§ 15-5
Eligible applicants and projects
[Ord. No. 08-31, 10-7-2009]
- (a) Eligible applicants. Applicants eligible to file a comprehensive permit for approval of construction or rehabilitation of low or moderate-income housing that will remain affordable for 99 years or such other period that is agreed to by the applicant and the Town, but shall not be less than 30 years from initial occupancy through a land lease and/or deed restriction, are:
- (1) Any public agency, nonprofit organization or limited equity housing cooperative proposing to build or rehabilitate low or moderate income housing; or
- (2) Any private developer proposing to build low or moderate income housing. In the case of private developers, a monitoring entity shall be identified with the capacity and the procedures in place to monitor the affordability of the project for a period of not less than 30 years from the initial occupancy, pursuant to a list of responsible monitoring entities and/or criteria for monitoring published by the R.I. Housing and Mortgage Finance Corporation.
- (b) Eligible projects. Projects are eligible if sponsored by an eligible entity and meet the eligibility requirements for a subsidy from the municipal, state or federal government under any program to assist the construction or rehabilitation of low and moderate income housing, and propose to set aside at least 25% of the total number of housing units as low or moderate income housing.