Section 8-218c-17 - Loan fund(a) The Commissioner may provide loans to eligible developers to establish and administer a loan fund from which eligible developers may make loans or deferred loans to eligible borrowers for the development and rehabilitation of housing for low and moderate income families.(b) For purposes of this section, eligible borrowers shall be eligible developers as defined in Section 8-218c-13(d) except for the developer administering the same loan fund.(c) Eligible expenses include but are not limited to: appraisals, title searches, legal fees, option agreements, architectural, and engineering fees, financing fees, closing costs, construction, rehabilitation, renovation, and such other expenses as the Commissioner shall deem to be reasonable and necessary.(d) The incomes of occupants of assisted units must not exceed one hundred percent (100%) of the area median income, adjusted for family size, as determined from time to time by the United States Department of Housing and Urban Development.Conn. Agencies Regs. § 8-218c-17
Effective November 30, 1990