Section 8-214d-6 - Eligible activities(a) A nonprofit corporation may enter into a contract with the State to receive a grant to acquire land and interests in land with or without structures thereon, for the purpose of providing for existing and future housing needs of low and moderate income families.(b) Upon acquiring title to the land or interest in land, a nonprofit corporation shall develop housing or a plan for the development of the land to meet the needs of low and moderate income families and may:(1) bank the land for future use as described in Section 3 above;(2) lease the land to low and moderate income families, limited equity cooperatives or other nonprofit corporations for the development of housing for low and moderate income families; or(3) lease or sell the building(s) or improvements to low and moderate income families, limited equity cooperatives or other nonprofit corporations to be used only for low and moderate income housing;(4) use the land to provide ancillary services to residents of the land trust.(c) If a nonprofit corporation intends to lease the land or sell or lease the buildings which it has acquired under this program, it shall provide the following for approval by the Commissioner: (1) Identification of the proposed lessee, buyer, or marketing plan;(2) Description of the lessee's or buyer's proposed use of the land or building(s);(3) if the lessee or buyer is a family, documentation demonstrating that the family's income falls within the income limits established for the state or federal housing finance program being used, or, if no such program is being used, the family's income must fall within the initial occupancy income limits as established in Section 8-214d-14 of these regulations;(4) A copy of the proposed lease or contract for sale;(5) The method to be used by the nonprofit corporation in determining the below market price for its acquisition of buildings or improvements on land which it has leased in accordance with Section 8-214d-4 of these regulations; and(6) Any other documentation which the Commissioner determines is necessary to ensure that the property is being used for housing low and moderate income families.Conn. Agencies Regs. § 8-214d-6
Effective November 30, 1990; Amended January 13, 1999