Section 8-68j - Financially distressed development. Transfer to Connecticut Housing Finance Authority(a) As used in this section:(1) "Commissioner" means the Commissioner of Housing;(2) "Connecticut Housing Finance Authority" means the authority created and operating pursuant to the provisions of chapter 134;(3) "Financially distressed development" means a housing development owned by a housing authority and subject to an asset that was transferred from the Department of Housing to the Connecticut Housing Finance Authority pursuant to section 8-37u or subdivision (3) of section 32-11; and(4) "Housing authority" means a local housing authority owning a financially distressed development.(b) Notwithstanding any provision of the general statutes, a housing authority may, with the approval of the Commissioner of Housing, quit claim or otherwise transfer its interest in a financially distressed development to the Connecticut Housing Finance Authority. The commissioner may grant such approval upon an express finding that: (1) The housing authority is financially unable to maintain the development; (2) there is no reasonable prospect that the housing authority will be able to maintain the property in the future; (3) the housing authority has requested to transfer the development; and (4) the Connecticut Housing Finance Authority is prepared to accept the transfer.( June 30 Sp. Sess. P.A. 03-6, S. 51; May Sp. Sess. P.A. 04-2, S. 92; P.A. 13-234, S. 2.)
Amended by P.A. 13-0234, S. 2 of the the 2013 Regular Session, eff. 6/19/2013.