Current through November, 2024
Section 17-534-44 - Termination of participation(a) An owner who receives a construction grant from the authority for constructing or renovating a dwelling unit and terminates participation in the program prior to the end of the five year period provided in section 17-534-42(a) shall reimburse the authority for all amounts received by the owner as a construction grant within ninety days after the date of termination. Upon reimbursement of the construction grant, the authority shall release the covenant on restriction of use pursuant to section 17-534-42(c).(b) An owner who does not reimburse the authority pursuant to this section shall pay for any attorney's fees and costs, as determined by a court of competent jurisdiction to be reasonable, that are incurred by the authority in collecting the amounts owed to the authority. The authority may file a lien upon the property where the rental unit is located, in the amount of the construction grant that has not been reimbursed to the authority.(c) An owner shall give the authority at least forty-five days written notice prior to the date, that the owner will withdraw from the program.[Eff JUN 30 1994] (Auth: SLH 1992, Act 279, §6) (Imp: SLH 1992, Act 279, §6)