed development. Transfer to Connecticut Housing Finance Authority. - Connecticut Statutes

      Sec. 8-68j. Financially distressed development. Transfer to Connecticut Housing Finance Authority. (a) As used in this section:

      (1) "Commissioner" means the Commissioner of Economic and Community Development;

      (2) "Connecticut Housing Finance Authority" means the authority created and operating pursuant to the provisions of chapter 134;

      (3) "Financially distressed development" means a housing development owned by a housing authority and subject to an asset that was transferred from the Department of Economic and Community Development to the Connecticut Housing Finance Authority pursuant to section 8-37u or subdivision (3) of section 32-11; and

      (4) "Housing authority" means a local housing authority owning a financially distressed development.

      (b) Notwithstanding any provision of the general statutes, a housing authority may, with the approval of the Commissioner of Economic and Community Development, quit claim or otherwise transfer its interest in a financially distressed development to the Connecticut Housing Finance Authority. The commissioner may grant such approval upon an express finding that: (1) The housing authority is financially unable to maintain the development; (2) there is no reasonable prospect that the housing authority will be able to maintain the property in the future; (3) the housing authority has requested to transfer the development; and (4) the Connecticut Housing Finance Authority is prepared to accept the transfer.

      (June 30 Sp. Sess. P.A. 03-6, S. 51; May Sp. Sess. P.A. 04-2, S. 92.)

      History: June 30 Sp. Sess. P.A. 03-6 effective August 20, 2003; May Sp. Sess. P.A. 04-2 amended Subsec. (a)(3) by making technical changes, effective May 12, 2004.