§ 5 — General and administrative provisions

§ 5. General and administrative provisions. (a) The corporation shall\nprovide for the review, at periodic intervals, of the performance of the\ncorporations receiving funding pursuant to this act under their\nrespective contracts with the corporation. Such reviews shall, among\nother things, be for the purposes of ascertaining conformity to contract\nprovisions, the financial integrity and efficiency of the corporations,\nand the evaluation of the project. Contracts may be terminated by the\ncorporation upon a finding of substantial nonperformance or other breach\nby the corporation, and contracts may be modified by mutual agreement\nfrom time to time, in the light of actual performance, new or changed\nconditions, or otherwise.\n (b) The corporation shall issue and promulgate rules and regulations\nfor the administration of this section, which rules and regulations\nshall include provisions concerning requirements as to eligibility for\ncontracting with the corporation; the form of applications or contracts;\nsupervision and evaluation of contracting corporations; reporting,\nbudgeting and record keeping requirements; provisions for modification,\ntermination, extension and renewal of contracts; and such other matters\nnot inconsistent with the purposes and provisions of this section as the\ncorporation shall deem necessary, proper or appropriate.\n (d) Every contract entered into pursuant to this act shall contain a\nprovision that in the event the property which is the subject of such\ncontract cease to be used as specified in the contract at any time\nduring the seven year period commencing with the date such contract is\nexecuted, or in case of any other substantial violation, the corporation\nmay terminate the contract and may require the repayment of any moneys\npreviously advanced to such corporation pursuant to the terms of such\ncontract.\n (e) The corporation shall require submission of the names, addresses\nand business background of the principals involved, the nature of their\nfiduciary relationship and their financial relationship, past, present\nand future, to the project and to each other.\n (f) Notwithstanding the provisions of any general or special law, the\ndirector of the budget is authorized to transfer to the housing trust\nfund corporation funds otherwise appropriated or reappropriated for the\npurposes of the special needs housing act of 1988 to the division of\nhousing and community renewal for the fiscal year beginning on April\nfirst, nineteen hundred ninety, in an amount or amounts the director of\nthe budget determines as necessary.\n