§ 42-113-7. Allocation system.
(a) In determining the allocation of funds available for the purposes of this chapter,
the board shall evaluate each proposal on the basis of the following criteria:
(1) The need to maintain balance between the dual goals in allocating resources;
(2) The need for a timely response to unpredictable circumstances or special opportunities
to serve the purposes of this chapter;
(3) The level of funding or other participation by private or public sources in the activity
being considered for funding by the board;
(4) What resources will be required in the future to sustain the project;
(5) The need to pursue the goals of this chapter without displacing low- and moderate-income
Rhode Island households;
(6) The long-term effect of proposed activity and, with respect to low- and moderate-income
households, the likelihood that the activity will prevent the loss of subsidized housing
units and will result in the preservation of affordability; and
(7) The eligible applicant has demonstrated a commitment to long-term affordability.
(b) The board's allocation system shall include a method, defined by rule, that evaluates
the need for, impact of, and quality of, activities proposed by applicants.
(c) Any eligible owner or prospective eligible owner of a development where eligible units
are located will specifically agree to make at least fifty percent (50%) of all units
located in the development available and affordable to eligible tenants subject to
a long-term deed restriction as described in the definition of "low- or moderate-income
housingâ€� in § 45-53-3.
(d) Thirty-five percent (35%) of the annual funds will be utilized to fund housing projects,
thirty-five percent (35%) will support conservation projects, and the remaining thirty
percent (30%) of the total annual fund can be used for either type of project with
projects combining these goals and satisfying the above factors receiving highest
priority.
(e) No more than five percent (5%) of the total annual budget of the board, including
funds to be distributed, shall be devoted to the costs of administration of this chapter.
(f) Housing projects must result in units that are affordable for at least ninety-nine
(99) years with the housing and conservation board retaining first right of refusal
in the event of sale or transfer of property for which funds from this trust fund
have been used. Open space conservation projects for which funds from this trust fund
were used must remain for the purpose specified in the application for which they
were granted.
(g) The board shall have the authority to establish, remove, or modify from time to time
according to the administrative procedures act, chapter 35 of this title, rules and
regulations governing application and allocation procedures for grants and other functions
necessitated by administration of this chapter.