§ 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 lower income Rhode Islanders; and

(6) The long-term effect of proposed activity and, with respect to low and moderate income housing, the likelihood that the activity will prevent the loss of subsidized housing units and will result in the preservation of affordability in perpetuity.

(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 on a perpetual basis.

(d) Twenty-five percent (25%) of the annual funds will be utilized to fund housing projects, twenty-five percent (25%) will support conservation projects, and the remaining fifty percent (50%) 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 which 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.

History of Section. (P.L. 1990, ch. 347, § 1.)