CT HB05197

Repeals and replaces Section 8-119h of the general statutes to reorganize provisions concerning state financial assistance for congregate housing projects, effective October 1, 2018.

Authorizes the Commissioner of Housing to enter into 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.

Allows contracts to provide that state loans may be converted to capital grants or decreased if federal housing assistance funds terminate before loan repayment is complete.

Permits renegotiation of existing contracts by mutual consent to adjust between capital grants and loans based on availability of federal housing assistance funds.

Specifies that loans shall bear interest at rates determined under Section 3-20(t) and allows operators to be contracted subject to Commissioner approval.