§ 45-60-4. 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 which
may include, but not be limited to:
(1) The need for a timely response to unpredictable circumstances or special opportunities
to serve the purposes of this chapter;
(2) The level of funding or other participation by private or public sources in the activity
being considered for funding by the board;
(3) What resources will
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§ 45-60-4. 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 which
may include, but not be limited to:
(1) The need for a timely response to unpredictable circumstances or special opportunities
to serve the purposes of this chapter;
(2) The level of funding or other participation by private or public sources in the activity
being considered for funding by the board;
(3) What resources will be required in the future to sustain the project;
(4) The long-term effect of proposed activity and the likelihood that the activity will
result in the preservation of affordability in perpetuity;
(5) 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.
(b) Affordable housing projects must result in units which remain affordable for the maximum
time allowed by law; the housing board shall retain first right of refusal in the
event of sale or transfer of such properties for which funds from this trust fund
have been used.