Chapter 121F

Section 1. As used in this chapter the following words shall, unless the context clearly requires otherwise, have the following meanings:— ''Area median income'', income as determined, from time to time, by the United States Department of Housing and Urban Development. ''Departme…

Section 2. (a) There shall be within the department a separate fund to be known as the Housing Stabilization and Investment Trust Fund. The department shall administer the fund and shall ensure that funds are distributed among urban, suburban and rural areas with a particular emp…

Section 3. (a) The fund shall finance low and no-interest loans, grants, subsidies, credit enhancements and other financial assistance for rental and ownership housing; provided, that any assistance provided shall be the minimum amount necessary to make a project feasible; provid…

Section 4. For 120 days after the expiration of affordability restrictions on housing assisted under this section, the department or its assignee, who is a qualified developer selected pursuant to the terms of this section under the guidelines of the department, shall have an opt…

Section 5. The department shall promulgate regulations for the implementation, administration and enforcement of this chapter.

Section 6. The department shall annually file a report with the house and senate committees on ways and means, the joint committee on housing and the joint committee on bonding, capital expenditures and state assets detailing all expenditures from the fund including, but not limi…