1. The agency shall issue and promulgate rules and regulations for the administration
of this article. The rules and regulations shall include provisions concerning eligibility of applicants
for grants under this article; funding criteria and funding determination process;
evaluation of contracting applicants; provisions for modification and termination
of contracts; and such other matters not inconsistent with the purposes and provisions
of this article as the agency shall deem necessary or appropriate.
2. Not less than seventy-five percent of the total amount appropriated for the purposes
of this demonstration program shall be made available for projects located in cities,
towns or villages having a population of thirty thousand or less persons; such remaining
amounts shall be made available to projects located in cities, towns or villages having
a population of more than thirty thousand persons.
3. The agency shall inform prospective eligible applicants of the existence of this
program and to the maximum extent practicable shall provide information on this program
to all applicants for housing programs designed to promote the construction or rehabilitation
of affordable housing.
4. The agency shall enter into agreements to the extent feasible, with other state
agencies and public corporations to carry out the provisions of this article. In entering into such agreements the agency shall consider the extent to which funds
provided pursuant to this article would compliment the programs administered by such
agencies or public corporations. Such agreements shall be designed to allow the funds hereunder to be used in conjunction
with the programs administered by such agencies or public corporations.
5. The agency or its designee shall require submission of the names, addresses and
business background of the principals involved, the nature of their fiduciary relationship
and their financial relationship, past, present and future, to the project and to
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