§ 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.
History of Section. (P.L. 2002, ch. 45, § 1; P.L. 2002, ch. 51, § 1.)
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