Rhode Island § 42-55-12 § 42-55-12. Procedure prior to financing of housing developments undertaken by housing sponsors.

Rhode Island Statutes

§ 42-55-12 — § 42-55-12. Procedure prior to financing of housing developments undertaken by housing sponsors.

Rhode Island § 42-55-12

Title 42State Affairs and Government

Ch. 42-55Rhode Island Housing and Mortgage Finance Corporation

This text of Rhode Island § 42-55-12 (§ 42-55-12. Procedure prior to financing of housing developments undertaken by housing sponsors.) is published on Counsel Stack Legal Research, covering Rhode Island primary law. Counsel Stack provides free access to over 12 million legal documents including statutes, case law, regulations, and constitutions.

Bluebook

R.I. Gen. Laws § 42-55-12 (2026).

Text

§ 42-55-12. Procedure prior to financing of housing developments undertaken by housing sponsors.
Notwithstanding any other provision of this chapter, the corporation is not empowered
            to finance any housing development undertaken by a housing sponsor pursuant to §§ 42-55-6 and 42-55-7 unless, prior to financing any housing development under this chapter, the corporation
            finds:
         
(1) That there exists a shortage of decent, safe, and sanitary housing at rentals or prices
            which persons and families of low or moderate income can afford within the general
            housing market area to be served by the proposed housing development;
        

Free access — add to your briefcase to read the full text and ask questions with AI

§ 42-55-12. Procedure prior to financing of housing developments undertaken by housing sponsors.

Notwithstanding any other provision of this chapter, the corporation is not empowered to finance any housing development undertaken by a housing sponsor pursuant to §§ 42-55-6 and 42-55-7 unless, prior to financing any housing development under this chapter, the corporation finds:

(1) That there exists a shortage of decent, safe, and sanitary housing at rentals or prices which persons and families of low or moderate income can afford within the general housing market area to be served by the proposed housing development;

(2) That private enterprise and investment have been unable, without assistance, to provide an adequate supply of decent, safe, and sanitary housing in the general housing market area at prices which persons or families of low and moderate income can afford or to provide sufficient mortgage financing for residential housing for occupancy by those persons or families;

(3) That the housing sponsor or sponsors undertaking the proposed housing development in this state will supply well-planned, well designed housing for persons or families of low and moderate income and that those sponsors are financially responsible institutions;

(4) That the housing development to be assisted pursuant to the provisions of this chapter will be of public use and will provide a public benefit;

(5) That the housing development will be undertaken and the housing sponsor or sponsors regulated pursuant to the authority and within the restrictions provided for by this chapter.