§ 29-4-506 — Policy of authority

(1) It is declared to be the policy of this state
that each authority shall manage and operate its projects in an efficient manner so
as to enable it to fix the rentals or payments for dwelling accommodations at low
rates consistent with providing adequate dwelling accommodations for persons of
low income.

(2) To this end the authority shall fix the rentals or payments for dwellings in
its projects at no higher rates than it finds to be necessary in order to produce
revenues which, together with all other available moneys, revenues, income, and
receipts of the authority from whatever sources derived including federal financial
assistance necessary to maintain the low rent character of the projects, will be
sufficient to cover:

(a) Reasonable and proper costs of management, operation, maintenance,
and improvement of the projects;

(b) Payments in lieu of taxes as it determines are consistent with the
maintenance of the low rent character of projects;

(c) The establishment of reasonable and proper reserves; and

(d) The payment of currently maturing installments of principal and interest
on any indebtedness incurred in connection with the project by the authority.

(3) Rentals or payments for dwellings shall be established and the projects
administered, insofar as possible, so as to assure that any federal financial
assistance required shall be strictly limited to amounts and periods necessary to
maintain the low rent character of the projects. In the operation or management of
a project, the authority may enter into any agreement with the federal government
respecting tenant eligibility.

Legislative History

Source: L. 51: p. 449, � 6. CSA: C. 82, � 84. CRS 53: � 69-6-6. L. 61: p. 427, � 6. C.R.S. 1963: � 69-6-6.