Sec. 8-404. Equity interest in exchange for state financial assistance. - Connecticut Statutes

      Sec. 8-404. Equity interest in exchange for state financial assistance. Any contract for financial assistance awarded under sections 8-400 to 8-405, inclusive, which is funded with proceeds of bonds of the state authorized by public or special acts effective prior to July 1, 1995, or which is funded prior to October 1, 1995, shall, and any other contract may contain the requirement that the state or the authority, as the case may be, shall receive, in exchange for any such assistance, a financial participation in the project. Such financial participation shall be in a proportion which shall not be less than the proportion that the number of low-income units in the project bears to the total rental units in the project. Any sale of the project, any interest in the project or any of its units shall require the approval of the Commissioner of Economic and Community Development or the authority, as the case may be, and shall be made upon such terms and conditions as the commissioner or the authority, as the case may be, may approve.

      (P.A. 88-261, S. 5, 8; P.A. 95-250, S. 36, 42; 95-309, S. 9, 11, 12.)

      History: P.A. 95-250 substituted "Commissioner of Economic and Community Development" for "Commissioner of Housing" and "financial participation" for "equity interest" and made technical changes; P.A. 95-309 made further technical changes and changed effective date of P.A. 95-250 but did not affect this section.