Section 204-C:62 - RulemakingPursuant to RSA 204-C:53, the authority shall adopt rules governing the affordable housing fund. Such rules shall include, but shall not be limited to:
I.Eligibility requirements for applicants.II.Criteria for eligible projects, including, but not limited to, construction and quality standards.III.Procedures for monitoring the implementation and management of projects.IV.Reasonable fees to offset the cost of monitoring the operation of projects funded under this subdivision.V.Requirements for long-term affordability of housing units in projects financed under this subdivision. Such requirements shall ensure that, at a minimum, at least 50 percent of the units in a project shall remain affordable to low and moderate income persons for the period of any loan or 20 years, whichever is longer.VI.Requirements regarding rents and fees which may be charged for housing units funded under this subdivision.VII.Restrictions on the ability of loan recipients to convert housing units constructed under this subdivision to uses other than those permitted by this subdivision and provisions for financial penalties and equity sharing if such conversion occurs.IX.Any other matter necessary for the administration of this subdivision. 1988, 240:5. 1994, 386:11, eff. June 9, 1994; 386:12, eff. July 1, 1995; 386:13, eff. July 1, 1996.