CT SB00951

Repeals and replaces section 8-119h to authorize the Commissioner of Economic and Community Development to contract with authorities, municipal developers, nonprofit corporations, or housing partnerships for congregate housing projects using capital grants, interim loans, permanent loans, deferred loans, or combinations thereof.

Allows loan terms to be renegotiated if federal housing assistance funds terminate before full repayment, converting remaining balances to capital grants or decreased loans upon mutual consent.

Sets loan interest rates according to section 3-20(t) and permits contractors to subcontract project operations with commissioner-approved entities.

Repeals and replaces section 8-119j to allow the Commissioner of Economic and Community Development to convert congregate housing programs to "housing projects" under section 8-113a if program appropriations become insufficient.

Effective date: October 1, 2013.