CT SB00890

Repeals and replaces Section 8-119h to restructure state financial assistance for congregate housing projects into three separate subsections (a), (b), and (c) for clarity.

Allows the Commissioner of Housing to enter contracts with authorities, municipal developers, nonprofit corporations, or housing partnerships for state financial assistance in the form of capital grants, interim loans, permanent loans, deferred loans, or combinations thereof.

Permits conversion of loans to capital grants or decreased loans if federal housing assistance funds terminate before loan repayment, and allows renegotiation of prior assistance contracts with mutual consent.

Specifies that loans shall bear interest at rates determined under Section 3-20(t) and authorizes temporary advances for preliminary planning and development costs.

Amends Section 8-119j to allow congregate housing programs to be converted to general "housing projects" at the Commissioner's discretion if program appropriations become unavailable, effective October 1, 2015.