Conn. Agencies Regs. § 8-358-7

Current through November 7, 2024

Section 8-358-7 - Program operations

(a)Application and Approval Process

The following application and approval steps shall apply to all projects financed through this program:

(1) Submission of a preliminary proposal based on criteria set forth in Section 4;

(2) Approval of a preliminary proposal by the Commissioner, and invitation to submit a formal application;

(3) Submission of a formal application package;

(4) Submission of a funding allocation request to the State Bond Commission by the Commissioner;

(5) Approval by the State Bond Commission;

(6) Execution of a contract between the State of Connecticut and the community housing development corporation or nonprofit corporation.

(b)Reporting Requirements

Community housing development corporations or nonprofit corporations receiving financial assistance shall submit periodic financial and status reports, as required by the Department.

(c)Audit

Community housing development corporations or nonprofit corporations receiving financial assistance shall be subject to audit of all books and records related to the project. Audits shall be performed by independent public accountants registered to practice in the State of Connecticut, or by qualified Department personnel. All audits shall be in accordance with procedures established by the Department. An audit is to be completed as soon as possible following the completion of the project and at such other times as the Department may require.

(d)Repayment of Grants or Loans

All contracts for state financial assistance entered into pursuant to Public Act 85-485 shall provide that the community housing development corporation or nonprofit corporation repay the grant or loan if the property for which financial assistance is provided is conveyed or no longer used for the benefit of low income persons. The Department shall cause to be filed a notice of a lien on the property for which financial assistance is to be provided.

Conn. Agencies Regs. § 8-358-7

Effective June 24, 1986