§ 42-55-11 - Admission and income limitations relative to housing developments. - Rhode Island Statutes

SECTION 42-55-11

   § 42-55-11  Admission and incomelimitations relative to housing developments. – (a) Admission to housing developments financed or insured by corporationmortgage loans or by the proceeds of mortgage loans purchased by thecorporation or the proceeds of a loan to a mortgage lender or financed by theproceeds of obligations issued by the corporation pursuant to the provisions ofthis chapter shall be limited primarily to persons or families of low andmoderate income.

   (b) The corporation shall approve a residential selectionplan submitted by a housing sponsor for a housing development to be financedpursuant to the provisions of this chapter. The corporation shall make andpublish regulations from time to time governing the terms of the residentselection plans. These plans shall include criteria for resident selectionwhich establish income limits for eligible residents which may vary with thesize and circumstances of the person or family. Subject to the approval of thecorporation, resident selection plans may provide, with respect to dwellingaccommodations, that any local housing authority created pursuant to the RhodeIsland law in the municipality in which the housing development is located,shall have the right to designate residents, who are otherwise eligible forthese accommodations as they become available, either in the initial occupancyof the housing development, or as vacancies occur.

   (c) The corporation shall by rules and regulations providefor the periodic examination of the income of any person or family residing inany housing development financed with a loan from the corporation.