§ 4 — Contracts for single room housing projects

§ 4. Contracts for single room housing projects. (a) The corporation\nmay enter into contracts with corporations incorporated under the\nnot-for-profit corporation law for the carrying out by such corporations\nof a single room housing project.\n (b) Prior to entering into a contract pursuant to this section the\ncorporation shall have made a finding that the corporation which\nproposes to contract with the corporation is a bona fide organization\nwhich shall have demonstrated by its past and current activities that it\nhas the ability to preserve, repair, maintain, renovate, rehabilitate,\nmanage or operate single room housing accommodations and that the\nproject is to be substantially occupied by persons of lower income.\n (c) Each contract entered into pursuant to this section shall provide\nfor payment to the corporation for single room housing project\nactivities to be carried out by it. The full amount of the contract, or\nany appropriate portion thereof, as determined by the corporation, shall\nbe available for payment at any time on or after the effective date of\nthe contract.\n (d) No more than fifty percent of the total amount originally\nappropriated pursuant to this act in any fiscal year shall be allocated\nto projects located within any single municipality.\n