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Connecticut General Statutes Title 8. Zoning, Planning, Housing and Economic and Community Development § 8-68j. Financially distressed development. Transfer to Connecticut Housing Finance Authority

Current as of January 01, 2025 | Updated by Findlaw Staff

(a) As used in this section:

(1) “Commissioner” means the Commissioner of Housing;

(2) “Connecticut Housing Finance Authority” means the authority created and operating pursuant to the provisions of chapter 134;  1

(3) “Financially distressed development” means a housing development owned by a housing authority and subject to an asset that was transferred from the Department of Housing to the Connecticut Housing Finance Authority pursuant to section 8-37u or subdivision (3) of section 32-11; and

(4) “Housing authority” means a local housing authority owning a financially distressed development.

(b) Notwithstanding any provision of the general statutes, a housing authority may, with the approval of the Commissioner of Housing, quit claim or otherwise transfer its interest in a financially distressed development to the Connecticut Housing Finance Authority. The commissioner may grant such approval upon an express finding that: (1) The housing authority is financially unable to maintain the development; (2) there is no reasonable prospect that the housing authority will be able to maintain the property in the future; (3) the housing authority has requested to transfer the development; and (4) the Connecticut Housing Finance Authority is prepared to accept the transfer.

1 C.G.S.A. § 8-241 et seq.
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Cite this article: FindLaw.com - Connecticut General Statutes Title 8. Zoning, Planning, Housing and Economic and Community Development § 8-68j. Financially distressed development. Transfer to Connecticut Housing Finance Authority - last updated January 01, 2025 | https://codes.findlaw.com/ct/title-8-zoning-planning-housing-and-economic-and-community-development/ct-gen-st-sect-8-68j/

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