A. It is declared to be the policy of this state that each regional housing authority shall manage and operate its housing projects and affordable housing programs in an efficient manner so as to enable it to fix the rentals for dwelling accommodations at the lowest possible rates consistent with its providing decent, safe and sanitary dwelling accommodations.

B. No regional housing authority shall construct or operate a housing project for profit.

C. A regional housing authority shall set the rental rates for dwellings in the housing projects it manages and operates at no higher rates than it finds to be necessary in order to produce revenues that, together with any grants or subsidies from the state or federal government or other sources for housing projects, will be sufficient to:

(1) pay, as they become due, indebtedness or other obligations of the regional housing authority incurred pursuant to the Regional Housing Law;

(2) meet the cost of and provide for maintaining and operating the housing projects, including the cost of any insurance, the administrative expenses of the regional housing authority incurred in connection with the housing projects and the funding of operational reserves the regional housing authority deems appropriate;

(3) fund operational reserves to secure the payment of indebtedness as the regional housing authority deems appropriate; and

(4) allow private, profit-making entities to enter into agreements with the regional housing authority, without the agreements affecting the nonprofit status of the regional housing authority or conflicting with the intent of the creation of the regional housing authority.

History: Laws 1994, ch. 132, § 12; 1995, ch. 191, § 10; 2009, ch. 48, § 10.

Compiler's notes. — Laws 1995, ch. 191, § 25, effective June 16, 1995, repealed Laws 1994, ch. 132, § 30, which provided for the repeal of this section on July 1, 1995.

The 2009 amendment, effective March 31, 2009, added "regional housing authority" and "affordable housing program" and in Paragraph (3) of Subsection C, changed "bond" to "indebtedness".

The 1995 amendment, effective June 16, 1995, inserted the subsection designations for Subsections A, B and C, inserted "state or" preceding "federal" in Subsection C, redesignated former Subsections A to D as Paragraphs (1) to (4) of Subsection C, in Paragraph (3) of Subsection C, substituted "operational" for "such" and deleted "or convenient" following "appropriate", and made minor stylistic changes throughout the section.