- (a) Following application approval, the State, acting by and through the Commissioner, may enter into a contract(s) with a developer or owner for rental assistance for new rental units.
- (b) Such contract(s) shall include, but not be limited to: the amount of financial assistance to be provided annually; the term of the contract(s), which shall be for a period not to exceed fifteen (15) years based on the annual availability of funds; and the rights and obligations of the parties under the contract(s).
- (c) Any contract entered into may provide that the State shall receive an equity interest in the project where units receiving rental assistance are located.
(Effective October 23, 1989)