House Bill No. 7011
               House Bill No. 7011

              PUBLIC ACT NO. 95-250

AN ACT ESTABLISHING THE DEPARTMENT OF ECONOMIC AND
COMMUNITY DEVELOPMENT.


    Section 1. (NEW)  (a)  There  is established a
department of economic  and community development.
The department head  shall  be the commissioner of
economic and community  development,  who shall be
appointed by the  governor  in accordance with the
provisions of sections  4-5  to 4-8, inclusive, of
the general statutes,  with  the powers and duties
prescribed in said sections 4-5 to 4-8.
    (b)  Said  department   shall   constitute   a
successor department to  the department of housing
in  accordance with  the  provisions  of  sections
4-38d, 4-38e and 4-39 of the general statutes.
    (c)  Said  department   shall   constitute   a
successor department to the department of economic
development in accordance  with  the provisions of
sections 4-38d, 4-38e  and  4-39  of  the  general
statutes.
    (d)  Whenever  the   term   "commissioner   of
housing" is used  or  referred  to  in the general
statutes, the term  "commissioner  of economic and
community  development" shall  be  substituted  in
lieu thereof. Whenever  the  term  "department  of
housing" is used  or  referred  to  in the general
statutes, the term  "department  of  economic  and
community  development" shall  be  substituted  in
lieu thereof.
    (e)  Whenever  the   term   "commissioner   of
economic development" is  used  or  referred to in
the general statutes,  the  term  "commissioner of
economic  and  community   development"  shall  be
substituted in lieu  thereof.  Whenever  the  term
"department of economic  development"  is  used or
referred to in  the  general  statutes,  the  term
"department of economic and community development"
shall be substituted in lieu thereof.
    (f) If the  term  "commissioner of housing" or
"commissioner of economic  development" is used or
referred to in  any  public or special act of 1995
or 1996, or in any section of the general statutes
which is amended  in  1995  or  1996,  it shall be
deemed to mean  or  refer  to the "commissioner of
economic and community development".
    (g) If the  term  "department  of  housing" or
"department of economic  development"  is  used or
referred to in  any  public or special act of 1995
or 1996, or in any section of the general statutes
which is amended  in  1995  or  1996,  it shall be
deemed to mean  or  refer  to  the  "department of
economic and community development".
    Sec. 2. (NEW)  As  used  in  sections  2 to 6,
inclusive, of this  act, the following terms shall
have the following  meanings  unless  the  context
clearly indicates another meaning and intent:
    (1)  "Department"  means   the  department  of
economic and community development;
    (2) "Commissioner" means  the  commissioner of
economic and community development;
    (3) "CDA" means  the  Connecticut  Development
Authority, as created  under  chapter  579  of the
general statutes;
    (4)  "CHFA"  means   the  Connecticut  Housing
Finance Authority, as created under chapter 134 of
the general statutes;
    (5)  "CII"  means   Connecticut   Innovations,
Incorporated, as created  under chapter 581 of the
general statutes; and
    (6) "SHA" means the State Housing Authority as
created under section 4 of this act.
    Sec. 3. (NEW)  In addition to his other powers
and  duties,  the   commissioner  shall  have  the
following powers and duties:
    (1) To utilize  the department's resources for
planning and developing  an economic and community
development  reorganization plan  which  (A)  sets
forth  policy  goals   for   the  department,  (B)
determines strategies to  encourage  economic  and
community development and the provision of housing
in this state, including housing for very low, low
and moderate income  families;  (C) determines the
feasibility of dividing  the operation of programs
and resources of  the state in support of economic
and community development  between  and  among the
department and CDA,  CHFA  and CII, (D) identifies
strategies to increase  the  leverage of resources
of the state  used  in furtherance of the purposes
of CDA, CHFA and CII, (E) identifies, if feasible,
divisions   and   recommends   a   timetable   and
procedures   for   transferring    resources   and
operations between and  among  the  department and
CDA, CHFA and  CII  and  (F)  recommends  specific
economic and community  development objectives and
administrative structures for  the  department and
CDA, CHFA and  CII.  In  developing such plan, the
department   shall  be   the   lead   agency,   in
collaboration  with  CDA,   CHFA   and   CII,  for
research, planning and development of the plan and
shall solicit community  and regional input in the
preparation of such  plan in such a manner as will
best  help  develop,   clarify  or  further  state
policies for economic  and  community development.
The  commissioner  shall  submit  a  copy  of  the
reorganization   plan  to   the   joint   standing
committees   of  the   general   assembly   having
cognizance of matters  relating  to  commerce  and
planning and development;
    (2) To propose  to  the  governor on or before
January  1, 1996,  legislation  to  implement  the
economic and community  development reorganization
plan described in subdivision (1) of this section;
    (3)  Notwithstanding  the  provisions  of  the
general statutes or  any  special act and with the
approval of the treasurer and the secretary of the
office of policy  and  management,  to transfer to
CDA, CHFA and  CII:  (A)  Any revenues received by
the department or the state in connection with any
program or project of the department and the right
to receive any  such  revenues;  and  (B) any loan
assets or equity  interests held by the department
in connection with  any  program or project of the
department; provided, no  such  transfer  shall be
approved by the  treasurer or the secretary of the
office  of  policy   and   management   if  either
determines  that  such  transfer  could  adversely
affect the tax-exempt  status  of any bonds of the
state, the substantial interests of third parties,
the  financial  budget   of  the  state  or  other
essential rights, interests,  or  prerogatives  of
the  state.  The   commissioner  may  impose  such
conditions as he  deems  necessary  or appropriate
with respect to the use by CDA, CHFA or CII of any
revenues,  rights, assets,  interests  or  amounts
transferred to it  by  the  department  under this
subdivision; provided, the  commissioner may waive
any requirement under  this  subdivision  for  the
adoption of written procedures until July 1, 1996;
    (4) To award  to  CDA,  CHFA or CII financial,
technical   or   other    assistance.    Financial
assistance awarded by  the department to CDA, CHFA
or  CII may  take  any  of  the  following  forms,
subject  to  any   conditions   imposed   by   the
department: (1) Grants; (2) loans; (3) guarantees;
(4) contracts of  insurance;  and (5) investments.
In addition, to  the extent funds or resources are
available to the department for such purposes, the
commissioner may provide such further financial or
other assistance to  CDA,  CHFA  and  CII  as  the
commissioner   in  his   sole   discretion   deems
appropriate for any  of  the purposes of CDA, CHFA
and CII respectively;
    (5) To enter  into  such  agreements with CDA,
CHFA and CII as may be appropriate for the purpose
of  performing its  duties  which  agreements  may
include, but shall  not  be limited to, provisions
for the delivery  of services by CDA, CHFA and CII
to third parties,  provisions  for  payment by the
department to CDA, CHFA or CII for the delivery of
such  services,  provisions   for   advances   and
reimbursements to the  department for any expenses
incurred or to  be  incurred  by it in delivery of
any services, assistance, revenues, rights, assets
and interests and  provisions for the sharing with
CDA, CHFA or  CII  of assistants, agents and other
consultants,  professionals  and   employees,  and
facilities and other  real  and  personal property
used in the  conduct  of the department's affairs;
and
    (6)  To  establish  within  the  department  a
bureau  for  the   purpose  of  carrying  out  the
activities  of  the  department  with  respect  to
economic development and  a bureau for the purpose
of carrying out  the  activities of the department
with respect to housing and community development.
    Sec.  4. (NEW)  (a)  The  Connecticut  Housing
Finance Authority shall  establish a subsidiary to
be known as  the  State Housing Authority. The SHA
shall be the  successor to the Connecticut Housing
Authority. The powers  of  the SHA shall be vested
in and exercised  by  a  board of directors, which
shall consist of  three members to be appointed by
the board of  directors of the Connecticut Housing
Finance Authority. One such member of the board of
directors  of the  SHA  shall  be  an  officer  or
employee  of  the   Connecticut   Housing  Finance
Authority, and two  such  members  of the board of
directors of the SHA shall be members of the board
of directors of  the  Connecticut  Housing Finance
Authority. Any vacancy  on  the board of directors
of  the SHA  shall  be  filled  by  the  board  of
directors  of  the   Connecticut  Housing  Finance
Authority.  The  chairperson   of   the  board  of
directors of the  SHA  shall  be  appointed by the
board  of directors  of  the  Connecticut  Housing
Finance Authority. Action may only be taken by the
SHA by a majority vote of the members of the board
of directors thereof.  Members  of  the  board  of
directors of the SHA shall receive no compensation
for the performance  of  their  duties  under this
section  but shall  be  reimbursed  for  necessary
expenses incurred in  the  performance  thereof. A
member of the  board of directors of the SHA shall
be eligible for  reappointment.  Any member of the
board of directors  of the SHA may be removed by a
majority vote of  the  board  of  directors of the
Connecticut   Housing   Finance    Authority   for
misfeasance,  malfeasance  or  wilful  neglect  of
duty. Each member of the board of directors of the
SHA before entering upon his duties shall take and
subscribe  the oath  of  affirmation  required  by
article XI, section  1, of the state constitution.
A record of  each  such oath shall be filed in the
office of the secretary of the state. In the event
a member of  the  board of directors of the SHA is
an ex-officio director  of the Connecticut Housing
Finance   Authority,  then   such   director   may
designate his deputy or any member of his staff to
represent him at  meetings  of the board with full
power to act and vote on his behalf.
    (b)  Notwithstanding  the  provisions  of  any
other law, no  officer  or  employee of this state
shall be deemed to have forfeited or shall forfeit
his  office  or   employment   by  reason  of  his
acceptance of membership on the board of directors
of the SHA or his services thereon.
    Sec. 5. (NEW)  Upon  the  establishment of the
State Housing Authority  and  the  filing  of  the
certificate  of incorporation  therefor  with  the
secretary of the  state,  the SHA shall constitute
the   successor   to   the   Connecticut   Housing
Authority. The terms of the present members of the
board  of directors  of  the  Connecticut  Housing
Authority shall expire  upon  the appointment of a
board of directors  pursuant  to section 4 of this
act,  and upon  such  expiration,  all  functions,
powers and duties  now  vested  in the Connecticut
Housing  Authority  or   the  board  of  directors
thereof shall be  deemed  to be transferred to and
assumed by the  SHA  and  the  board  of directors
thereof. Each director  of the SHA shall serve for
a term as  shall  be  determined  by  the board of
directors  of  the   Connecticut  Housing  Finance
Authority.
    Sec.  6.  (NEW)  All  notes,  bonds  or  other
obligations  issued  by  the  Connecticut  Housing
Authority for the  financing  of  any  project  or
projects shall be  in  accordance with their terms
of full force  and  effect  and  valid and binding
upon the State  Housing Authority as the successor
to  the Connecticut  Housing  Authority  and  with
respect to any  resolution,  contract, deed, trust
agreement,  mortgage,  conditional  sale  or  loan
agreement, commitment, obligation  or liability or
other such document, public record, right, remedy,
special act or  public  act, obligation, liability
or responsibility pertaining  thereto,  the  State
Housing Authority shall be, and shall be deemed to
be,  the  successor  to  the  Connecticut  Housing
Authority.  All  properties,   rights   in   land,
buildings and equipment  and  any  funds,  moneys,
revenues and receipts or assets of the Connecticut
Housing Authority pledged  or  otherwise  securing
any such notes,  bonds  or other obligations shall
belong  to the  subsidiary  as  successor  to  the
Connecticut  Housing Authority,  subject  to  such
pledges and other  security  arrangements  and  to
agreements with the  holders  of  the  outstanding
notes, bonds or  other obligations. Any resolution
with respect to  the  issuance  of  bonds  of  the
Connecticut Housing Authority  for the purposes of
the  Connecticut Housing  Authority  Act,  created
under chapter 129  of  the  general  statutes,  as
amended,  and  any   other  action  taken  by  the
Connecticut  Housing  Authority  with  respect  to
assisting in the  financing  of  any project shall
be, or shall  be deemed to be, a resolution of the
State Housing Authority  or an action taken by the
State  Housing  authority   subject  only  to  any
agreements with the  holders of outstanding notes,
bonds, or other  obligations  of  the  Connecticut
Housing Authority. Whenever,  in  any  law,  rule,
regulation, order, contract, document, judicial or
administrative proceeding or  otherwise, reference
is made to  the Connecticut Housing Authority, the
same shall mean  and refer to the subsidiary to be
established  by the  Connecticut  Housing  Finance
authority pursuant to this act.
    Sec. 7. Section 8-37rr of the general statutes
is repealed and  the  following  is substituted in
lieu thereof:
    As used in  this  section,  sections 3-21b and
8-37ss and subsection (e) of section 8-80:
    (1)   "Administrative   expense"   means   any
administrative or other cost or expense as defined
in section 8-37qq.
    (2)  "Bond-financed  state   housing  program"
means any program as defined in section 8-37qq.
    (3)   "Calculation  date"   means   the   date
determined   by   the   commissioner,   treasurer,
comptroller and secretary  of the office of policy
and  management  for   making   the   calculations
described  in subsection  (a)  of  section  8-37ss
which shall not be later than May 31, [1995] 1996.
    (4) "Commissioner" means  the  commissioner of
[housing] ECONOMIC AND COMMUNITY DEVELOPMENT.
    (5)  "Consolidation  date"   means   the  date
determined   by   the   commissioner,   treasurer,
comptroller and secretary  of the office of policy
and management for  the implementation of the plan
of consolidation described  in  subsection  (b) of
section 8-37ss and  for  the  transfer of reserved
amounts to the  Housing  Repayment  and  Revolving
Loan Fund described  in  subsection (c) of section
[3-21b] 8-37ss which shall be on or after the date
approved by the State Bond Commission of such plan
of consolidation and which shall not be later than
June 30, [1995] 1996.
    (6) "Consolidated amounts"  means any reserved
amounts transferred to  the  Housing Repayment and
Revolving Loan Fund  pursuant to subsection (c) of
section [3-21b] 8-37ss and any moneys subsequently
deposited in the  Housing  Repayment and Revolving
Loan Fund pursuant  to section 3-21b, this section
and section 8-37ss  and  subsection (e) of section
8-80 in lieu  of  being  deposited in a prior bond
fund.
    (7) "Housing Assistance  Bond  Fund" means the
Housing Assistance Bond  Fund established pursuant
to section 8-37qq.
    (8)  "Housing  Repayment  and  Revolving  Loan
Fund" means the  Housing  Repayment  and Revolving
Loan Fund established pursuant to section 8-37qq.
    (9)   "Net  available   balance"   means   the
unexpended balance in  any  prior bond fund or the
Housing  Repayment and  Revolving  Loan  Fund,  as
determined   by   the   commissioner,   treasurer,
comptroller and secretary  of the office of policy
and management, less reserved amounts.
    (10) "Net available  balance  deficit" means a
net available balance  in any prior bond fund that
is negative.
    (11) "Net available  balance  surplus" means a
net available balance  in any prior bond fund that
is positive.
    (12) "Prior bond  fund"  means any fund of the
state  created  or  administered  to  account  for
revenues and expenses  in  connection  with one or
more  bond-financed state  housing  programs,  but
does not include the Housing Assistance Bond Fund,
the Housing Repayment  and  Revolving Loan Fund or
the Rental Housing  Fund  established  pursuant to
section 8-80.
    (13) "Reserved amounts" means: (A) In the case
of a prior  bond fund (i) the amount determined by
the commissioner and  secretary  of  the office of
policy and management to be held in reserve to pay
expenditures previously approved by the State Bond
Commission, plus (ii) any amounts of net available
balance surpluses in  prior bond funds not used to
pay for net  available  balance  deficits in prior
bond  funds because  of  a  determination  by  the
treasurer that such use could adversely affect the
[exclusion from gross  income  of interest on] TAX
EXEMPT STATUS OF any of the state's bonds; and (B)
in the case of the Housing Repayment and Revolving
Loan  Fund  (i)   the  amount  determined  by  the
commissioner and secretary of the office of policy
and management to  be  held  in  reserve  for  the
payment  of  administrative   expense  anticipated
during the period between the calculation date and
July 1, 1997,  plus,  (ii) after the consolidation
date, consolidated amounts  that  would  have been
reserved amounts if  held in a prior bond fund, as
determined by the  commissioner  and  secretary of
the office of policy and management.
    Sec. 8. Section  8-243 of the general statutes
is repealed and  the  following  is substituted in
lieu thereof:
    The following terms  shall  have the following
meanings  unless  the  context  clearly  indicates
another meaning and intent:
    (a) "Act" means  this  chapter as amended from
time to time;
    (b) "Authority" means  the Connecticut Housing
Finance Authority as  created under section 8-244,
AS AMENDED BY SECTION 24 OF THIS ACT;
    (c) "Housing", "housing  project" or "project"
means a work  or undertaking having as its primary
purpose the provision of safe and adequate housing
and related facilities for low and moderate income
families  and  persons,   and   includes  existing
dwelling  units  for   low   and  moderate  income
families and persons,  notwithstanding  that  said
housing provides other  dwelling accommodations in
addition  to  the  primary  purpose  of  providing
dwelling  accommodations  for   low  and  moderate
income families and persons;
    (d)  "Related  facilities"  means  commercial,
office,    health,    welfare,     administrative,
recreational,  community  and  service  facilities
incidental and pertinent  to housing as determined
by the authority;
    (e) "Rents", "rentals"  or  "carrying charges"
means the charges, excluding security deposits and
down  payments,  paid  for  occupancy  of  housing
financed or assisted  under  this chapter, whether
such  housing  is   owned   or   operated   on   a
landlord-tenant or home  ownership  basis  or as a
condominium or a cooperative;
    (f) "Project cost"  means the sum total of all
costs incurred in  the  development  of  a housing
project, which are  approved  by  the authority as
reasonable  and  necessary,   including,  but  not
limited to (1)  costs  of land acquisition and any
buildings thereon; (2)  costs of site preparation,
demolition  and  development;  (3)  architectural,
engineering, legal, authority  and  other fees and
charges paid or  payable  in  connection  with the
planning, execution and  financing of the project;
(4) cost of  necessary studies, surveys, plans and
permits; (5) insurance,  interest,  financing, tax
and  assessment  costs  and  other  operating  and
carrying costs during  construction;  (6)  cost of
construction or reconstruction,  and  fixtures and
equipment   related  to   such   construction   or
reconstruction; (7) cost of land improvements; (8)
necessary expenses in  connection with the initial
occupancy of the  project; (9) a reasonable profit
or fee to  the  builder  and  developer;  (10)  an
allowance established by the authority for working
capital, replacement and contingency reserves, and
reserves for any  anticipated  operating  deficits
during the first  two years of occupancy; (11) the
cost  of  such   other   items,  including  tenant
relocation, as the  authority  shall  deem  to  be
reasonable and necessary  for  the  development of
the project, less  any and all net rents and other
net revenues received  from  the  operation of the
real and personal  property  on  the  project site
during construction;
    (g)  "Development  costs"   means   the  costs
approved   by   the   authority   as   appropriate
expenditures  which  may   be  incurred  prior  to
initial disbursement of  mortgage  loan  proceeds,
including, but not  limited  to:  (1) Payments for
options to purchase  properties  for  the proposed
project, deposits on  contracts  of  purchase  or,
with the prior approval of the authority, payments
for the purchase  of  such  properties; (2) legal,
organizational and marketing  expenses,  including
payment  of  attorneys'   and  consultants'  fees,
project management and  clerical  staff  salaries,
office rent and  other  incidental  expenses;  (3)
payment  of  fees   for   preliminary  feasibility
studies and advances  for  planning, architectural
and engineering work  and  land  surveys  and soil
tests; (4) expenses  of  surveys  as  to  need and
market  analyses; (5)  necessary  application  and
other fees to  federal, state and local government
agencies;  and (6)  such  other  expenses  as  the
authority may deem  appropriate  to effectuate the
purposes of this chapter;
    (h)  "Low and  moderate  income  families  and
persons" means families  and  persons who lack the
amount of income  necessary  as  determined by the
authority, to rent  or  purchase safe and adequate
housing without special  financial  assistance not
reasonably available. The  income  limits  for the
admission of such  families and persons to housing
built or financed  or  assisted under this chapter
shall be established by this authority;
    (i)  "Assisted  mortgage  financing"  means  a
below market interest  rate  mortgage  insured  or
purchased, or a loan made, by the Secretary of the
United  States Department  of  Housing  and  Urban
Development;  a  market   interest  rate  mortgage
insured  or  purchased,   or   a   loan  made,  in
combination with, or as augmented by, a program of
rent supplements, interest  subsidies  or interest
reduction  payments,  leasing,   contributions  or
grants,  or  other   programs   now  or  hereafter
authorized  by  federal   law  to  serve  low  and
moderate income families  and  persons; a mortgage
loan made or  insured pursuant to this chapter; or
any combination of  such loans, mortgage insurance
or other assistance;
    (j) "Mortgage" means  a mortgage deed, deed of
trust, or other  instrument which shall constitute
a lien, whether first or second, on real estate or
on a leasehold  under  a  lease having a remaining
term, at the time such mortgage is acquired, which
does not expire  for at least that number of years
beyond the maturity date of the obligation secured
by such mortgage  as  is  equal  to  the number of
years remaining until  the  maturity  date of such
obligation. As used in this subsection, a lease of
a lot in  a mobile manufactured home park which is
indefinitely renewable pursuant  to subsection (b)
of  section  21-70  shall  satisfy  the  leasehold
requirement, provided such  lease is acceptable to
a third party  mortgage  insurer and the authority
receives an acceptable mortgage insurance policy;
    (k) "First mortgage"  means  such  classes  of
first liens as  are commonly given to secure loans
on, or the  unpaid  purchase price of, real estate
under  the  laws   of  the  state,  together  with
appropriate credit instruments;
    (l)  "Mortgagee"  means  the  original  lender
under the mortgage  or  participants  therein, and
their successors and assigns;
    (m) "Mortgagor" or  "eligible mortgagor" means
(1) a nonprofit  corporation incorporated pursuant
to chapter 600,  having as one of its purposes the
construction,    rehabilitation,   ownership    or
operation  of  housing,  and  having  articles  of
incorporation  approved  by   the   authority   in
accordance with the  provisions  of  this chapter;
(2) any business corporation incorporated pursuant
to chapter 599,  having as one of its purposes the
construction,    rehabilitation,   ownership    or
operation  of  housing,  and  having  articles  of
incorporation  approved  by   the   authority   in
accordance with the  provisions  of  this chapter;
(3) any partnership,  limited  partnership,  joint
venture, trust or association having as one of its
purposes    the   construction,    rehabilitation,
ownership  or operation  of  housing,  and  having
basic documents of  organization  approved  by the
authority in accordance  with  the  provisions  of
this chapter; (4)  a housing authority established
pursuant to chapter  128;  (5)  a family or person
approved by the  authority  as  qualified  to own,
construct,  rehabilitate,  manage   and   maintain
housing under a  mortgage  loan made or insured by
the  authority  under   the   provisions  of  this
chapter;  or  (6)   a   municipal  developer;  and
includes  the  successors   and   assigns  of  the
mortgagor;
    (n)   "Mortgage   payments"   means   periodic
payments  called  for   by  a  mortgage,  and  may
include,  but  is   not   limited   to,  interest,
instalments of principal,  taxes  and assessments,
mortgage insurance premiums  and  hazard insurance
premiums;
    (o) "Aggregate family  income" means the total
family income of  all  members  of  a family, from
whatever source derived, including but not limited
to  pension,  annuity,   retirement   and   social
security benefits, provided  there may be excluded
from income, as  the  authority  by regulation may
determine,   (1)   reasonable    allowances    for
dependents, (2) reasonable  allowances for medical
expenses, (3) all or any proportionate part of the
earnings of gainfully  employed  minors  or family
members other than  the  chief  wage  earner,  (4)
income  not  received   regularly  and  (5)  other
expenses;
    (p)  "Earned  surplus"  shall  have  the  same
meaning  as  in   generally   accepted  accounting
standards;
    (q) "Municipality" means  any  city,  town  or
borough in the state;
    (r)  "Lending  institution"  means  any  bank,
trust  company, savings  bank,  savings  and  loan
association or credit  union, whether chartered by
the United States  of  America  or this state, and
any insurance company authorized to do business in
this state, and any mortgage banking firm approved
by the authority;
    (s) "Tenant" means the occupant of any housing
financed or assisted  by  the authority under this
chapter;
    (t)  "Second  mortgage"  means  any  class  of
second liens ranking  immediately  after  a  first
mortgage  on  the   same   property,  without  any
intervening liens, as are commonly given to secure
loans on real estate, or the unpaid purchase price
of  real estate  under  the  laws  of  the  state,
together  with  appropriate   credit  instruments,
provided  such  second  mortgage,  UNLESS  GRANTED
PURSUANT TO THE  EXERCISE OF POWERS GRANTED TO THE
AUTHORITY  UNDER THE  PROVISIONS  OF  THE  GENERAL
STATUTES, is insured  by  an agency of the federal
government  or  by   such   other  entity  as  the
authority shall determine  is  financially able to
insure or guarantee  repayment  in  the  event  of
default by the mortgagor;
    (u)  "Person"  means   any  person,  including
individuals,  firms,  partnerships,  associations,
public or private, organized or existing under the
laws of the state or, any other state if qualified
to do business in the state;
    (v) "Urban area" means any town or city in the
state with a  population in excess of seventy-five
thousand or with  a  population  density  of three
thousand  five  hundred   per   square   mile   of
accessible  land  area   as   determined   by   or
predicated upon the 1970 United States Census;
    (w) "Urban area  mortgage"  means  a  mortgage
securing a construction or a permanent loan to any
person for the purpose of purchasing, refinancing,
constructing  or  rehabilitating  any  residential
building  in  an  urban  area,  including  related
facilities, such as  commercial,  offices, health,
welfare,  administration, recreational,  community
and service facilities  incidental  and  pertinent
thereto as determined  by  the authority, but need
not be a first lien upon the mortgaged property;
    (x)    "Municipal    developer"     means    a
municipality, as defined in subsection (q) of this
section, which has  not  declared  by resolution a
need for a  housing  authority pursuant to section
8-40, acting by  and through its legislative body,
except that in any town in which a town meeting or
representative  town meeting  is  the  legislative
body, "municipal developer"  means  the  board  of
selectmen if such  board  is  authorized to act as
the municipal developer  by  the  town  meeting or
representative town meeting;
    (y)  "Employer-assisted  housing"   means  (1)
housing that is,  in  whole  or  in  part,  owned,
acquired, developed or managed by employers, or on
behalf of employers,  for the benefit of employees
in  the  state   or   (2)  assistance  offered  by
employers to employees in the purchase or lease of
residential property in the state;
    (z)  "DEPARTMENT"  MEANS   THE  DEPARTMENT  OF
ECONOMIC AND COMMUNITY DEVELOPMENT.
    Sec. 9. Section  8-250 of the general statutes
is repealed and  the  following  is substituted in
lieu thereof:
    The  purpose of  the  authority  shall  be  to
alleviate the shortage  of  housing  for  low  and
moderate income families and persons in this state
and, when appropriate,  to promote or maintain the
economic  development  of   this   state   through
employer-assisted  housing efforts  and  for  such
purposes the authority  shall  have  the following
powers:
    (1) To have  perpetual  succession  as  a body
politic and corporate  and  to adopt and from time
to time amend  and  repeal  bylaws,  policies  and
procedures for the  regulations of its affairs and
the conduct of its business;
    (2) To invest  in,  purchase, acquire and take
assignments from mortgagees of notes and mortgages
evidencing    loans    for    the    construction,
rehabilitation, purchase, leasing  or  refinancing
of housing;
    (3) To receive and accept aid or contributions
from any source of money, property, labor or other
things of value,  to  be held, used and applied to
carry out the  purposes of this chapter subject to
such  conditions  upon   which   such  grants  and
contributions  may be  made,  including,  but  not
limited to, gifts  or  grants from any department,
agency or instrumentality  of the United States or
this state for  any  purpose  consistent with this
chapter;
    (4)  To  enter   into   agreements   with  any
department,  agency  or   instrumentality  of  the
United States or  this  state and with prospective
mortgagees  and  mortgagors  for  the  purpose  of
planning  and regulating  and  providing  for  the
financing   and   refinancing,   construction   or
rehabilitation,     leasing,    management     and
disposition of any  housing  undertaken  with  the
assistance of the authority under this chapter;
    (5) To acquire  or  contract  to  acquire,  by
purchase,   grant,   foreclosure   or   otherwise,
leaseholds,  fees  and  other  interests  in  real
property, in the  state  of  Connecticut;  to take
assignments of leases  and  rentals; to own, hold,
clear,  improve  and  rehabilitate  and  to  sell,
assign,   exchange,   transfer,   convey,   lease,
mortgage or otherwise  dispose of or encumber such
property on any  terms,  including  purchase money
mortgages;
    (6)   To   promote   and   encourage   private
sponsorship of the construction and rehabilitation
of adequate housing  for  low  and moderate income
families and persons in this state;
    (7) To encourage  the  individual ownership of
homes and the ownership of individual shares of or
memberships  in cooperative  housing  by  low  and
moderate  income  families  and  persons  in  this
state;
    (8) To stimulate  environmental  planning  for
housing for low  and  moderate income families and
persons in order  to enhance opportunities of such
persons for self-development and employment;
    (9)  To encourage  governmental  agencies  and
others to participate and assist in overcoming the
lack of adequate  housing  for  low  and  moderate
income families and persons in this state;
    (10) To make mortgage loans and to participate
with any department,  agency or instrumentality of
the United States  or  this  state, or any lending
institution, foundation, labor  union,  investment
trust, educational institution,  or fiduciary in a
loan to an  eligible mortgagor secured by a single
participation mortgage or  by  separate mortgages,
the interest of  each  having equal priority as to
lien in proportion  to  the  amount of the loan so
secured, but not  necessarily equal as to interest
rate, time or  rate  of amortization or otherwise;
to undertake commitments  to  make mortgage loans;
to sell mortgages  at public or private sale, with
or without bidding;  to  foreclose on any mortgage
or commence any  action  to protect or enforce any
right conferred upon it by law, mortgage, contract
or other agreement,  and  to  bid for and purchase
property which was  the  subject of such mortgage,
at  any foreclosure  or  at  any  other  sale;  to
release or relinquish  any  right,  title,  claim,
interest or demand,  however  acquired,  including
any equity or  right  of  redemption,  in property
foreclosed by it;  to  acquire and take possession
of  any  such  property,  and  in  such  event  to
complete,  administer,  pay   the   principal  and
interest or any  obligation incurred in connection
with such property, dispose of, and otherwise deal
with, such property  in  such  manner  as  may  be
necessary or desirable to protect the interests of
the authority therein;
    (11)  To  the   extent  permitted  under  this
chapter, to borrow  money  or  secure  credit on a
temporary, short-term, interim or long-term basis;
    (12) To issue  bonds,  bond anticipation notes
and other obligations  of  the  authority  to  the
extent permitted under  this  chapter, to fund and
refund the same  and provide for the rights of the
holders thereof; and  to secure the same by pledge
of revenues, notes and mortgages of others;
    (13) To acquire,  lease,  hold  and dispose of
personal property for its corporate purposes;
    (14) To fix  and  collect  fees and charges in
connection with its loans, applications for loans,
commitments, mortgage insurance  and  purchase  of
mortgages,   including,  but   not   limited   to,
reimbursement  of  costs   of   financing  by  the
authority, service charges  and insurance premiums
as the authority  shall determine to be reasonable
and as shall be approved by the authority;
    (15) To employ  such  assistants,  agents  and
other employees and to engage consultants and such
other   independent  professionals   as   may   be
necessary or desirable  to  carry out its purposes
in accordance with  this  chapter and to fix their
compensation; and to  provide technical assistance
to  eligible  mortgagors   as   provided  in  this
chapter;
    (16) To make  and enter into all contracts and
agreements   necessary  or   incidental   to   the
performance of its duties and the execution of its
powers under this  chapter, including contracts or
agreements with qualified  financial  institutions
for the servicing and processing of mortgage loans
pursuant to this chapter;
    (17)  To  sue   and  be  sued,  plead  and  be
impleaded, provided nothing  in  section  8-244 or
8-253  shall be  so  construed  as  to  permit  an
attachment of or  garnishment  against  any of the
funds or assets  of  the  authority prior to final
judgment, adopt a  seal  and  alter  the  same  at
pleasure, and maintain  an office at such place or
places within the state as it may designate;
    (18)  To  invest  any  funds  not  needed  for
immediate use or disbursement, including any funds
held  in  reserve,   in   obligations   issued  or
guaranteed by the  United States of America or the
state  of Connecticut  and  in  other  obligations
which are legal  investments  for savings banks in
this state and in time deposits or certificates of
deposit  or  other  similar  banking  arrangements
secured   in  such   manner   as   the   authority
determines;
    (19) To procure  insurance against any loss in
connection with its  property  and  other  assets,
including mortgages and  mortgage  loans,  in such
amounts  and  from   such  insurers  as  it  deems
desirable;
    (20)  To  the   extent   permitted  under  its
contract  with  the   holders   of   bonds,   bond
anticipation notes and  other  obligations  of the
authority, to consent  to  any  modification  with
respect to rate  of  interest, time and payment of
any instalment of  principal or interest, security
or any other  term of any mortgage, mortgage loan,
mortgage loan commitment, contract or agreement of
any kind to which the authority is a party;
    (21)  To  the   extent   permitted  under  its
contract  with  the   holders   of   bonds,   bond
anticipation notes and other obligations, to enter
into  contracts  with   any  mortgagor  containing
provisions enabling such  mortgagor  to reduce the
rental or carrying  charges to families of persons
unable to pay  the  regular  schedule  of  charges
where, by reason  of  other income or payment from
any department, agency  or  instrumentality of the
United States or  this  state, such reductions can
be   made  without   jeopardizing   the   economic
stability of housing being financed;
    (22) Where by  reason  of the financing plan a
review  of  the   application  for  financing  the
proposed housing is  required  by  or in behalf of
any department, agency  or  instrumentality of the
United States or  this state, to provide, contract
or arrange for consolidated processing of any such
application to avoid duplication thereof by either
undertaking the processing in whole or in part for
any such department, agency or instrumentality or,
in the alternative,  delegating  the processing in
whole or in part to any such department, agency or
instrumentality;
    (23) To sell,  at public or private sale, with
or  without  bidding,   any   mortgage   or  other
obligation held by the authority;
    (24)  To  insure   mortgage  payments  of  any
mortgage   loan   made    for   the   purpose   of
constructing, rehabilitating, purchasing, leasing,
or  refinancing  housing,   upon  such  terms  and
conditions as the authority may prescribe;
    (25)   To  enter   into   mortgage   insurance
agreements with lending institutions in connection
with the lending of money by such institutions for
the purchase of housing;
    (26)   To   make    advances    to   nonprofit
corporations,    including    community    housing
development corporations meeting  the requirements
of section 8-217,  and to municipal developers for
the expenses of  planning  and  developing housing
for which such  nonprofit corporation or municipal
developer  has applied  for  a  mortgage  loan  or
mortgage insurance from  the  authority  under the
provisions of this chapter. The authority may make
such advances after  it  has  determined  that the
proposed  housing  complies   with  the  standards
established by the  authority  under this chapter,
in an amount not to exceed ninety-five per cent of
the reasonable development  costs  expected  to be
incurred by the  applicant  in connection with the
planning and developing  of  such housing prior to
the   availability   of    financing    for    the
construction,   rehabilitation   or    acquisition
thereof. The proceeds  of  the advance may be used
only  to defray  the  development  costs  of  such
housing. Each advance  shall  be repaid in full by
the recipient thereof upon initial disbursement of
the  construction  loan  financing  such  housing,
unless  the  authority   extends  the  period  for
repayment of the  advances.  In no event shall the
time for repayment  be extended beyond the date of
receipt of final disbursement of construction loan
proceeds.  If  the   authority  determines,  after
making an advance hereunder, that it will not make
a mortgage loan  or  insure  a  mortgage  for  the
proposed  housing under  the  provisions  of  this
chapter, the advance may, at the discretion of the
authority, be treated  as  a  grant  to the extent
that the advance  cannot be repaid from the assets
of   the  recipient   corporation   or   municipal
developer, including the project;
    (27) To encourage  home  ownership  by low and
moderate income families  and  persons,  including
ownership of structures  containing  not more than
four dwelling units  where  the  eligible  low  or
moderate  income  family  or  person  owning  such
structure  occupies  a   dwelling   unit  therein.
Structures acquired hereunder  may be newly-built,
existing or rehabilitated,  either before or after
acquisition. If newly-built, such structures shall
conform  to  the  state  building  code;  existing
structures shall conform  after  rehabilitation to
standards  established  by   the   authority.  The
authority may assist  an eligible mortgagor in the
acquisition,  construction  or  rehabilitation  of
such structures by  exercising  any  of the powers
conferred upon the  authority by this chapter. Any
structure    so    acquired,     constructed    or
rehabilitated by an  eligible mortgagor other than
a low or moderate income family or person shall be
conveyed to a  low  or  moderate  income family or
person within one  year  from  the  date  of  such
acquisition or from the date of completion of such
construction  or acquisition,  whichever  date  is
later;
    (28) To establish  a  program  to  finance the
construction or rehabilitation of housing designed
for  condominium  or   cooperative  ownership,  to
convert existing housing  however financed to such
forms of ownership,  and  to finance the ownership
of  individual  shares   of   or   memberships  in
cooperative  housing,  and   individual  units  of
condominium  housing,  which  mortgages  for  such
cooperative and condominium  housing  are financed
by the authority,  and  in connection therewith to
make or insure  first  or second mortgage loans to
finance the organization  and  the construction or
rehabilitation of or  conversion to cooperative or
condominium housing, to  assist and advise tenants
during a period  of  conversion  to cooperative or
condominium ownership, and to make or insure loans
to finance the  ownership  of individual shares of
or memberships in  existing  as  well  as  new  or
rehabilitated cooperative housing,  such  loans to
be secured by  pledges of the individual shares of
or   memberships  in   the   cooperative   housing
purchased  or  by   such  other  security  as  the
authority shall prescribe,  pursuant to such rules
and regulations as  the  authority  may determine,
provided,  in  the   case  of  mortgage  loans  or
mortgage  loan  insurance  for  occupied  existing
housing  to  be   converted  into  cooperative  or
condominium   ownership,   the   authority   shall
determine, prior to  any mortgage loan or mortgage
loan insurance commitment,  pursuant  to rules and
regulations promulgated by  it,  that a sufficient
number of the families and persons who are tenants
before such conversion  have  agreed  to  purchase
individual  shares  of   or   memberships  in  any
cooperative  housing  created   or  units  in  any
condominium declared after  conversion  to  ensure
the economic feasibility  of the conversion and to
ensure that the  conversion  will not create undue
hardship through the displacement of such tenants,
provided that, if  a  loan  made  by the authority
under this section is insured or if the project or
any units therein  are assisted by any department,
agency or instrumentality  of the United States or
this state, and  the  terms  of the loan insurance
commitment   or   any   governmental   regulations
covering such insurance  or  other  assistance are
inconsistent  with  the   terms   and   conditions
required by this  section  or  established  by the
authority under this  chapter,  the  terms of such
loan   insurance   commitment    or   governmental
regulation shall prevail,  to  the  extent of such
inconsistency.  As  used   in   this  subdivision,
"housing" includes the  land  which  constitutes a
mobile  manufactured  home   park   and  "tenants"
includes the residents  of  a  mobile manufactured
home park;
    (29)  To  give  approval  or  consent  to  the
articles of incorporation or other basic documents
of organization submitted  to  the authority by an
applicant  for  a   mortgage   loan.  (1)  If  the
applicant is a nonprofit corporation, the articles
of  incorporation  shall,  in  addition  to  other
requirements  of  law,   provide:   (a)  That  the
corporation has been organized to provide housing;
(b)  that all  the  income  and  earnings  of  the
corporation   shall  be   used   exclusively   for
corporate purposes and  that  no  part  of the net
earnings or net  income  of  the corporation shall
inure to the  benefit  or  profit  of  any private
individual,  firm,  corporation,   partnership  or
association; (c) that  the  corporation  is  in no
manner controlled or under the direction or acting
in  the  substantial   interest   of  any  private
individual,  firm,  partnership   or   association
seeking to derive  profit  or  gain  therefrom  or
seeking to eliminate  or  minimize  losses  in any
dealing or transactions  therewith;  (d)  that the
operations of the corporation may be supervised by
the authority and that the corporation shall enter
into such agreements  with  the  authority  as the
authority from time to time requires providing for
regulation  by  the  authority  of  the  planning,
development and management  of any housing project
undertaken by the  corporation and the disposition
of the property and franchises of the corporation.
(2) If the  applicant  is  a corporation organized
for profit, the  articles  of  incorporation shall
provide, in addition to other requirements of law:
(a) That the  corporation  has  been  organized to
provide housing; (b) that every stockholder of the
corporation shall be  deemed,  by the subscription
or receipt of  stock  therein, to have agreed that
he at no  time  shall receive from the corporation
in repayment of  his investment any sums in excess
of  the  face   value   of   the  investment  plus
cumulative dividends not  in  excess of the return
on equity permitted  by  other  provisions of this
chapter, computed from the initial date upon which
moneys  were  paid   or   property   delivered  in
consideration for the  proprietary interest of the
stockholder  and  upon   the  dissolution  of  the
corporation any surplus  in excess of such amounts
shall be paid  to  the  authority;  (c)  that  the
operations of the corporation may be supervised by
the authority and that the corporation shall enter
into such agreements  with  the  authority  as the
authority from time to time requires providing for
regulation  by  the  authority  of  the  planning,
development   and  management   of   any   housing
undertaken by the  corporation and the disposition
of the property and franchises of the corporation.
(3)  If  the   applicant   is   an  unincorporated
association,  including, but  not  limited  to,  a
partnership, limited partnership, joint venture or
trust, its basic  documents  of organization shall
provide, in addition to other requirements of law:
(a) That the  association  has  been  organized to
provide housing; (b)  that  every  member  of  the
association shall be  deemed  by  acceptance  of a
beneficial  interest  in  the  association  or  by
executing the basic  document  of  organization to
have agreed that  he at no time shall receive from
such association any  return in excess of the face
value  of  the   investment  attributable  to  his
respective  interest  plus   cumulative   dividend
payments not in  excess  of  the  return on equity
permitted by other  provisions  of  this  chapter,
computed from the  initial  date upon which moneys
were paid or  property  delivered in consideration
for the interest,  and upon the dissolution of the
association any surplus  in excess of such amounts
shall be paid  to  the  authority;  (c)  that  the
operations of the association may be supervised by
the authority and that the association shall enter
into such agreements  with  the  authority  as the
authority from time to time requires providing for
the regulation by  the  authority of the planning,
development   and  management   of   any   housing
undertaken by the association, and the disposition
of the property and franchises of the association.
(4) "Surplus" as used in this subsection shall not
be deemed to include any increase in assets of any
recipient of a  mortgage  loan  from the authority
under this chapter,  by  reason  of  reduction  of
mortgage, by amortization  or similar payments, or
realized  from the  sale  or  disposition  of  any
assets  of such  recipient,  to  the  extent  such
surplus  can be  attributed  to  any  increase  in
market value of  any  real  property  or  tangible
personal property accruing  during  the period the
assets were owned  and held by such recipient. (5)
The articles of  incorporation  or  similar  basic
documents of organization  shall  further  provide
that the authority shall have the power to appoint
to the board  of  directors  of  the  nonprofit or
for-profit corporation a  number of new directors,
which number shall  be  sufficient to constitute a
majority of the  board,  and to appoint a managing
agent   of   the    unincorporated    association,
notwithstanding  any  other   provisions   of  the
articles of incorporation or other basic documents
of organization or  any  other  provisions of law,
if: (a) The  authority determines that the loan or
advance made to  such  recipient is in jeopardy of
not being repaid;  (b)  the  authority  determines
that the proposed  housing  project  for which the
loan or advance  was  made  is  in jeopardy of not
being  constructed;  (c)   the   recipient   is  a
nonprofit   corporation,   and    the    authority
determines that some  part  of  the  net income or
earnings of the  corporation  is  inuring  to  the
benefit   of   any   private   individual,   firm,
partnership, corporation or  association,  or that
the corporation is in some manner controlled by or
under  the  direction   of   or   acting   in  the
substantial interest of  any  private  individual,
firm,  corporation,  partnership   or  association
seeking to derive  benefit  or  gain  therefrom or
seeking to eliminate  or  minimize  losses  in any
dealings  or  transactions   therewith;   (d)  the
recipient   is   a   for-profit   corporation   or
unincorporated  association,  and   the  authority
determines that some  part  of  the  net income or
earnings  of the  recipient,  in  excess  of  that
permitted by other  provisions  of  this  chapter,
shall  inure  to   the   benefit  of  any  private
individual,  firm,  corporation,   partnership  or
association; (e) the authority determines that the
recipient  is  in   violation   of  any  rules  or
regulations promulgated by the authority under the
provisions  of this  chapter;  (f)  the  authority
determines that the  recipient  is in violation of
any agreements entered  into  with  the  authority
providing for regulation  by  the authority of the
planning,  development  and   management   of  any
housing  undertaken  by   the   recipient  or  the
disposition of the property and franchises of such
recipient;
    (30) To do  all  acts  and things necessary or
convenient  to carry  out  the  purposes  of  this
chapter and the  powers  expressly granted by this
chapter;
    (31) To make  construction  loans secured by a
first mortgage to persons for the project costs of
subdivision development, upon  a  finding  by  the
authority that the  permanent  mortgages are to be
used  for  a   housing   project   and   that  the
construction  loan  shall   include  an  agreement
between the authority  and such person which shall
establish such restrictions  and safeguards as the
authority shall deem  appropriate  and  necessary:
(1) To assure  that  savings and benefits realized
by such person  are  reflected  in the transfer of
title to the  mortgagor  of  such  housing whereby
said mortgagor is  guaranteed  full realization of
the financial benefit  of  such savings, or (2) to
return to the  authority  the savings and benefits
realized by such person in the event the permanent
mortgages are not made to a mortgagor;
    (32) To make  commitments  to purchase, and to
purchase, service and  sell  mortgages and to make
loans directly upon  the security of any mortgage,
or to purchase and sell Federal Home Loan Mortgage
Corporation   participation   sale   certificates,
Government    National    Mortgage     Association
mortgage-backed   securities  or   other   similar
securities which are  insured  by  any department,
agency or instrumentality  of the United States of
America  or  public   corporation   chartered   by
Congress  during  the  maximum  yields  reasonably
obtainable for the purpose of generating income to
the authority which  will  enable the authority to
provide a lower  interest  rate  than is presently
possible for families  of low and moderate income.
Income limitations adopted  by the authority shall
not apply to  mortgages  or  securities  purchased
pursuant to this subsection;
    (33) To make  loans which are not secured by a
mortgage on real  property  for the rehabilitation
of residential housing for occupancy by persons of
low and moderate  income, in amounts not to exceed
the maximum amount  insurable  by  any department,
agency or instrumentality  of the United States of
America in the  case  of  each loan, on such terms
and conditions as  the  authority  may  determine,
provided  any  such   loan  shall  be  insured  or
guaranteed   by   a    department,    agency    or
instrumentality of the  United  States of America,
or by such  other  entity  as  the authority shall
determine  is  financially   able   to  insure  or
guarantee repayment in the event of default by the
borrower, or coinsured  by a department, agency or
instrumentality of the  United  States  of America
with the authority  being  a  self-insurer for any
amount in excess  of the insurance available under
such coinsurance program;
    (34) In addition to powers previously provided
pursuant to this chapter and without regard to the
limitations in sections  8-253a and 8-254a: (1) To
establish  a  program   to   finance   urban  area
mortgages and to  make, enter into and enforce all
contracts or agreements  necessary,  convenient or
desirable   with   respect    thereto;    provided
applications  for  urban  area  mortgages  may  be
considered only when  the  desired loan may not be
otherwise  available  on   reasonable  terms.  The
assistance  applied for  shall  be  deemed  to  be
otherwise available on  reasonable terms unless it
is satisfactorily demonstrated  to  the  authority
that proof of  refusal  of  the required financial
assistance has been  obtained  from  not less than
two financial institutions  for  direct loans; (2)
to insure mortgage  payments  for  any  urban area
mortgage on the  same  terms and conditions of and
subject to the  applicable  provisions of sections
8-253  and  8-254   and  to  enter  into  mortgage
insurance agreements with  lending institutions in
connection  with the  lending  of  money  by  such
institutions  for  the   making   of   urban  area
mortgages; and (3)  from  time  to  time to adopt,
modify,  amend or  repeal  rules  and  regulations
governing the making,  purchasing,  servicing  and
sale of such urban area mortgages;
    (35)  To  make   loans  and  advances  to  any
mortgagor  owning  a   housing  project:  (1)  For
repairs,     maintenance,     improvements     and
replacements in the project and the acquisition of
any equipment or  supplies  required therefor; (2)
for the payment  of  liens  or  claims against any
project or against  any  nonprofit  corporation or
municipal developer owning any project and arising
out of the ownership or operation of such project;
or (3) for  the  payment  of  any  other  expenses
deemed  necessary  or  desirable  to  protect  the
interest of the  authority;  provided in each case
that    the    construction,     acquisition    or
rehabilitation of the  project  was  financed by a
mortgage loan held  or  insured  by the authority,
the mortgagor owning the project is unable to make
any such payment, and the failure to make any such
payment would either  (i) constitute or threaten a
delinquency or default  under the mortgage held or
insured by the  authority,  or  a violation of any
agreements entered into with the authority or (ii)
jeopardize the economic  stability of the project.
Any such loan or advance may, at the discretion of
the authority, be  treated  as a grant and, if not
so  treated,  shall   be  evidenced  by  a  second
mortgage  on the  housing  project  and  shall  be
repaid according to  such  terms and conditions as
the  authority  may  prescribe,  except  that  the
repayment of the  loan  in  the  event  of default
under such mortgage  by  the mortgagor need not be
insured or guaranteed;
    (36)  To  provide   in  all  programs  of  the
authority means to  finance  project costs for the
purchase, construction and installation in new and
existing buildings of energy conservation measures
and  renewable  energy   systems  providing  space
heating   or   cooling,    domestic   hot   water,
electricity or other  useful energy, regardless of
whether a building  is presently financed in whole
or in part  by  other  programs  of the authority.
Such  energy  financing   programs  shall  include
making or insuring  first or second mortgage loans
or  loans secured  by  a  security  other  than  a
mortgage,  as the  authority  may  prescribe.  The
authority's energy loan programs shall be designed
to  carry out  the  state  policy  of  encouraging
energy  conservation and  the  widespread  use  of
renewable   energy   to   reduce   dependence   on
conventional fuels subject  to  rapid increases in
cost and uncertain availability. The authority may
prescribe  loan conditions  and  loan  eligibility
criteria consistent with  state  policy.  For  the
purposes  of this  subsection  "renewable  energy"
means solar, wind, water and biomass energy;
    (37)  To make  loans  to  any  person  who  is
sixty-two years of  age  or  older  and who owns a
single family dwelling  in  which  he resides, for
the  purpose  of   converting  a  portion  of  the
dwelling into a rental unit, subject to applicable
zoning regulations;
    (38) To extend  mortgage  loan  guarantees  to
mortgage   lending   institutions   to   refinance
residential mortgage loans  when a decrease in the
appraised value of  the real property securing the
mortgage precludes such lending;
    (39) (a) In connection with, or incidental to,
the issuance or  carrying of bonds, or acquisition
or  carrying  of  any  investment  or  program  of
investment, to enter  into  any contract which the
authority   determines   to    be   necessary   or
appropriate to place  the obligation or investment
of the authority,  as  represented  by  the bonds,
investment  or  program   of  investment  and  the
contract or contracts, in whole or in part, on the
interest rate, currency, cash flow, or other basis
desired  by  the   authority,  including,  without
limitations, contracts commonly  known as interest
rate swap agreements,  currency  swap  agreements,
forward payment conversion agreements, futures, or
contracts providing for  payments  based on levels
of,  or  changes   in,  interest  rates,  currency
exchange  rates,  stock   or   other  indices,  or
contracts to exchange  cash  flows  or a series of
payments,   or   contracts,   including,   without
limitation, interest rate floors or caps, options,
puts or calls  to  hedge  payment, currency, rate,
spread, or similar  exposure or, contracts for the
purchase of option  rights  with  respect  to  the
mandatory tender for  purchase  of bonds, notes or
other  obligations of  the  authority,  which  are
subject  to  mandatory   tender   or   redemption,
including the issuance  of certificates evidencing
the right of  the  owner  to  exercise such option
rights. These contracts  or  arrangements may also
be entered into  by  the  authority  in connection
with,  or  incidental   to,   entering   into   or
maintaining any agreement which secures its bonds,
notes or other  obligations,  subject to the terms
and  conditions  thereof   respecting  outstanding
obligations. (b) Bonds issued by the authority may
be payable in  accordance  with  their  terms,  in
whole or in  part,  in  currency other than lawful
money of the  United  States  of America, provided
that the authority  enter  into a currency swap or
similar agreement for  payments in lawful money of
the United States  of  America,  which  covers the
entire  amount  of   the   debt   service  payment
obligation of the  authority  with  respect to the
bonds  payable in  other  currency,  and  provided
further, that if  the  term  of  that agreement is
less than the  term  of  the  bonds, the authority
shall include a  best  efforts  covenant  to enter
into additional agreements  as may be necessary to
cover  the  entire  amount  of  the  debt  service
payment obligation. (c)  In  connection  with,  or
incidental to, the  issuance or carrying of bonds,
notes or other obligations or entering into any of
the  contracts  or   agreement   referred   to  in
subdivision  (a), the  authority  may  enter  into
credit enhancement or  liquidity  agreements, with
payment,   interest  rate,   currency,   security,
default, remedy and  other terms and conditions as
the authority determines;
    (40)  To  develop  a  program  to  assist  the
residents  of  mobile   manufactured   home  parks
finance the purchase  of  the  parks in which they
live, including residents who have received notice
pursuant to subsection (f) of section 21-70;
    (41) TO MAKE,  ORIGINATE, ADMINISTER, HOLD AND
SERVICE GRANTS, DEFERRED  LOANS  AND LOANS AND THE
SECURITY GIVEN THEREFOR, AND TO PERFORM SUCH OTHER
FUNCTIONS AS MAY  BE  NECESSARY  AND  APPROPRIATE,
WITH RESPECT TO  THE  HOME  OWNERSHIP LOAN PROGRAM
ESTABLISHED PURSUANT TO  SECTIONS  8-283 TO 8-289,
INCLUSIVE, AS AMENDED  BY THIS ACT, OR THE PRIVATE
RENTAL  INVESTMENT  MORTGAGE  AND  EQUITY  PROGRAM
ESTABLISHED PURSUANT TO  SECTIONS  8-400 TO 8-406,
INCLUSIVE, AS AMENDED  BY  THIS ACT; PROVIDED THAT
NOT LATER THAN  JANUARY  1,  1996,  THE  AUTHORITY
SHALL ADOPT PROCEDURES  FOR ADMINISTRATION OF SUCH
PROGRAMS PURSUANT TO SECTION 1-121;
    (42)  TO  ACCEPT   FROM  THE  DEPARTMENT:  (A)
FINANCIAL ASSISTANCE, (B) REVENUES OR THE RIGHT TO
RECEIVE REVENUES WITH RESPECT TO ANY PROGRAM UNDER
THE SUPERVISION OF  THE  DEPARTMENT; AND (C)  LOAN
ASSETS OR EQUITY  INTERESTS IN CONNECTION WITH ANY
PROGRAM UNDER THE  SUPERVISION  OF THE DEPARTMENT;
TO MAKE ADVANCES  TO  AND REIMBURSE THE DEPARTMENT
FOR ANY EXPENSES  INCURRED OR TO BE INCURRED BY IT
IN  THE DELIVERY  OF  SUCH  ASSISTANCE,  REVENUES,
RIGHTS, ASSETS, INTERESTS  OR  AMOUNTS;  TO  ENTER
INTO  AGREEMENTS  WITH   THE  DEPARTMENT  FOR  THE
DELIVERY  OF  SERVICES   BY   THE   AUTHORITY   IN
CONSULTATION WITH THE  DEPARTMENT, THE CONNECTICUT
DEVELOPMENT AUTHORITY AND CONNECTICUT INNOVATIONS,
INCORPORATED, TO THIRD  PARTIES  WHICH  AGREEMENTS
MAY  INCLUDE  PROVISIONS   FOR   PAYMENT   BY  THE
DEPARTMENT TO THE  AUTHORITY  FOR  THE DELIVERY OF
SUCH SERVICES; AND  TO  ENTER INTO AGREEMENTS WITH
THE DEPARTMENT OR WITH THE CONNECTICUT DEVELOPMENT
AUTHORITY     OR     CONNECTICUT      INNOVATIONS,
INCORPORATED,  FOR  THE   SHARING  OF  ASSISTANTS,
AGENTS AND OTHER  CONSULTANTS,  PROFESSIONALS  AND
EMPLOYEES,  AND  FACILITIES  AND  OTHER  REAL  AND
PERSONAL  PROPERTY USED  IN  THE  CONDUCT  OF  THE
AUTHORITY'S AFFAIRS;
    (43)  TO  TRANSFER   TO  THE  DEPARTMENT:  (A)
FINANCIAL ASSISTANCE; (B) REVENUES OR THE RIGHT TO
RECEIVE REVENUES WITH RESPECT TO ANY PROGRAM UNDER
THE SUPERVISION OF  THE  AUTHORITY;  AND  (C) LOAN
ASSETS OR EQUITY  INTERESTS IN CONNECTION WITH ANY
PROGRAM UNDER THE  SUPERVISION  OF  THE AUTHORITY,
PROVIDED   THE   TRANSFER    OF   SUCH   FINANCIAL
ASSISTANCE, REVENUES, RIGHTS,  ASSETS OR INTERESTS
IS PRACTICABLE, WITHIN  THE  CONSTRAINTS  AND  NOT
INCONSISTENT WITH THE FIDUCIARY OBLIGATIONS OF THE
AUTHORITY IMPOSED UPON  OR  ESTABLISHED  UPON  THE
AUTHORITY  BY  ANY   PROVISION   OF   THE  GENERAL
STATUTES, THE AUTHORITY'S  BOND RESOLUTIONS OR ANY
OTHER AGREEMENT OR CONTRACT OF THE AUTHORITY.
    Sec.  10.  Section   32-23e   of  the  general
statutes  is  repealed   and   the   following  is
substituted in lieu thereof:
    To accomplish the  purposes  of  this chapter,
chapter 578 and  subsection (a) of section 10-321,
which are hereby  determined to be public purposes
for which public  funds  may  be  expended, and in
addition to any  other powers provided by law, the
authority shall have  power  to: (1) Determine the
location  and  character  of  any  project  to  be
financed under the provisions of said chapters and
sections, provided any  financial assistance shall
be approved in  accordance with written procedures
prepared  pursuant to  subdivision  (14)  of  this
section;  (2)  purchase,   receive,   by  gift  or
otherwise, lease, exchange,  or otherwise acquire,
and  construct,  reconstruct,  improve,  maintain,
equip and furnish  one or more projects, including
all real and personal property which the authority
may deem necessary in connection therewith, and to
enter into a  contract with a person therefor upon
such terms and  conditions  as the authority shall
determine  to be  reasonable,  including  but  not
limited  to  reimbursement   for   the   planning,
designing,         financing,        construction,
reconstruction,       improvement,      equipping,
furnishing,  operation  and   maintenance  of  the
project  and  any  claims  arising  therefrom  and
establishment  and  maintenance   of  reserve  and
insurance funds with  respect  to the financing of
the project; (3)  insure any or all payments to be
made  by the  borrower  under  the  terms  of  any
agreement for the extension of credit or making of
a loan by  the  authority  in  connection with any
economic  development  project   to  be  financed,
wholly or in  part,  through the issuance of bonds
or mortgage payments  of  any  mortgage  which  is
given by a  mortgagor  to  the  mortgagee  who has
provided the mortgage  for an economic development
project upon such  terms  and  conditions  as  the
authority may prescribe  and  as  provided herein,
and the faith  and credit of the state are pledged
thereto; (4) in  connection  with  the insuring of
payments of any mortgage, request for its guidance
a finding of  the  municipal  planning commission,
or, if there  is no planning commission, a finding
of the municipal  officers, of the municipality in
which the economic development project is proposed
to be located,  or of the regional planning agency
of which such  municipality is a member, as to the
expediency  and  advisability   of   the  economic
development project; (5)  sell  or  lease  to  any
person, all or  any portion of a project, purchase
from  eligible  financial  institutions  mortgages
with respect to  economic development projects and
sell, pledge or  assign  to  any  person  any such
mortgage,  or  other  loans,  notes,  revenues  or
assets of the  authority, or any interest therein,
for such consideration  and upon such terms as the
authority  may determine  to  be  reasonable;  (6)
mortgage or otherwise  encumber all or any portion
of a project whenever it shall find such action to
be in furtherance of the purposes of said chapters
and sections; (7)  enter  into agreements with any
person,  including  prospective   mortgagees   and
mortgagors,   for   the   purpose   of   planning,
designing, constructing, acquiring,  altering  and
financing  projects,  providing   liquidity  or  a
secondary market for  mortgages or other financial
obligations incurred with  respect  to  facilities
which  would  qualify  as  a  project  under  this
chapter,  purchasing  loans   made   by   regional
corporations  under section  32-276,  or  for  any
other purpose in furtherance of any other power of
the authority; (8)  grant  options  to purchase or
renew a lease  for  any  of  its  projects on such
terms  as  the   authority  may  determine  to  be
reasonable;  (9)  employ   or   retain  attorneys,
accountants  and  architectural,  engineering  and
financial consultants and such other employees and
agents and to fix their compensation and to employ
the Connecticut Development  Credit Corporation on
a cost basis  as it shall deem necessary to assist
it in carrying  out  the purposes of said chapters
and sections; (10)  borrow  money or accept gifts,
grants or loans of funds, property or service from
any source, public or private, and comply, subject
to the provisions  of  said chapters and sections,
with the terms and conditions thereof; (11) accept
from a federal  agency  loans or grants for use in
carrying  out  its   purpose,   and   enter   into
agreements with such  agency  respecting  any such
loans or grants;  (12) extend credit or make loans
to  any  person   for   the  planning,  designing,
financing,         acquiring,        constructing,
reconstructing,    improving,    equipping     and
furnishing of a project and for the refinancing of
existing indebtedness with respect to any facility
or part thereof  which  would qualify as a project
in order to  facilitate  substantial  improvements
thereto, which credits  or loans may be secured by
loan agreements, lease agreements, instalment sale
agreements,  mortgages, contracts  and  all  other
instruments or fees  and  charges, upon such terms
and conditions as the authority shall determine to
be  reasonable  in  connection  with  such  loans,
including  provision  for  the  establishment  and
maintenance of reserve  and insurance funds and in
the exercise of  powers granted in this section in
connection with a  project  for  such  person,  to
require  the  inclusion   in  any  contract,  loan
agreement or other instrument, such provisions for
the construction, use,  operation  and maintenance
and financing of  a  project  as the authority may
deem necessary or  desirable;  (13)  in connection
with any application  for  assistance  under  said
chapters and sections, or commitments therefor, to
make and collect  such  fees  and  charges  as the
authority shall determine  to  be reasonable; (14)
adopt   procedures,   in   accordance   with   the
provisions of section  1-121,  to  carry  out  the
provisions of said  chapters  and  sections, which
may give priority  to  applications  for financial
assistance based upon  the extent the project will
materially contribute to  the economic base of the
state by creating  or  retaining  jobs,  providing
increased   wages  or   benefits   to   employees,
promoting  the  export  of  products  or  services
beyond the boundaries  of  the  state, encouraging
innovation in products  or  services,  encouraging
defense-dependent   business   to   diversify   to
nondefense  production,  promoting   standards  of
participation   adopted   by    the    Connecticut
partnership compact pursuant to section 33-374g of
the general statutes, revision of 1958, revised to
1991,   or   will   otherwise   enhance   existing
activities that are important to the economic base
of   the   state,    provided    regulation-making
proceedings  commenced  before  January  1,  1989,
shall be governed  by  sections  4-166  to  4-174,
inclusive; (15) adopt  an  official seal and alter
the same at  pleasure;  (16) maintain an office at
such place or  places  within  the state as it may
designate; (17) sue  and  be  sued in its own name
and plead and  be impleaded, service of process in
any  action  to   be  made  by  service  upon  the
executive director of  said  authority  either  in
hand or by  leaving  a  copy of the process at the
office of the  authority  with  some person having
charge  thereof;  (18)   employ  such  assistants,
agents and other  employees as may be necessary or
desirable for its  purposes, which employees shall
be exempt from  the  classified  service and shall
not be employees  as  defined in subsection (b) of
section   5-270;  establish   all   necessary   or
appropriate  personnel  practices   and  policies,
including  those relating  to  hiring,  promotion,
compensation,     retirement    and     collective
bargaining, which need  not  be in accordance with
chapter 68 and  the  authority  shall  not  be  an
employer as defined  in  subsection (a) of section
5-270;  contract  for  and  engage  appraisers  of
industrial  machinery and  equipment,  consultants
and property management  services, and utilize the
services of other governmental agencies; (19) when
it becomes necessary or feasible for the authority
to   safeguard  itself   from   losses,   acquire,
purchase, manage and  operate, hold and dispose of
real and personal  property,  take  assignments of
rentals and leases  and  make  and  enter into all
contracts,  leases,  agreements  and  arrangements
necessary or incidental  to the performance of its
duties; (20) in  order  to further the purposes of
said  chapters and  sections,  or  to  assure  the
payment of the  principal and interest on bonds or
notes  of  the   authority  or  to  safeguard  the
mortgage  insurance fund,  purchase,  acquire  and
take assignments of  notes,  mortgages  and  other
forms of security  and  evidences of indebtedness,
purchase, acquire, attach,  seize,  accept or take
title  to  any   project   by  conveyance  or,  by
foreclosure, and sell,  lease  or rent any project
for a use  specified in said chapters and sections
or in said  chapter  579; (21) adopt rules for the
conduct of its business; (22) invest any funds not
needed   for  immediate   use   or   disbursement,
including   any  funds   held   in   reserve,   in
obligations issued or  guaranteed  by  the  United
States of America  or the state of Connecticut and
in other obligations  which  are legal investments
for savings banks in this state; [and] (23) do, or
delegate,  any  and   all   things   necessary  or
convenient  to  carry  out  the  purposes  and  to
exercise the powers  given  and  granted  in  said
chapters and sections;  provided,  in  all matters
concerning the internal  administrative  functions
of  the authority  which  are  funded  by  amounts
appropriated by the  state  to the authority or to
the  department,  the   procedures  of  the  state
relating to office  space,  supplies,  facilities,
materials,  equipment  and  professional  services
shall be followed,  and  provided further, that in
the acquisition by  the  authority  of real estate
involving the use  of  appropriated funds or bonds
supported by the  full  faith  and  credit  of the
state,  the authority  shall  be  subject  to  the
provisions of section  4b-23;  (24) TO ACCEPT FROM
THE  DEPARTMENT:  (A)  FINANCIAL  ASSISTANCE,  (B)
REVENUES OR THE  RIGHT  TO  RECEIVE  REVENUES WITH
RESPECT TO ANY  PROGRAM  UNDER  THE SUPERVISION OF
THE DEPARTMENT, AND  (C)  LOAN  ASSETS  OR  EQUITY
INTERESTS IN CONNECTION WITH ANY PROGRAM UNDER THE
SUPERVISION OF THE DEPARTMENT; TO MAKE ADVANCES TO
AND  REIMBURSE THE  DEPARTMENT  FOR  ANY  EXPENSES
INCURRED OR TO  BE  INCURRED BY IT IN THE DELIVERY
OF SUCH ASSISTANCE,  REVENUES,  RIGHTS,  ASSETS OR
AMOUNTS; TO ENTER INTO AGREEMENTS FOR THE DELIVERY
OF SERVICES BY THE AUTHORITY, IN CONSULTATION WITH
THE DEPARTMENT, THE  CONNECTICUT  HOUSING  FINANCE
AUTHORITY     AND     CONNECTICUT     INNOVATIONS,
INCORPORATED, TO THIRD  PARTIES  WHICH  AGREEMENTS
MAY  INCLUDE  PROVISIONS   FOR   PAYMENT   BY  THE
DEPARTMENT TO THE  AUTHORITY  FOR  THE DELIVERY OF
SUCH SERVICES; AND  TO  ENTER INTO AGREEMENTS WITH
THE DEPARTMENT OR  WITH  THE  CONNECTICUT  HOUSING
FINANCE  AUTHORITY  OR   CONNECTICUT  INNOVATIONS,
INCORPORATED FOR THE SHARING OF ASSISTANTS, AGENTS
AND   OTHER   CONSULTANTS,    PROFESSIONALS    AND
EMPLOYEES,  AND  FACILITIES  AND  OTHER  REAL  AND
PERSONAL  PROPERTY USED  IN  THE  CONDUCT  OF  THE
AUTHORITY'S AFFAIRS; AND  (25)  TO TRANSFER TO THE
DEPARTMENT: (A) FINANCIAL ASSISTANCE, (B) REVENUES
OR THE RIGHT  TO  RECEIVE REVENUES WITH RESPECT TO
ANY  PROGRAM  UNDER   THE   SUPERVISION   OF   THE
AUTHORITY, AND (C) LOAN ASSETS OR EQUITY INTERESTS
IN  CONNECTION  WITH   ANY   PROGRAM   UNDER   THE
SUPERVISION  OF  THE   AUTHORITY,   PROVIDED   THE
TRANSFER OF SUCH  FINANCIAL  ASSISTANCE, REVENUES,
RIGHTS, ASSETS OR INTERESTS IS PRACTICABLE, WITHIN
THE  CONSTRAINTS AND  NOT  INCONSISTENT  WITH  THE
FIDUCIARY  OBLIGATIONS OF  THE  AUTHORITY  IMPOSED
UPON OR ESTABLISHED  UPON  THE  AUTHORITY  BY  ANY
PROVISION OF THE GENERAL STATUTES, THE AUTHORITY'S
BOND  RESOLUTIONS  OR   ANY   OTHER  AGREEMENT  OR
CONTRACT OF THE AUTHORITY.
    Sec. 11. Section 32-39 of the general statutes
is repealed and  the  following  is substituted in
lieu thereof:
    The purposes of  the  corporation  shall be to
stimulate   and   encourage   the   research   and
development of new  technologies  and products, to
encourage  the  creation   and   transfer  of  new
technologies,  to assist  existing  businesses  in
adopting  current  and   innovative  technological
processes, to stimulate  and  provide  services to
industry  that  will   advance  the  adoption  and
utilization of technology, to achieve improvements
in  the  quality  of  products  and  services,  to
stimulate  and  encourage   the   development  and
operation of new  and  existing  science parks and
incubator  facilities,  and  to  promote  science,
engineering,  mathematics  and  other  disciplines
that  are  essential   to   the   development  and
application of technology  within  Connecticut  by
the  infusion  of   financial  aid  for  research,
invention and innovation  in  situations  in which
such  financial  aid   would   not   otherwise  be
reasonably  available  from  commercial  or  other
sources, and for  these  purposes  the corporation
shall have the following powers:
    (1) To have  perpetual  succession  as  a body
corporate  and  to   adopt  bylaws,  policies  and
procedures for the  regulation  of its affairs and
conduct of its  businesses  as provided in section
32-36;
    (2)  To enter  into  venture  agreements  with
persons, upon such terms and on such conditions as
are consistent with  the purposes of this chapter,
for  the advancement  of  financial  aid  to  such
persons   for  the   research,   development   and
application  of specific  technologies,  products,
procedures,  services  and   techniques,   to   be
developed  and produced  in  this  state,  and  to
condition   such   agreements   upon   contractual
assurances  that the  benefits  of  increasing  or
maintaining  employment  and  tax  revenues  shall
remain in this state and shall accrue to it;
    (3) To solicit, receive and accept aid, grants
or  contributions  from   any   source  of  money,
property or labor  or other things of value, to be
held, used and  applied  to carry out the purposes
of this chapter,  subject  to  the conditions upon
which such grants  and  contributions may be made,
including but not limited to, gifts or grants from
any department or  agency  of the United States or
the state;
    (4) With the  approval of the secretary of the
office of policy  and  management,  to  invest in,
acquire, lease, purchase,  own,  manage,  hold and
dispose of real property and lease, convey or deal
in or enter  into  agreements with respect to such
property on any  terms  necessary or incidental to
the  carrying out  of  these  purposes;  provided,
however,  that  all   such  acquisitions  of  real
property shall be  subject  to  the  provisions of
section 4b-23;
    (5) To borrow  money  to  the extent permitted
under this chapter;
    (6) To hold  patents,  copyrights, trademarks,
marketing rights, licenses, or any other evidences
of protection or exclusivity as to any products as
defined  herein, issued  under  the  laws  of  the
United States or any state or any nation;
    (7)  To employ  such  assistants,  agents  and
other employees as  may be necessary or desirable,
which  employees  shall   be   exempt   from   the
classified service and  shall not be employees, as
defined  in  subsection   (b)  of  section  5-270;
establish all necessary  or  appropriate personnel
practices and policies,  including  those relating
to hiring, promotion, compensation, retirement and
collective  bargaining,  which   need  not  be  in
accordance with chapter  68,  and  the corporation
shall not be  an employer as defined in subsection
(a)  of section  5-270;  and  engage  consultants,
attorneys and appraisers  as  may  be necessary or
desirable to carry  out its purposes in accordance
with this chapter;
    (8) To make  and  enter into all contracts and
agreements   necessary  or   incidental   to   the
performance of its duties and the execution of its
powers under this chapter;
    (9)  To  sue   and   be  sued,  plead  and  be
impleaded, adopt a  seal  and  alter  the  same at
pleasure;
    (10) With the approval of the state treasurer,
to invest any  funds  not needed for immediate use
or  disbursement,  including  any  funds  held  in
reserve, in obligations  issued  or  guaranteed by
the United States  of  America  or  the  state  of
Connecticut and in  other  obligations  which  are
legal investments for  retirement  funds  in  this
state;
    (11) To procure  insurance against any loss in
connection with its  property  and other assets in
such amounts and  from  such  insurers as it deems
desirable;
    (12)  To  the   extent   permitted  under  its
contract with other  persons,  to  consent  to any
termination,  modification, forgiveness  or  other
change  of any  term  of  any  contractual  right,
payment, royalty, contract  or  agreement  of  any
kind to which the corporation is a party;
    (13) To do  anything  necessary and convenient
to render the  bonds  to  be  issued under section
32-41 more marketable;
    (14) To acquire, lease, purchase, own, manage,
hold and dispose  of personal property, and lease,
convey or deal  in  or  enter into agreements with
respect to such property on any terms necessary or
incidental to the carrying out of these purposes;
    (15) In connection  with  any  application for
assistance  under  this  chapter,  or  commitments
therefor, to make  and  collect  such  fees as the
corporation shall determine to be reasonable;
    (16) To enter  into  venture  agreements  with
persons, upon such  terms  and  conditions  as are
consistent with the  purposes  of  this chapter to
provide financial aid  to  such  persons  for  the
marketing of new  and innovative services based on
the use of a specific technology, product, device,
technique, service or process;
    (17) To enter  into  limited  partnerships  or
other contractual arrangements  with  private  and
public sector entities  as  the  corporation deems
necessary to provide  financial aid which shall be
used to make  investments  of seed venture capital
in companies based  in  or relocating to the state
in a manner  which shall foster additional capital
investment, the establishment  of  new businesses,
the   creation  of   new   jobs   and   additional
commercially-oriented  research  and   development
activity.  The repayment  of  such  financial  aid
shall  be  structured   in   such  manner  as  the
corporation  deems  will  best  encourage  private
sector participation in  such limited partnerships
or other arrangements.  The  board  of  directors,
executive  director, officers  and  staff  of  the
corporation may serve  as  members of any advisory
or other board  which  may be established to carry
out the purposes of this subdivision;
    (18) To account  for  and  audit  funds of the
corporation  and  funds   of   any  recipients  of
financial aid from the corporation;
    (19)  To  advise  the  governor,  the  general
assembly,  the  commissioner   of   economic   AND
COMMUNITY  development  and  the  commissioner  of
higher education on  matters  relating to science,
engineering  and  technology  which  may  have  an
impact on state  policies, programs, employers and
residents, and on job creation and retention;
    (20) To promote  technology-based  development
in the state;
    (21)   To   encourage    and    promote    the
establishment of and,  within available resources,
to provide financial  aid  to  advanced technology
centers;
    (22) To maintain  an  inventory  of  data  and
information concerning state  and federal programs
which are related  to the purposes of this chapter
and  to serve  as  a  clearinghouse  and  referral
service for such data and information;
    (23) To conduct  and  encourage  research  and
studies relating to technological development;
    (24) To provide  technical or other assistance
and,  within  available   resources,   to  provide
financial  aid  to   the  Connecticut  Academy  of
Science and Engineering, Incorporated, in order to
further the purposes of this chapter;
    (25) To recommend  a  science  and  technology
agenda  for  the   state  that  will  promote  the
formation of public  and  private partnerships for
the purpose of  stimulating research, new business
formation and growth and job creation;
    (26)  To  encourage   and   provide  technical
assistance  and, within  available  resources,  to
provide financial aid  to  existing  manufacturers
and other businesses  in  the  process of adopting
innovative  technology  and  new  state-of-the-art
processes and techniques;
    (27)   To   recommend    state    goals    for
technological   development   and   to   establish
policies  and  strategies   for   developing   and
assisting  technology-based  companies   and   for
attracting such companies to the state;
    (28)  To promote  and  encourage  and,  within
available resources, to  provide financial aid for
the establishment, maintenance  and  operation  of
incubator facilities;
    (29) To promote and encourage the coordination
of public and  private  resources  and  activities
within   the   state    in    order    to   assist
technology-based   entrepreneurs   and    business
enterprises;
    (30) To provide services to industry that will
stimulate and advance the adoption and utilization
of  technology and  achieve  improvements  in  the
quality of products and services;
    (31)   To   promote    science,   engineering,
mathematics  and  other   disciplines   that   are
essential to the  development  and  application of
technology;
    (32) To coordinate  its  efforts with existing
business outreach centers, as described in section
32-9qq;
    (33) To do  all  acts and things necessary and
convenient  to carry  out  the  purposes  of  this
chapter;
    (34)  TO  ACCEPT   FROM  THE  DEPARTMENT:  (A)
FINANCIAL ASSISTANCE, (B) REVENUES OR THE RIGHT TO
RECEIVE REVENUES WITH RESPECT TO ANY PROGRAM UNDER
THE SUPERVISION OF  THE  DEPARTMENT,  AND (C) LOAN
ASSETS OR EQUITY  INTERESTS IN CONNECTION WITH ANY
PROGRAM UNDER THE  SUPERVISION  OF THE DEPARTMENT;
TO MAKE ADVANCES  TO  AND REIMBURSE THE DEPARTMENT
FOR ANY EXPENSES  INCURRED OR TO BE INCURRED BY IT
IN  THE DELIVERY  OF  SUCH  ASSISTANCE,  REVENUES,
RIGHTS,  ASSETS,  OR   INTERESTS;  TO  ENTER  INTO
AGREEMENTS FOR THE  DELIVERY  OF  SERVICES  BY THE
CORPORATION, IN CONSULTATION  WITH THE DEPARTMENT,
THE CONNECTICUT HOUSING  FINANCE AUTHORITY AND THE
CONNECTICUT   DEVELOPMENT  AUTHORITY,   TO   THIRD
PARTIES WHICH AGREEMENTS  MAY  INCLUDE  PROVISIONS
FOR PAYMENT BY  THE  DEPARTMENT TO THE CORPORATION
FOR THE DELIVERY  OF  SUCH  SERVICES; AND TO ENTER
INTO AGREEMENTS WITH  THE  DEPARTMENT  OR WITH THE
CONNECTICUT DEVELOPMENT AUTHORITY  OR  CONNECTICUT
HOUSING  FINANCE  AUTHORITY  FOR  THE  SHARING  OF
ASSISTANTS,   AGENTS   AND    OTHER   CONSULTANTS,
PROFESSIONALS AND EMPLOYEES,  AND  FACILITIES  AND
OTHER  REAL AND  PERSONAL  PROPERTY  USED  IN  THE
CONDUCT OF THE CORPORATION'S AFFAIRS;
    (35)  TO  TRANSFER   TO  THE  DEPARTMENT:  (A)
FINANCIAL ASSISTANCE, (B) REVENUES OR THE RIGHT TO
RECEIVE REVENUES WITH RESPECT TO ANY PROGRAM UNDER
THE SUPERVISION OF  THE  CORPORATION, AND (C) LOAN
ASSETS OR EQUITY  INTERESTS IN CONNECTION WITH ANY
PROGRAM UNDER THE  SUPERVISION OF THE CORPORATION,
PROVIDED   THE   TRANSFER    OF   SUCH   FINANCIAL
ASSISTANCE, REVENUES, RIGHTS,  ASSETS OR INTERESTS
IS PRACTICABLE, WITHIN  THE  CONSTRAINTS  AND  NOT
INCONSISTENT WITH THE FIDUCIARY OBLIGATIONS OF THE
CORPORATION IMPOSED UPON  OR  ESTABLISHED UPON THE
CORPORATION  BY  ANY   PROVISION  OF  THE  GENERAL
STATUTES, THE CORPORATION'S  BOND  RESOLUTIONS  OR
ANY   OTHER   AGREEMENT   OR   CONTRACT   OF   THE
CORPORATION.
    Sec. 12. Subsection  (a)  of  section 2-79a of
the general statutes is repealed and the following
is substituted in lieu thereof:
    (a)  There shall  be  a  Connecticut  Advisory
Commission  on  Intergovernmental  Relations.  The
purpose of the  commission  shall  be  to  enhance
coordination and cooperation between the state and
local governments. The commission shall consist of
the  president pro  tempore  of  the  senate,  the
speaker  of  the  house  of  representatives,  the
minority leader of the senate, the minority leader
of the house  of representatives, the secretary of
the  office  of   policy   and   management,   the
commissioners  of the  departments  of  education,
environmental protection, [housing  and]  economic
AND COMMUNITY development, or their designees, and
sixteen additional members  as  follows:  (1)  Six
municipal  officials appointed  by  the  governor,
four of whom  shall  be  selected  from  a list of
nominees  submitted  to  him  by  the  Connecticut
Conference of Municipalities and two of whom shall
be selected from  a  list submitted by the Council
of Small Towns. Two of such six officials shall be
from towns having  populations  of twenty thousand
or less persons,  two  shall  be from towns having
populations of more  than twenty thousand but less
than sixty thousand  persons and two shall be from
towns having populations of sixty thousand or more
persons; (2) two  local public education officials
appointed by the  governor,  one  of whom shall be
selected from a  list of nominees submitted to him
by  the  Connecticut   Association  of  Boards  of
Education and one of whom shall be selected from a
list submitted by  the  Connecticut Association of
School Administrators; (3) one representative of a
regional  council of  governments  or  a  regional
planning agency appointed  by  the governor from a
list of nominees  submitted to him by the Regional
Planning  Association  of  Connecticut;  (4)  five
persons  who do  not  hold  elected  or  appointed
office in state  or  local government, one of whom
shall be appointed  by  the  governor, one of whom
shall be appointed by the president pro tempore of
the senate, one  of whom shall be appointed by the
speaker of the  house  of  representatives, one of
whom shall be  appointed by the minority leader of
the senate and  one  of whom shall be appointed by
the   minority   leader    of    the    house   of
representatives;  (5) one  representative  of  the
Connecticut Conference of Municipalities appointed
by said conference;  and (6) one representative of
the  Council of  Small  Towns  appointed  by  said
council. Each member  of  the commission appointed
pursuant to subdivisions  (1)  to  (6), inclusive,
shall serve for  a  term  of  two years. All other
members   shall  serve   for   terms   which   are
coterminous  with  their   terms  of  office.  The
governor  shall  appoint   a   chairperson  and  a
vice-chairperson   from   among   the   commission
members. Members of  the  commission  shall not be
compensated  for  their   services  but  shall  be
reimbursed for necessary  expenses incurred in the
performance of their duties.
    Sec. 13. Section  4-5  of the general statutes
is repealed and  the  following  is substituted in
lieu thereof:
    As  used  in  section  4-6,  section  4-7  and
section  4-8, the  term  "department  head"  means
secretary of the  office of policy and management,
commissioner    of    administrative     services,
commissioner of revenue  services, commissioner of
banking, commissioner of  children  and  families,
commissioner of consumer  protection, commissioner
of  correction,  commissioner   of   economic  AND
COMMUNITY development, State  Board  of Education,
commissioner    of    environmental    protection,
commissioner  of  agriculture,   commissioner   of
public    health    and     addiction    services,
[commissioner of housing,] insurance commissioner,
labor  commissioner,  Liquor  Control  Commission,
commissioner  of mental  health,  commissioner  of
public safety, commissioner  of  social  services,
commissioner of mental  retardation,  commissioner
of motor vehicles, commissioner of transportation,
commissioner  of  public  works,  commissioner  of
veterans'  affairs  and  the  chairperson  of  the
Public Utilities Control Authority.
    Sec. 14. Section 4-38c of the general statutes
is repealed and  the  following  is substituted in
lieu thereof:
    There shall be  within the executive branch of
state government the following departments: Office
of   policy   and    management,   department   of
administrative  services,  department  of  revenue
services,  department of  banking,  department  of
agriculture, department of  children and families,
department of consumer  protection,  department of
correction, department of  economic  AND COMMUNITY
development, State Board  of Education, department
of environmental protection,  department of public
health and addiction  services, Board of Governors
of Higher Education,  insurance  department, labor
department,   department   of    liquor   control,
department of mental  health, department of mental
retardation,   department   of    public   safety,
department  of  social  services,  [department  of
housing,] department of transportation, department
of  motor  vehicles,   department   of   veterans'
affairs, department of public works and department
of public utility control.
    Sec. 15. Section 8-37k of the general statutes
is repealed and  the  following  is substituted in
lieu thereof:
    (a)  Whenever  the   term   "commissioner   of
commerce" occurs or  is referred to in the general
statutes, it shall  be  deemed to mean or refer to
the  commissioner  of   economic   AND   COMMUNITY
development.
    (b) Whenever the term "department of commerce"
occurs or is  referred to in the general statutes,
it  shall be  deemed  to  mean  or  refer  to  the
department of economic AND COMMUNITY development.
    (c) Whenever the term "department of community
affairs" occurs or  is referred to in chapter 131,
it  shall be  deemed  to  mean  or  refer  to  the
department of economic AND COMMUNITY development.
    (d)  Whenever  the   term   "commissioner   of
community affairs" occurs  or  is  referred  to in
chapter 131, it  shall  be deemed to mean or refer
to  the commissioner  of  economic  AND  COMMUNITY
development.
    [(e) Whenever the term "department of economic
development" occurs or  is referred to in chapters
128, 129, 135  and 136 and parts I, II, IV, VI and
VII of chapter  130, it shall be deemed to mean or
refer to the department of housing.
    (f)  Whenever  the   term   "commissioner   of
economic development" occurs  or is referred to in
chapters 128, 129,  135  and  136 and parts I, II,
IV, VI and  VII of chapter 130, it shall be deemed
to mean or refer to the commissioner of housing.]
    Sec. 16. Section 8-37z of the general statutes
is repealed and  the  following  is substituted in
lieu thereof:
    (a)  The  commissioner  of  [housing  and  the
commissioner    of]   economic    AND    COMMUNITY
development  shall  ensure  that  the  involuntary
displacement of persons  and  families residing in
any single-family or  multifamily  dwelling, which
displacement occurs in connection with any housing
or  community  development   project  or  economic
development  project  receiving   state  financial
assistance  under  any   program  administered  by
[either]  THE  commissioner   under   the  general
statutes,  is  reduced   to   the   minimum  level
consistent with achieving  the  objectives of such
program.  The [commissioners]  COMMISSIONER  shall
require, as a  condition of any contract for state
financial assistance under  the  provisions of any
such program, that  the  project  for  which  such
financial  assistance is  provided  (1)  will  not
cause the temporary  or  permanent displacement of
persons and families residing in any single-family
or multifamily dwelling or (2) will cause only the
minimum level of such displacement which cannot be
avoided due to  the  nature  of  the  project. The
[commissioners] COMMISSIONER shall ensure that all
steps   necessary  to   provide   any   relocation
assistance available under  chapter 135 to persons
and families unavoidably  displaced as a result of
any   state   assisted    housing   or   community
development   project  or   economic   development
project  have been  taken  before  granting  final
approval  of any  financial  assistance  for  such
project.
    (b)  The  commissioner  of  [housing  and  the
commissioner    of]   economic    AND    COMMUNITY
development  shall [each]  adopt  regulations,  in
accordance with the  provisions  of chapter 54, to
carry out the purposes of this section.
    Sec.  17.  Section   8-37ll   of  the  general
statutes  is  repealed   and   the   following  is
substituted in lieu thereof:
    (a)  No state  financial  assistance  for  any
housing  or  community   development   project  or
economic development project  shall be provided by
the commissioner of  [housing  or the commissioner
of] economic AND  COMMUNITY  development under any
program administered by  [either] THE commissioner
unless  the  commissioner  has  first  approved  a
residential   antidisplacement   and    relocation
assistance plan submitted  under subsection (b) of
this  section  by   the   applicant  seeking  such
financial assistance. The commissioner of [housing
and the commissioner  of]  economic  AND COMMUNITY
development shall ensure  that  any  such  plan is
properly implemented for  each project for which a
plan is submitted.
    (b)  Any  applicant  seeking  state  financial
assistance   for   any    housing   or   community
development   project  or   economic   development
project  under any  program  administered  by  the
commissioner of [housing  or  the commissioner of]
economic AND COMMUNITY  development shall submit a
residential   antidisplacement   and    relocation
assistance plan to the commissioner as part of the
application  for such  financial  assistance.  The
plan shall demonstrate  that the project for which
financial assistance is applied for will not cause
the temporary or permanent displacement of persons
and  families residing  in  any  single-family  or
multifamily  residential  dwelling   or,  if  such
displacement will result,  that  such project will
cause no more  displacement  than  is necessary to
accomplish  the project.  If  occupiable  dwelling
units are destroyed  as a result of the project or
displacement of low and moderate income households
will  result from  the  project,  the  plan  shall
further demonstrate that:  (1) The applicant shall
provide  comparable replacement  dwellings  within
the  same municipality  for  the  same  number  of
occupants  as  could   have  been  housed  in  the
occupied   and   vacant   occupiable   residential
dwellings that will  be demolished or converted to
a use other  than  housing  for  low  and moderate
income persons and  families  as  a  result of the
project; (2) such  replacement  dwellings shall be
designed to remain  affordable to low and moderate
income persons and  families  for  ten  years; (3)
relocation assistance benefits  shall  be provided
pursuant to chapter  135 for all persons displaced
as a result  of  the  project  and  (4)  displaced
persons, to the  extent  practicable,  who wish to
remain in the same neighborhood shall be relocated
within  such  neighborhood.   As   used   in  this
subsection, "low and  moderate  income persons and
families" means persons,  families  or  households
whose annual income  is  less  than  or  equal  to
eighty per cent  of the area median income for the
area  of  the   state   in  which  they  live,  as
determined  by the  United  States  Department  of
Housing and Urban  Development. An applicant shall
be deemed to have met the replacement requirements
of  this  section  by  rehabilitation  of  vacant,
unoccupiable units.
    (c)  The  commissioner  of  [housing  and  the
commissioner    of]   economic    AND    COMMUNITY
development  may  exempt  an  applicant  from  the
provisions  of  this  section  upon  determination
that:
    (1)  Based  on   objective   data,   there  is
available  in  the  area  an  adequate  supply  of
habitable affordable housing for the full range of
low and moderate income persons, or
    (2) The project will dedicate at least as much
total floor space  to housing for low and moderate
income persons and  families  as  was contained in
all the dwelling  units  being  replaced,  whether
occupied or vacant,  and  either  (A)  the project
will not permanently displace any person or family
or (B) all  of  the  following:  (i) The sizes and
purposes of the  dwelling units in the project are
at least as  needed  as  the sizes and purposes of
the dwelling units to be replaced; (ii) the number
of very low  income  persons  to  be served in the
project is not  less  than  the number of very low
income  persons served  by  the  structure  to  be
replaced, and (iii) the persons and families to be
displaced by the  project  will  be  relocated  to
permanent  housing  and  will  receive  relocation
assistance pursuant to  chapter  135.  As  used in
this subsection, "very  low  income persons" means
persons whose annual  income is less than or equal
to fifty per  cent  of  the area median income for
the area of  the  state  in  which  they  live, as
determined  by the  United  States  Department  of
Housing and Urban Development.
    (d)  The  commissioner  of  [housing  and  the
commissioner    of]   economic    AND    COMMUNITY
development  shall [each]  adopt  regulations,  in
accordance with the  provisions  of chapter 54, to
carry  out the  purposes  of  this  section.  Such
regulations shall define  the  objective data used
under subdivision (1)  of  subsection  (c) of this
section to determine  whether there is an adequate
supply of habitable  affordable  housing  for  the
full range of  low and moderate income persons and
families residing in the area.
    Sec.  18.  Section   8-206a   of  the  general
statutes  is  repealed   and   the   following  is
substituted in lieu thereof:
    (a)  In  accordance  with  the  provisions  of
section 4-38d, all  powers and duties delegated to
the public works commissioner under the provisions
of chapters 128,  129 and 130 shall be transferred
to  the commissioner  of  community  affairs,  and
where the words  "public  works  commissioner" are
used in said  chapters, the words "commissioner of
community affairs" shall  be  substituted  in lieu
thereof.
    (b) In accordance  with the provisions of said
section 4-38d, all  powers and duties delegated to
the Connecticut Development  Commission  under the
provisions of sections 8-124 to 8-154e, inclusive,
and   8-160  to   8-162,   inclusive,   shall   be
transferred  to  the   commissioner  of  community
affairs,   and  where   the   words   "Connecticut
Development Commission" are used in said sections,
the  words  "commissioner  of  community  affairs"
shall be substituted in lieu thereof.
    (c)  In  accordance  with  the  provisions  of
section 4-38d, all  powers  and  duties heretofore
delegated  to  the   State   Office   of  Economic
Opportunity   shall   be    transferred   to   the
commissioner of community  affairs,  and  wherever
the term "director of the State Office of Economic
Opportunity"   is   used   it   shall   mean   the
commissioner.
    (d) Unless specifically  otherwise provided in
this chapter, whenever,  pursuant to law in effect
prior to July  1,  1967,  reports, certifications,
applications   or  requests   were   required   or
permitted to be made to the department, department
head,  board,  division,   commission,  office  or
officer, whose powers  and  duties are assigned or
transferred  by this  chapter,  such  reports  and
certifications  shall  be  filed  with,  and  such
applications or requests  shall  be  made  to, the
department, department head,  officer or agency to
which such assignment  or  transfer  has been made
hereunder.
    (e) Whenever the term "Connecticut Development
Commission"  occurs  or   any  reference  is  made
thereto in any  regulation,  contract  or document
concerning housing, redevelopment,  urban  renewal
or urban planning grants at the municipal level of
government, it shall be deemed to mean or refer to
the commissioner of community affairs.
    (f)   Whenever   the    term   "public   works
commissioner"  occurs or  any  reference  is  made
thereto in any  regulation,  contract  or document
concerning housing adopted  or  entered into under
chapters 128, 129  and  130, it shall be deemed to
mean or refer  to  the  commissioner  of community
affairs.
    (g)  In  accordance  with  the  provisions  of
section 4-38d, all  powers  and duties transferred
to  the  commissioner   of  community  affairs  by
[subsections (a), (b)  and  (d) to (f), inclusive,
of]   this  section   are   transferred   to   the
commissioner    of    economic    AND    COMMUNITY
development. [All powers and duties transferred to
the   commissioner   of   community   affairs   by
subsection (c) of  this section are transferred to
the commissioner of human resources*.]
    [(h)  In accordance  with  the  provisions  of
section 4-38d, all  powers  and duties transferred
to the commissioner  of  economic  development  by
subsection (g) of  this section are transferred to
the commissioner of housing.]
    Sec.  19.  Section   8-240m   of  the  general
statutes  is  repealed   and   the   following  is
substituted in lieu thereof:
    [(a) The state,  acting  by  and  through  the
commissioner  of housing,  may  provide  financial
assistance,    including,   without    limitation,
financial assistance in  the form of grants, loans
and the purchase of capital stock, for the program
established pursuant to  subsection (a) of section
8-240k,  upon  the   execution   of   a  financial
assistance  agreement containing  such  terms  and
conditions as the  commissioner  of  housing shall
deem  necessary and  appropriate  to  fulfill  the
purposes of sections 8-240k to 8-240n, inclusive.]
    [(b)] (a) The state, acting by and through the
commissioner    of    economic    AND    COMMUNITY
development,  may  provide  financial  assistance,
including, without limitation financial assistance
in the form  of  grants, loans and the purchase of
capital  stock,  for   the   program   established
pursuant to subsection (a) of section 8-240k, upon
the execution of  a financial assistance agreement
containing  such  terms   and  conditions  as  the
commissioner of economic AND COMMUNITY development
shall deem necessary  and  appropriate  to fulfill
the  purposes  of   sections   8-240k  to  8-240n,
inclusive.  Notwithstanding  the   provisions   of
section 4-66c, the  commissioner  of  economic AND
COMMUNITY development may  provide  such financial
assistance from the  proceeds  of bonds authorized
for  the  department  of  economic  AND  COMMUNITY
development pursuant to said section 4-66c.
    [(c)]   (b)   The    Connecticut   Development
Authority   may  provide   financial   assistance,
including,    without    limitation,     financial
assistance in the  form  of  grants, loans and the
purchase  of  capital   stock,   for  the  program
established pursuant to  subsection (a) of section
8-240k,  upon  the   execution   of   a  financial
assistance  agreement containing  such  terms  and
conditions   as   the    Connecticut   Development
Authority shall deem  necessary and appropriate to
fulfill the purposes of sections 8-240k to 8-240n,
inclusive.
    [(d)]  (c)  The  Connecticut  Housing  Finance
Authority   may  provide   financial   assistance,
including,    without    limitation,     financial
assistance in the  form  of  grants, loans and the
purchase  of  capital   stock,   for  the  program
established pursuant to  subsection (a) of section
8-240k,  upon  the   execution   of   a  financial
assistance  agreement containing  such  terms  and
conditions  as  the  Connecticut  Housing  Finance
Authority shall deem  necessary and appropriate to
fulfill the purposes of sections 8-240k to 8-240n,
inclusive.
    Sec. 20. Subsection  (a)  of  section 16a-3 of
the general statutes is repealed and the following
is substituted in lieu thereof:
    (a) There is  established a Connecticut Energy
Advisory Board consisting  of  [seventeen] SIXTEEN
members, including the  commissioner  of  economic
AND  COMMUNITY development,  the  commissioner  of
environmental protection, the  chairperson  of the
Connecticut Siting Council, the chairperson of the
Public   Utilities   Control    Authority,    [the
commissioner  of  housing,]  the  commissioner  of
public    works   and    the    commissioner    of
transportation, or their respective designees. The
governor shall appoint four members, the president
pro tempore of  the  senate  shall  appoint  three
members,  and  the  speaker  of  the  house  shall
appoint three members,  all of whom shall serve in
accordance with section  4-1a. At least one of the
members appointed to  said  board  by the governor
shall be a representative of organized labor.
    Sec.  21.  Section   32-462   of  the  general
statutes  is  repealed   and   the   following  is
substituted in lieu thereof:
    (a) As used in this section:
    (1) "Agency" means  the department of economic
AND   COMMUNITY   development,   the   Connecticut
Development Authority or  Connecticut Innovations,
Incorporated.
    (2)  "Financial  assistance"   means   grants,
loans, loan guarantees,  contracts  of  insurance,
investments, or combinations  thereof,  which  are
provided from the  proceeds  of  bonds,  notes  or
other obligations of  the state or an agency which
constitute a debt  or  liability  of  the state or
which are secured  by  a  special  capital reserve
fund payable from  amounts  appropriated or deemed
appropriated from the general fund.
    (3) "Applicant" means  any  eligible applicant
seeking financial assistance  from an agency FOR A
BUSINESS PROJECT. The  term  "applicant" shall not
include any political subdivision of the state.
    (4)  "Business  project"   means   a  business
proposal undertaken by one or more applicants, BUT
DOES  NOT INCLUDE  HOUSING  UNLESS  UNDERTAKEN  IN
COMBINATION  WITH  ANOTHER   UNRELATED   TYPE   OF
BUSINESS.
    (b) (1) No  agency  or agencies may award more
than a total  of  ten million dollars of financial
assistance  during  any   two-year  period  to  an
applicant or for  a  business  project unless such
financial assistance is specifically authorized by
an act of  the  general  assembly  which  has been
enacted before, on  or after July 1, 1994. (2) The
provisions of subdivision  (1)  of this subsection
shall not apply  to  any  awards  funded  or to be
funded by bonds  authorized  to  be  issued by the
State Bond Commission before July 1, 1994.
    Sec.  22.  Section   8-37qq   of  the  general
statutes  is  repealed   and   the   following  is
substituted in lieu thereof:
    (a)  For the  purposes  of  this  section  and
sections 8-44a, 8-70,  8-78, 8-80, 8-114a, 8-117b,
8-119a, 8-119b, 8-119h,  8-119i, 8-119ee, 8-119hh,
8-119ii, 8-119jj, 8-169w,  8-214g, 8-216b, 8-218b,
8-219b,  8-387,  8-405,   8-410,   8-415,   8-420,
16a-40b, 16a-40j, and  sections  8-430  to  8-438,
inclusive,  the following  terms  shall  have  the
following meanings:
    (1)  "Bond-financed  state   housing  program"
means any program administered by the commissioner
of housing which provides financial assistance for
housing  acquisition, development,  rehabilitation
or support services,  and which may be financed in
whole or in  part from the proceeds of the state's
general obligation bonds,  including:  Acquisition
of surplus land pursuant to section 8-37y, housing
authority programs for  social  and  supplementary
services, project rehabilitation  and  improvement
and energy conservation pursuant to section 8-44a,
moderate rental housing  pursuant to section 8-70,
moderate cost housing  pursuant  to  section 8-82,
flood relief housing  pursuant  to  section  8-97,
housing for elderly  persons  pursuant  to section
8-114a,  congregate  housing   for   the   elderly
pursuant to section 8-119h, housing for low income
persons  pursuant to  section  8-119dd,  financial
assistance  for  redevelopment  or  urban  renewal
projects pursuant to  section  8-154a, housing and
community development pursuant  to sections 8-169l
and  8-216b,  urban   homesteading   pursuant   to
subsection  (a)  of   section   8-169w,  community
housing land bank  and land trust program pursuant
to  section  8-214d,   financial   assistance  for
development  of limited  equity  cooperatives  and
mutual  housing  pursuant   to   section   8-214f,
community    housing   development    corporations
pursuant to sections  8-218  and 8-218a, financial
assistance  to elderly  homeowners  for  emergency
repairs  or  rehabilitation  pursuant  to  section
8-219b,  financial  assistance   for   removal  of
lead-based paint and  asbestos pursuant to section
8-219e,   home   ownership   loans   pursuant   to
subsection (a) of  section 8-286, housing programs
for homeless persons  pursuant  to  sections 8-356
and 8-357, grants  to municipalities for financing
low and moderate income rental housing pursuant to
section 8-365, housing  infrastructure  grants and
loans pursuant to  section  8-387,  private rental
investment mortgage and equity program pursuant to
sections 8-401 and  8-403,  assistance for housing
predevelopment costs pursuant  to  sections  8-410
and 8-411, residential  subsurface sewage disposal
system repair program  pursuant  to sections 8-415
and 8-420, energy  conservation  loans pursuant to
section  16a-40b, rent  receivership  pursuant  to
section  47a-56j,  construction,  acquisition  and
related rehabilitation pursuant  to  section 8-433
and, any other  such  program  now,  heretofore or
hereafter   existing,   and   any   additions   or
amendments to such programs.
    (2)   "Administrative   expense"   means   any
administrative or other  cost  or expense incurred
by the state in carrying out the provisions of any
of  the  following   bond-financed  state  housing
programs,  including  the   hiring   of  necessary
employees and the entering of necessary contracts:
Housing   authority  programs   for   social   and
supplementary services, project rehabilitation and
improvement, and energy  conservation  pursuant to
section 8-44a, moderate rental housing pursuant to
section 8-70, moderate  cost  housing  pursuant to
section 8-82, flood  relief  housing  pursuant  to
section 8-97, housing for elderly persons pursuant
to  section 8-114a,  congregate  housing  for  the
elderly pursuant to  section  8-119h,  housing for
low-income persons pursuant  to  section  8-119dd,
urban homesteading pursuant  to  subsection (a) of
section   8-169w,   financial    assistance    for
development  of limited  equity  cooperatives  and
mutual  housing  pursuant   to   section   8-214f,
financial  assistance to  elderly  homeowners  for
emergency repairs or  rehabilitation  pursuant  to
section 8-219b, home  ownership  loans pursuant to
subsection (a) of  section 8-286, housing programs
for homeless persons  pursuant  to  sections 8-356
and 8-357, private  rental investment mortgage and
equity  program pursuant  to  sections  8-401  and
8-403, assistance for housing predevelopment costs
pursuant to sections  8-410 and 8-411, residential
subsurface sewage disposal  system repair pursuant
to  section  8-415   and   section  8-420,  energy
conservation loans pursuant  to  section  16a-40b,
and   construction,   acquisition    and   related
rehabilitation pursuant to section 8-433.
    (3)  "State service  fee"  means  any  fee  or
charge assessed or  collected by the state for the
purpose of paying  for any administrative expense,
pursuant to subsections  (f)  and  (g)  of section
8-44a with respect  to  housing authority programs
for  social and  supplementary  services,  project
rehabilitation   and   improvement,   and   energy
conservation, subsection (c)  of  section 8-70 and
section  8-72  with  respect  to  moderate  rental
housing,  subsection (b)  of  section  8-114a  and
subsection (a) of  section  8-115a with respect to
housing for elderly  persons,  section  8-119h and
subsection (a) of  section  8-115a with respect to
congregate  housing  for   the   elderly,  section
8-119jj and section  8-72  with respect to housing
for low income  persons, subsection (c) of section
8-218b   with   respect   to   community   housing
development   corporations,  subsection   (b)   of
section   8-219b   with   respect   to   financial
assistance  to elderly  homeowners  for  emergency
repairs and rehabilitation,  and subsection (a) of
section 8-405 with  respect  to the private rental
mortgage and equity program.
    (b)  Notwithstanding  any   provision  of  the
general statutes or  any  public or special act to
the contrary, any  administrative  expense  may be
paid  from the  proceeds  from  the  sale  of  the
state's   general   obligation   bonds   for   the
bond-financed state housing  program for which the
administrative expense is  incurred, to the extent
approved by the State Bond Commission and allotted
by the governor for such purpose.
    (c)  Notwithstanding  any   provision  of  the
general statutes or  any  public or special act to
the contrary, no  service fee shall be assessed or
collected  out of  financial  assistance  financed
with  the  proceeds   of   the   state's   general
obligation bonds initially  authorized,  allocated
or approved by  the  State  Bond  Commission on or
after July 1, 1990.
    (d) (1) There  is  established  a  fund  to be
known as the  "Housing  Assistance Bond Fund". The
fund shall contain  any  moneys required by law to
be deposited in the fund.
    (2) (A) The  proceeds  from  the sale of bonds
and any bond  anticipation  notes  issued  for any
bond-financed  state  housing   program  shall  be
deposited in the  Housing  Assistance  Bond  Fund,
except for: (i)  The  proceeds  of  bonds and bond
anticipation notes initially authorized, allocated
or approved by  the  State Bond Commission for the
purpose of any bond-financed state housing program
prior to July  1,  1990,  and  any  reuse  thereof
approved by the commission; and (ii) any refunding
bonds and bonds issued to refund bond anticipation
notes.
    (B)  Notwithstanding  any   provision  of  the
general statutes or  any  public or special act to
the contrary, on  or after July 1, 1990, the State
Bond Commission shall  not  authorize, allocate or
approve  the  issuance  of  bonds  not  previously
authorized,   allocated   or   approved   by   the
commission for the  purpose  of  any bond-financed
state  housing program  pursuant  to  any  general
statute or public  or special act enacted prior to
1990,  except  pursuant   to  sections  4-66c  and
47a-56k or special  act  87-77  or 89-52 as either
may be amended  from time to time. Nothing in this
section shall impair  the  power of the commission
to authorize the  reuse  of  the proceeds of bonds
authorized,   allocated   or   approved   by   the
commission prior to July 1, 1990.
    (C)   The   proceeds   of   bonds   and   bond
anticipation  notes  deposited   in   the  Housing
Assistance Bond Fund  shall  be applied to pay the
costs of financial  assistance  and administrative
expense for bond-financed  state  housing programs
as authorized by  the  State  Bond  Commission  in
accordance with section  3-20  and the act or acts
pursuant to which such bonds and bond anticipation
notes were issued.
    (e) (1) There  is  established  a  fund  to be
known as the "Housing Repayment and Revolving Loan
Fund". The fund  shall contain any moneys required
by law to  be  deposited  in the fund and shall be
held separate and  apart  from  all  other  money,
funds and accounts.  Investment  earnings credited
to the fund shall become part of the assets of the
fund.  Any  required   rebates   to   the  federal
government of such  investment  earnings  shall be
paid from the  fund. Any balance remaining in said
fund at the  end  of  any  fiscal  year  shall  be
carried forward in  the  fund  for the next fiscal
year.
    (2) (A) Notwithstanding  any  provision of the
general statutes or  any  public or special act to
the contrary, except  sections  8-76 and 8-80, the
following shall be paid to the state treasurer for
deposit in the  Housing  Repayment  and  Revolving
Loan  Fund: (i)  All  payments  to  the  state  of
principal or interest  on  loans that the ultimate
recipient is obligated to repay to the state, with
or  without interest,  made  pursuant  to  section
8-114a  with respect  to  loans  for  housing  for
elderly persons, section  8-119h  with  respect to
loans  for congregate  housing  for  the  elderly,
subsection (a) of  section  8-169w with respect to
urban  homesteading  loans,   sections  8-218  and
8-218a   with   respect   to   community   housing
development corporation loans,  section 8-337 with
respect  to  security   deposit  revolving  loans,
section   8-410   with    respect    to    housing
predevelopment  cost  loans,   section  8-415  and
section  8-420  with  subsurface  sewage  disposal
system  repair  loans,   and  section  8-433  with
respect to loans for construction, acquisition and
related  rehabilitation;  (ii)   all  payments  of
principal  with  respect  to  energy  conservation
loans  pursuant  to  section  16a-40b;  (iii)  all
payments  made  to   the  state  constituting  the
liquidation  of an  equity  interest  pursuant  to
section 8-404 with  respect  to the private rental
investment  mortgage  and   equity  program  or  a
participation interest pursuant  to section 8-436;
(iv) all payments  made  to the state constituting
the liquidation of  any other security interest or
lien taken or  granted pursuant to a bond-financed
state housing program  or  assistance  or  related
agreement,   except   liquidations    constituting
principal or interest  on  loans  not mentioned in
subparagraph (A)(i) or (A)(ii) of this subdivision
and the liquidation of security interests or liens
with  respect to  rent  receivership  pursuant  to
subsection (c) of  section  47a-56i; (v) all other
return or recapture  of state financial assistance
made   pursuant   to   the   provisions   of   any
bond-financed state housing  program or assistance
or related agreement, except principal or interest
on loans not  mentioned  in subparagraph (A)(i) or
(A)(ii) of this  subdivision and payments received
with  respect to  rent  receivership  pursuant  to
subsection  (c)  of   section  47a-56i;  (vi)  all
payments of state  service fees and administrative
oversight charges, as  defined  in  section 8-430,
rendered in accordance  with the provisions of any
bond-financed  state housing  program  other  than
state service fees  financed  from the proceeds of
the state's general  obligation  bonds;  and (vii)
all other compensation  or  reimbursement  paid to
the  department  of   housing   with   respect  to
bond-financed state housing  programs  other  than
from the federal government.
    (B)  Notwithstanding  any   provision  of  the
general statutes or  any  public or special act to
the  contrary,  except   as   provided   in   this
subsection, loans for [the following purposes] ANY
BOND-FINANCED  STATE  HOUSING  PROGRAM  which  the
ultimate recipient is  obligated  to  repay to the
state, with or  without  interest, may be paid out
of moneys deposited  in  the housing repayment and
revolving loan fund  without the prior approval of
the State Bond Commission, subject to the approval
of  the  governor   of  an  allotment.  [for  such
purpose: Loans for  housing  for  elderly  persons
pursuant to section  8-114a,  loans for congregate
housing  for  the   elderly  pursuant  to  section
8-119h,  urban  homesteading   loans  pursuant  to
subsection  (a)  of   section   8-169w,  community
housing development corporation  loans pursuant to
sections  8-218  and   8-218a,   security  deposit
revolving loans pursuant to section 8-337, housing
predevelopment  cost  loans  pursuant  to  section
8-410,  residential  subsurface   sewage  disposal
system repair loans  pursuant to section 8-415 and
section 8-420, energy  conservation loans pursuant
to section 16a-40b  and  loans  for  construction,
acquisition and related rehabilitation pursuant to
section   8-433.]   All    payments    on   energy
conservation  loans  pursuant   to   said  section
16a-40b shall be  accounted  for  separately  from
other  moneys  in   the   Housing   Repayment  and
Revolving Loan Fund,  and  shall  be  used to make
further loans pursuant to said section 16a-40b and
to pay any  administrative expense attributable to
such loans.
    (C)  Notwithstanding  any   provision  of  the
general statutes or  any  public or special act to
the  contrary,  payment   of   any  administrative
expense may be  made  out of the Housing Repayment
and Revolving Loan Fund subject to the approval of
the governor of an allotment for such purpose.
    Sec. 23. Section 8-395 of the general statutes
is repealed and  the  following  is substituted in
lieu thereof:
    (a) As used  in  this section, "business firm"
means  any  business   entity   authorized  to  do
business  in  the   state   and   subject  to  the
corporation  business tax  imposed  under  chapter
208, or any insurance company, hospital or medical
services  corporation  subject  to  the  insurance
companies,   hospital   and    medical    services
corporations tax imposed under chapter 207, or any
air  carrier  subject  to  the  air  carriers  tax
imposed under chapter 209, or any railroad company
subject  to the  railroad  companies  tax  imposed
under    chapter    210,    or    any    regulated
telecommunications  service,  express,  telegraph,
cable,  or community  antenna  television  company
subject   to  the   regulated   telecommunications
service, express, telegraph,  cable, and community
antenna  television companies  tax  imposed  under
chapter 211, or any utility company subject to the
utility companies tax  imposed  under chapter 212,
or  any public  service  company  subject  to  the
public service companies tax imposed under chapter
212a.
    (b) The commissioner of revenue services shall
grant a credit  against  any  tax  due  under  the
provisions of chapter 207, 208, 209, 210, 211, 212
or 212a in an amount equal to the amount specified
by  the  [commissioner   of  housing]  CONNECTICUT
HOUSING  FINANCE  AUTHORITY   in  any  tax  credit
voucher issued by  said  [commissioner of housing]
AUTHORITY  pursuant  to  subsection  (c)  of  this
section.
    (c) The [commissioner  of housing] CONNECTICUT
HOUSING   FINANCE  AUTHORITY   shall   [establish]
ADMINISTER a system  of tax credit vouchers WITHIN
THE RESOURCES, REQUIREMENTS  AND  PURPOSES OF THIS
SECTION, for business  firms  making contributions
to  housing  programs   developed,   sponsored  or
managed by a  nonprofit corporation, as defined in
subsection (w) of  section 8-39, which benefit low
and moderate income persons or families which have
been  approved prior  to  the  date  of  any  such
contribution by [said commissioner of housing] THE
AUTHORITY. Such vouchers  may  be used as a credit
against any of  the  taxes  to which such business
firm  is  subject  and  which  are  enumerated  in
subsection (b) of this section.
    (d) No business  firm  shall  receive a credit
pursuant to both  this section and chapter 228a in
relation to the same contribution.
    (e) Nothing in this section shall be construed
to  prevent  two   or  more  business  firms  from
participating  jointly in  one  or  more  programs
under the provisions  of  this section. Such joint
programs shall be  submitted, and acted upon, as a
single program by the business firms involved.
    (f) The sum of all tax credit granted pursuant
to the provisions of this section shall not exceed
fifty thousand dollars  annually per business firm
and no tax credit shall be granted to any business
firm for any individual amount contributed of less
than two hundred fifty dollars.
    (g) No tax  credit  shall  be  granted  to any
bank, bank and  trust  company, insurance company,
trust company, national bank, savings association,
or building and  loan  association  or  any  other
business entity for  activities that are a part of
its normal course of business.
    (h) Any tax  credit  not  used  in  the period
during which the  contribution  was  made  may  be
carried  forward  or   backward   for   the   five
immediately succeeding or  preceding  calendar  or
fiscal  years  until  the  full  credit  has  been
allowed.
    (i) In no  event shall the total amount of all
tax credits allowed to all business firms pursuant
to  the provisions  of  this  section  exceed  one
million dollars in any one fiscal year.
    (j) No tax  credit  shall  be  granted  to any
business firm unless  such firm furnishes proof to
the  commissioner of  revenue  services  that  the
amount of funds expended for contributions for the
support of housing  programs by such business firm
is not less  in  the year for which such credit is
sought  than  the  amount  expended  in  the  year
immediately  preceding the  year  for  which  such
credit is sought.
    (k)  No  organization   conducting  a  housing
program  or programs  eligible  for  funding  with
respect to which  tax credits may be allowed under
this  section  shall  be  allowed  to  receive  an
aggregate amount of  such  funding  for  any  such
program or programs  in  excess  of  three hundred
thousand dollars for any fiscal year.
    (l) Nothing in this section shall be construed
to  prevent  a   business  firm  from  making  any
contribution to a  housing  program  to  which tax
credits  may be  applied  which  contribution  may
result  in the  business  firm  having  a  limited
equity interest in the program.
    (m) The [commissioner  of housing] CONNECTICUT
HOUSING FINANCE AUTHORITY,  with  the  approval of
the commissioner of  revenue services, shall adopt
[regulations]  WRITTEN  PROCEDURES  in  accordance
with [chapter 54]  SECTION  1-21  to implement the
provisions  of this  section.  Such  [regulations]
PROCEDURES shall include  provisions  for  issuing
tax credit vouchers  for  contributions to housing
programs based on  a  system  of  ranking  housing
programs. In establishing such ranking system, the
[commissioner]   AUTHORITY  shall   consider   the
following: (1) The  readiness of the project to be
built;  (2)  use   of   the   funds  to  build  or
rehabilitate  a specific  housing  project  or  to
capitalize  a  revolving   loan   fund   providing
low-cost loans for housing construction, repair or
rehabilitation to benefit persons of very low, low
and moderate income;  (3)  the  extent the project
will benefit families  at or below twenty-five per
cent of the  area  median income and families with
incomes between twenty-five per cent and fifty per
cent of the  area median income, as defined by the
United  States Department  of  Housing  and  Urban
Development;   (4)   evidence   of   the   general
administrative   capability   of   the   nonprofit
corporation to build  or rehabilitate housing, and
(5)  evidence  that  any  funds  received  by  the
nonprofit  corporation for  which  a  voucher  was
issued were used to accomplish the goals set forth
in the application.
    Sec. 24. Section 8-244 of the general statutes
is repealed and  the  following  is substituted in
lieu thereof:
    (a)  There  is  created  a  body  politic  and
corporate to be  known as the "Connecticut Housing
Finance Authority". Said  authority is constituted
a public instrumentality and political subdivision
of this state and the exercise by the authority of
the powers conferred  by  this  chapter  shall  be
deemed  and held  to  be  the  performance  of  an
essential public and  governmental  function.  The
Connecticut Housing Finance Authority shall not be
construed  to  be  a  department,  institution  or
agency of the state. The board of directors of the
authority shall consist  of  [the] FIFTEEN MEMBERS
AS  FOLLOWS: (1)  THE  commissioner  of  [housing]
ECONOMIC AND COMMUNITY  DEVELOPMENT, the secretary
of  the  office  of  policy  and  management,  the
commissioner of banking  and  the state treasurer,
ex officio, [and  six] WITH THE RIGHT TO VOTE, (2)
SEVEN members to  be  appointed  by  the governor,
[who shall] AND  (3)  FOUR  MEMBERS  APPOINTED  AS
FOLLOWS: ONE BY  THE  PRESIDENT PRO TEMPORE OF THE
SENATE,  ONE  BY  THE  SPEAKER  OF  THE  HOUSE  OF
REPRESENTATIVES, ONE BY THE MINORITY LEADER OF THE
SENATE AND ONE BY THE MINORITY LEADER OF THE HOUSE
OF REPRESENTATIVES. THE MEMBER INITIALLY APPOINTED
BY THE SPEAKER  OF  THE  HOUSE  OF REPRESENTATIVES
SHALL SERVE A  TERM  OF  FIVE  YEARS;  THE  MEMBER
INITIALLY APPOINTED BY  THE  PRESIDENT PRO TEMPORE
OF THE SENATE  SHALL  SERVE  A TERM OF FOUR YEARS.
THE  MEMBERS INITIALLY  APPOINTED  BY  THE  SENATE
MINORITY LEADER SHALL SERVE A TERM OF THREE YEARS.
THE MEMBER INITIALLY  APPOINTED  BY  THE  MINORITY
LEADER OF THE HOUSE OF REPRESENTATIVES SHALL SERVE
A  TERM OF  TWO  YEARS.  THEREAFTER,  EACH  MEMBER
APPOINTED BY A  MEMBER  OF  THE  GENERAL  ASSEMBLY
SHALL SERVE A  TERM  OF  FIVE  YEARS.  THE MEMBERS
APPOINTED BY THE  GOVERNOR  AND THE MEMBERS OF THE
GENERAL ASSEMBLY SHALL  BE APPOINTED IN ACCORDANCE
WITH SECTION 4-9b AND among them be experienced in
all aspects of  housing, INCLUDING HOUSING design,
development,  finance, management  and  state  and
municipal finance, and  at least one of whom shall
be selected from  among  the officers or employees
of the state.  AT  LEAST ONE SHALL HAVE EXPERIENCE
IN THE PROVISION  OF  HOUSING TO VERY LOW, LOW AND
MODERATE INCOME FAMILIES. On or before July first,
annually, the governor  shall appoint a member for
a term of  five  years  from  said  July  first to
succeed the member  whose  term  expires and until
his successor has  been  appointed, except that in
1974 [,] and  1995  AND quinquennially thereafter,
the  governor  shall   appoint  two  members.  The
chairperson of the board shall be appointed by the
governor, with the  advice  and  consent  of  both
houses of the  general  assembly.  The board shall
annually elect one  of  its  appointed  members as
vice-chairperson  of  the   board.  Members  shall
receive no compensation  for  the  performance  of
their duties hereunder but shall be reimbursed for
necessary  expenses incurred  in  the  performance
thereof. The governor  OR APPOINTING MEMBER OF THE
GENERAL ASSEMBLY, AS  THE  CASE MAY BE, shall fill
any vacancy for  the  unexpired  term. A member of
the board shall be eligible for reappointment. Any
member of the board may be removed by the governor
OR APPOINTING MEMBER  OF  THE GENERAL ASSEMBLY, AS
THE CASE MAY  BE,  for misfeasance, malfeasance or
wilful neglect of  duty.  Each member of the board
before entering upon  his  duties  shall  take and
subscribe  the oath  of  affirmation  required  by
article XI, section  1, of the state constitution.
A record of  each  such oath shall be filed in the
office  of  the   secretary  of  the  state.  Each
ex-officio member may  designate his deputy or any
member of his  staff  to represent him at meetings
of the board  with full power to act and vote [in]
ON his behalf.
    (b)  Notwithstanding  the  provisions  of  any
other law to the contrary, it shall not constitute
a conflict of  interest  for  a trustee, director,
partner  or  officer   of   any  person,  firm  or
corporation, or any  individual having a financial
interest in a  person,  firm  or  corporation,  to
serve as a  member of the authority, provided such
trustee, director, partner,  officer or individual
shall abstain from deliberation, action or vote by
the authority in  specific respect to such person,
firm or corporation.
    (c) (1) The  authority  may incorporate one or
more subsidiaries [or]  AND  MAY  transfer  to any
subsidiary any moneys,  real or personal property,
of any housing  financed  by  a  mortgage  of  the
authority OR BY  THE CONNECTICUT HOUSING AUTHORITY
AND acquired as  a  result  of  a  foreclosure  or
otherwise.  [Property  transferred   to  any  such
subsidiary shall have the same property tax-exempt
status as other  property  of  the authority] EACH
SUBSIDIARY   SHALL  HAVE   ALL   THE   PRIVILEGES,
IMMUNITIES, TAX EXEMPTIONS AND OTHER EXEMPTIONS OF
THE AUTHORITY, EXCEPT  THE PRIVILEGES, IMMUNITIES,
TAX EXEMPTIONS AND OTHER EXEMPTIONS PROVIDED UNDER
THE GENERAL STATUTES  FOR  SPECIAL CAPITAL RESERVE
FUNDS. Each subsidiary  shall  be  subject to suit
and liability solely from the assets, revenues and
resources of the  subsidiary  and without recourse
to the general  funds,  revenues, resources or any
other  assets  of   the   authority.   Each   such
subsidiary is authorized  to  assume or take title
to housing subject to any existing mortgage and to
mortgage, convey or  dispose  of  its  assets  and
pledge  its  revenues   in  order  to  secure  any
borrowing,  for  the   purpose   of   refinancing,
rehabilitating or improving  its  assets, provided
each such borrowing or mortgage shall be a special
obligation of the subsidiary, WHICH OBLIGATION MAY
BE IN THE  FORM  OF BONDS, BOND ANTICIPATION NOTES
AND  OTHER OBLIGATIONS  TO  THE  EXTENT  PERMITTED
UNDER THIS CHAPTER,  TO  FUND  AND REFUND THE SAME
AND PROVIDE FOR THE RIGHTS OF HOLDERS THEREOF, AND
TO SECURE THE  SAME  BY  PLEDGE OF REVENUES, NOTES
AND  MORTGAGES  OF  OTHERS,  AND  WHICH  SHALL  BE
payable solely from the assets, revenues and other
resources of the  subsidiary  and provided further
no such mortgage,  borrowing or pledge of security
eliminates requirements relating  to  housing that
preserve housing for  persons  and families of low
and moderate income  without  the  express written
consent of the  authority. Such borrowing shall be
in  accordance  with   subsections   (b)  to  (m),
INCLUSIVE,  of section  8-252,  provided  no  such
subsidiary shall be  entitled  to  borrow  for any
purpose   EXCEPT   WITH    RESPECT   TO   PROPERTY
TRANSFERRED TO SUCH  SUBSIDIARY  BY  THE AUTHORITY
specified in subsection (a) of said section 8-252.
    (2) Each subsidiary  shall  have  a  board  of
directors and at  least  one-half  of the board of
directors of each  subsidiary  shall be members of
the board of  directors of the authority, or their
designees  or  officers   or   employees   of  the
authority. A resolution  of  the  authority  shall
prescribe the purposes  for  which each subsidiary
is to be formed.
    (3) The provisions  of  subsection (b) of this
section and sections  8-245, 8-247 and 1-125 shall
apply  to  any   officer,  director,  designee  or
employee  appointed  as   a  member,  director  or
officer of any  such  subsidiary. Any such persons
so appointed shall  not  be  personally liable for
the debts, obligations  or liabilities of any such
subsidiary   provided  in   section   1-125.   The
subsidiary shall and the authority may provide the
indemnification  to  protect,  save  harmless  and
indemnify  such  officer,  director,  designee  or
employee as provided by said section 1-125.
    (4) The authority  or  subsidiary  shall  take
such actions to  comply with the provisions of the
Internal Revenue Code  of  1986  or any subsequent
corresponding internal revenue  code of the United
States, as from  time  to time amended, to qualify
and maintain any  such subsidiary as a corporation
exempt from taxation  under  said Internal Revenue
Code.
    (5) The authority is permitted to make housing
mortgage loans to  each such subsidiary, following
standard authority procedures,  from  the proceeds
of its bonds, notes and other obligations provided
the source and  security for the repayment of such
mortgage  loans  is   derived   from  the  assets,
revenues  and  resources  of  the  subsidiary  and
without recourse to  the  general  funds, revenues
and resources pledged  under  its  general housing
mortgage finance program bond resolution.
    Sec. 25. Section 8-432 of the general statutes
is repealed and  the  following  is substituted in
lieu thereof:
    (a) The commissioner may provide the financial
assistance authorized pursuant  to  section  8-433
for  eligible costs.  Upon  determination  by  the
commissioner to be necessary and reasonable and in
accordance with regulations  adopted under section
8-437, eligible costs  may  include  any costs and
expenses incurred in  construction, acquisition or
rehabilitation,  or any  combination  thereof,  to
create or preserve  assisted housing developments,
which  may  include,   in   accordance   with  the
provisions of section  8-433,  market-rate housing
units, [or for]  reimbursement  or  refinancing of
such costs in  accordance with regulations adopted
pursuant  to section  8-437,  a  developer's  fee,
reasonable   and  necessary   predevelopment   and
start-up  costs  and  the  funding  of  reasonable
working capital reserves  with  respect to housing
developments  that  receive  financial  assistance
pursuant to section 8-433. In the case of resident
controlled  housing,  eligible   costs   may  also
include  the  costs  of  development  of  resident
organizations,  including  resident  training  and
leadership development.
    (b) Notwithstanding the provisions of sections
8-430 to 8-438,  inclusive,  eligible  costs shall
not include (1)  acquisition  of  unimproved  land
without  the  construction  or  rehabilitation  of
structures   on   the   land   acquired   or   (2)
rehabilitation, except substantial rehabilitation,
of structures not  constructed  or  acquired  with
financial assistance provided  pursuant to section
8-433.
    Sec. 26. Section 8-284 of the general statutes
is repealed and  the  following  is substituted in
lieu thereof:
    As used in this chapter:
    (a) "Eligible family or person" means a family
or  person  who   lacks   the   amount  of  income
necessary, [as determined  by  the commissioner of
housing,] to purchase  safe  and  adequate housing
without special financial assistance;
    (b) "Commissioner" means  the  commissioner of
[housing] ECONOMIC AND COMMUNITY DEVELOPMENT;
    (c) "AUTHORITY" MEANS  THE CONNECTICUT HOUSING
FINANCE AUTHORITY; AND
    (d)  "DEPARTMENT"  MEANS   THE   ECONOMIC  AND
COMMUNITY DEVELOPMENT DEPARTMENT.
    Sec. 27. Section 8-285 of the general statutes
is repealed and  the  following  is substituted in
lieu thereof:
    There is established  a  "Housing Purchase and
Rehabilitation Fund". Such  fund  shall be used to
make loans authorized  by  this  chapter. [and for
expenses  incurred  by  the  commissioner  in  the
implementation of the  program established by this
chapter.]
    Sec. 28. Section 8-286 of the general statutes
is repealed and  the  following  is substituted in
lieu thereof:
    (a) [The commissioner, acting on behalf of the
state, may in his discretion enter into a contract
with] THE AUTHORITY  SHALL  ADMINISTER, WITHIN THE
RESOURCES ALLOCATED BY  THE  STATE BOND COMMISSION
TO  THE  DEPARTMENT   OF  ECONOMIC  AND  COMMUNITY
DEVELOPMENT FOR THE  PURPOSES OF SECTIONS 8-283 TO
8-289, INCLUSIVE, AS  AMENDED  BY  THIS  ACT,  THE
HOMEOWNERSHIP  LOAN PROGRAM  ESTABLISHED  BY  SAID
SECTIONS  8-283  TO  8-289.  THE  PURPOSE  OF  THE
PROGRAM SHALL BE  TO  PROVIDE, THROUGH A CONTRACT,
an eligible family  or  person [to provide,] based
on the financial needs of such family or person, a
loan or deferred loan to assist in the purchase of
a dwelling or the purchase and rehabilitation of a
dwelling containing up  to four residential units,
provided such family  or person shall reside in at
least one of such units. In the case of a deferred
loan, the contract  shall require that payments on
interest are due  [immediately] CURRENTLY but that
payments on principal may be made at a later time.
    (b)  Such loan  or  deferred  loan  shall  not
exceed  twenty-five  per   cent  of  the  cost  of
acquiring such dwelling or twenty-five per cent of
the value of  such  dwelling after rehabilitation,
if greater; except  that  no  such  limitation may
apply to any  loan made to a tenant whose dwelling
unit is being  converted  to a condominium and who
is able to  obtain  a mortgage for the purchase of
such dwelling unit. Such value shall be determined
from  the  appraisal,  if  any,  required  by  the
lending institution granting  the  first  mortgage
loan on such  dwelling,  and  if no such appraisal
has been made at the time that a contract for loan
is entered into  pursuant  to  this  chapter,  the
[commissioner]   AUTHORITY   shall    cause   such
appraisal to be made.
    (c) COMMENCING OCTOBER  1,  1995, THE PROCEEDS
OF THE SALE  OF  ANY BONDS OF THE STATE AUTHORIZED
BY ANY PUBLIC OR SPECIAL ACT EFFECTIVE ON OR AFTER
JULY 1, 1995,  THAT ARE TO BE USED FOR THE PURPOSE
OF MAKING LOANS OR DEFERRED LOANS PURSUANT TO THIS
CHAPTER SHALL BE  USED  BY  THE DEPARTMENT TO MAKE
GRANTS-IN-AID TO THE  AUTHORITY  AND  USED  BY THE
AUTHORITY, SUBJECT TO  THE PURPOSES AND CONDITIONS
OF THIS CHAPTER,  FOR  THE PURPOSE OF MAKING LOANS
OR DEFERRED LOANS PURSUANT TO THIS CHAPTER.
    Sec.  29.  Section   8-286a   of  the  general
statutes  is  repealed   and   the   following  is
substituted in lieu thereof:
    Any contract for a loan to purchase a dwelling
under section 8-286,  AS  AMENDED BY SECTION 28 OF
THIS  ACT, may  require  that  the  state  OR  THE
AUTHORITY, shall receive, in exchange for any such
loan, a share  in the appreciation of the dwelling
or any interest  therein upon its sale. Such share
shall  be  in   an   amount   determined   by  the
[commissioner of housing] THE AUTHORITY.
    Sec. 30. Section 8-287 of the general statutes
is repealed and  the  following  is substituted in
lieu thereof:
    (a) Any loan  or  deferred loan contracted for
pursuant to this  chapter  shall  be  secured by a
second mortgage on  the  dwelling purchased by the
recipient of such  loan  or  deferred loan. If the
recipient of such  loan  or deferred loan assigns,
transfers or otherwise  conveys  his  interest  in
such dwelling or  ceases  to occupy such dwelling,
the  unpaid  principal   balance  of  said  second
mortgage, together with  interest  thereon,  shall
become due and  payable.  If  the recipient of any
loan or deferred  loan is unable to repay the loan
or deferred loan, [the commissioner] THE AUTHORITY
OR THE COMMISSIONER,  FOR  LOANS OR DEFERRED LOANS
MADE UNDER THIS  CHAPTER PRIOR TO OCTOBER 1, 1995,
AND THE AUTHORITY FOR LOANS OR DEFERRED LOANS MADE
AFTER OCTOBER 1,  1995,  at his OR ITS discretion,
AS THE CASE  MAY BE, may adjust the interest rate,
terms and conditions  of the loan or deferred loan
to facilitate repayment.
    (b) Repayment of  any  loan  or  deferred loan
provided in accordance  with this chapter shall be
subject to an  interest  rate  to be determined in
accordance with subsection (t) of section 3-20 and
such terms and  conditions  as the commissioner OR
THE AUTHORITY may  establish. The [commissioner in
his] AUTHORITY, IN ITS discretion, (1) may approve
repayment of a  loan for a term that is concurrent
with the first mortgage or, in the case of a first
mortgage that is a graduated payment mortgage, for
a term of  no  more  than  thirty years or (2) may
require  the  loan   be   due   and  payable  upon
assignment, transfer, sale  or other conveyance of
the  property. Payments  by  homeowners  WHO  HAVE
RECEIVED FINANCIAL ASSISTANCE  UNDER  THIS CHAPTER
PRIOR TO OCTOBER  1,  1995,  shall  be paid to the
state treasurer and  deposited in the general fund
of the state.  PAYMENTS  BY  HOMEOWNERS  WHO  HAVE
RECEIVED FINANCIAL ASSISTANCE  UNDER  THIS CHAPTER
AFTER  OCTOBER 1,  1995,  SHALL  BE  PAID  TO  THE
AUTHORITY, DEPOSITED IN  SUCH FUNDS OR ACCOUNTS AS
THE AUTHORITY MAY  ESTABLISH FROM TIME TO TIME FOR
SUCH PURPOSE AND  PAID  BY  THE  AUTHORITY  TO THE
STATE TREASURER AND DEPOSITED IN THE GENERAL FUND,
EXCEPT THAT WITH  THE APPROVAL OF THE SECRETARY OF
THE OFFICE OF  POLICY AND MANAGEMENT AND THE STATE
TREASURER PAYMENTS RECEIVED  BY  THE AUTHORITY MAY
BE USED BY  THE AUTHORITY TO MAKE ADDITIONAL LOANS
PURSUANT TO THIS CHAPTER.
    Sec. 31. Section 8-289 of the general statutes
is repealed and  the  following  is substituted in
lieu thereof:
    The  commissioner  shall   adopt   regulations
providing for financial qualifications of eligible
families or persons,  requirements and limitations
as  to adjustments  of  terms  and  conditions  of
repayment, funding priorities  and  any additional
requirements as he  deems  necessary  to carry out
the purposes of this chapter FOR LOANS OR DEFERRED
LOANS MADE UNDER  THIS CHAPTER PRIOR TO OCTOBER 1,
1995, THE AUTHORITY SHALL ADOPT WRITTEN PROCEDURES
UNDER SECTION 1-121 FOR SUCH PURPOSES FOR LOANS OR
DEFERRED LOANS MADE AFTER OCTOBER 1, 1995.
    Sec. 32. Section 8-400 of the general statutes
is repealed and  the  following  is substituted in
lieu thereof:
    As used in sections 8-400 to 8-406, inclusive:
    (1) "Authority" means  the Connecticut Housing
Finance Authority as  created under section 8-244,
AS AMENDED BY SECTION 24 OF THIS ACT;
    (2)  "Developer",  "mortgagor"   or  "eligible
mortgagor"  means  (A)   a  nonprofit  corporation
incorporated pursuant to  chapter  600,  having as
one   of   its    purposes    the    construction,
rehabilitation, ownership or operation of housing,
and having articles  of  incorporation approved by
the authority in accordance with the provisions of
chapter   134;  (B)   any   business   corporation
incorporated pursuant to  chapter  599,  having as
one   of   its    purposes    the    construction,
rehabilitation, ownership or operation of housing,
and having articles  of  incorporation approved by
the authority in accordance with the provisions of
said  chapter  134;   (C)  any  LIMITED  LIABILITY
COMPANY, partnership, limited  partnership,  joint
venture, sole proprietorship, trust or association
having as one  of  its  purposes the construction,
rehabilitation, ownership or operation of housing,
and  having  basic   documents   of   organization
approved by the  authority  in accordance with the
provisions of said chapter 134; or (D) a family or
persons approved by  the authority as qualified to
own, construct, rehabilitate,  manage and maintain
housing under a  mortgage  loan made or insured by
the authority under the provisions of said chapter
134 and under  an  agreement entered into pursuant
to the provisions  of  sections  8-400  to  8-406,
inclusive, AS AMENDED BY THIS ACT;
    (3)     "Housing",     "housing      project",
"development" or "project"  means  any undertaking
having  as its  [primary]  PRINCIPAL  purpose  the
construction or substantial rehabilitation of safe
and adequate housing  and  related  facilities for
low  and moderate  income  families  and  persons,
including   housing   that    provides    dwelling
accommodations in addition  to the primary purpose
of providing dwelling  accommodations  for low and
moderate income families and persons;
    (4)  "Related  facilities"  means  commercial,
office,   health,  administrative,   recreational,
community  and service  facilities  incidental  to
housing as determined by the authority;
    (5)  "Rent"  means   the   charges,  excluding
security  deposits,  paid   to   a   landlord  for
occupancy of housing  financed  or  assisted under
sections 8-400 to  8-406, inclusive, AS AMENDED BY
THIS ACT;
    (6) "Project cost"  means  the  total  of  all
costs incurred in  the  development  of  a housing
project, which are  approved  by the authority and
the  commissioner of  housing  as  reasonable  and
necessary, including, but not limited to (A) costs
of  land  acquisition,   including  any  buildings
located thereon; (B)  costs  of  site preparation,
demolition  and  development;  (C)  architectural,
engineering,  legal and  other  fees  and  charges
incurred   in  connection   with   the   planning,
execution and financing  of  the  project; (D) the
cost  of  studies,   surveys,  plans  and  permits
required  in  connection  with  the  project;  (E)
insurance, interest, financing, tax and assessment
costs and other  operating  costs  incurred during
construction;  (F) the  cost  of  construction  or
reconstruction, including the cost of fixtures and
equipment   related  to   such   construction   or
reconstruction; (G) the cost of land improvements;
(H) necessary expenses incurred in connection with
the  initial  occupancy  of  the  project;  (I)  a
reasonable  profit  or  fee  to  the  builder  and
developer; (J) an  allowance  established  by  the
authority  for working  capital,  replacement  and
contingency  reserves,  and   reserves   for   any
anticipated operating deficits  during  the  first
two years of occupancy; (K) the cost of such other
items,  including  tenant   relocation,   as   the
authority and the  commissioner  of  housing shall
deem  to  be  reasonable  and  necessary  for  the
development of the project, less the amount of net
rents and other  net  revenues  received  from the
operation  of  any   real  and  personal  property
located on the project site during construction;
    (7) "Low income  unit" means a unit of housing
rented to a  tenant  whose  income  is  below  the
aggregate family income  standards  established in
sections 8-400 to  8-406, inclusive, AS AMENDED BY
THIS ACT;
    (8) "Mortgage" means  a mortgage deed or other
instrument which shall  constitute a lien, whether
first  or  second,   on  real  property  or  on  a
leasehold under a lease having a remaining term at
the time such  mortgage is acquired which does not
expire for a  number  of years beyond the maturity
date of the  obligation  secured  by such mortgage
that is equal  to  the  number  of years remaining
until the maturity date of such obligation;
    (9) "First mortgage"  means  such  classes  of
first liens as  are commonly given to secure loans
on, or the unpaid purchase price of, real property
under  the  laws   of  the  state,  together  with
appropriate credit instruments;
    (10) "Bonds" means  any  bonds, notes, interim
certificates,  debentures  or   other  obligations
issued by the  state pursuant to sections 8-400 to
8-406, inclusive, AS AMENDED BY THIS ACT;
    (11) "Aggregate family income" means the total
family income of  all  members  of  a family, from
whatever source derived, including but not limited
to pensions, annuities,  retirement  benefits  and
social security benefits,  provided  the authority
and the commissioner  of  [housing]  ECONOMIC  AND
COMMUNITY  DEVELOPMENT  may   exclude   from  such
income, (A) reasonable  allowances for dependents,
(B) reasonable allowances  for  medical  expenses,
(C) all or  any  part of the earnings of gainfully
employed minors or  family  members other than the
chief  wage  earner,   (D)  income  not  regularly
received  and  (E)  such  other  expenses  as  the
commissioner of [housing]  ECONOMIC  AND COMMUNITY
DEVELOPMENT may allow;
    (12)  "Tenant"  means   the  occupant  of  any
housing UNIT financed  or  assisted under sections
8-400 to 8-406, inclusive, AS AMENDED BY THIS ACT;
    (13)  "Second mortgage"  means  any  class  of
second liens ranking  immediately  after  a  first
mortgage OR CLASS  OF  FIRST  LIENS  on  the  same
property, without any  intervening  liens,  as are
commonly given to  secure  loans on real property,
or the unpaid  purchase  price  of  real  property
under  the  laws   of  the  state,  together  with
appropriate  credit  instruments   to   insure  or
guarantee repayment in the event of default by the
mortgagor.
    Sec. 33. Section 8-401 of the general statutes
is repealed and  the  following  is substituted in
lieu thereof:
    Upon preliminary approval  by  the  State Bond
Commission pursuant to  the  provisions of section
3-20, the state,  acting by and [in the discretion
of] THROUGH the commissioner of [housing] ECONOMIC
AND  COMMUNITY  DEVELOPMENT,   may  enter  into  a
contract with [a  developer,] the authority, [or a
mortgagor of the  authority,] TO PROVIDE for state
financial assistance in  the form of grants-in-aid
or deferred loans  to housing projects financed by
the authority through  the means of a loan secured
by a first  mortgage; PROVIDED, ANY SUCH FINANCIAL
ASSISTANCE TO BE  FUNDED  WITH  PROCEEDS  OF BONDS
APPROVED BY PUBLIC OR SPECIAL ACTS EFFECTIVE ON OR
AFTER JULY 1, 1995, SHALL BE PROVIDED AS SET FORTH
IN THIS SECTION.  COMMENCING OCTOBER 1, 1995, UPON
PRELIMINARY APPROVAL OF  THE STATE BOND COMMISSION
PURSUANT TO THE  PROVISIONS  OF  SECTION 3-20, THE
STATE, ACTING BY  AND  THROUGH  THE DEPARTMENT MAY
PROVIDE  A  GRANT-IN-AID   TO  THE  AUTHORITY  FOR
PURPOSES OF PERMITTING  THE  AUTHORITY  TO  EXTEND
STATE  FINANCIAL  ASSISTANCE  TO  A  DEVELOPER  OR
MORTGAGOR  OF  THE   AUTHORITY   IN  THE  FORM  OF
GRANTS-IN-AID  OR  DEFERRED   LOANS   TO   HOUSING
PROJECTS FINANCED BY  THE  AUTHORITY THROUGH MEANS
OF A LOAN SECURED BY A FIRST MORTGAGE. Such grants
or deferred loans  made  to a developer under this
section shall be  for [individual] CONSTRUCTION OR
REHABILITATION OF DEVELOPMENTS  CONTAINING  rental
units. [in an amount not to exceed one-half of the
project cost divided by the number of rental units
in the project.]  The  total amount of such grants
or deferred loans  awarded  to  a  single  project
shall not exceed an amount equal to [the grant for
each unit] ONE-HALF  OF  THE  COST  OF THE PROJECT
DIVIDED BY THE  NUMBER  OF  RENTAL  UNITS  IN  THE
PROJECT multiplied by  the  number  of  low-income
units  in  the   project.   The  total  number  of
low-income   units  in   any   project   receiving
financial assistance under  this  section shall be
not less than  twenty  per  cent and, FOR PROJECTS
RECEIVING ASSISTANCE PRIOR TO OCTOBER 1, 1995, AND
FOR  PROJECTS  RECEIVING   ASSISTANCE   FROM   THE
PROCEEDS OF BONDS  AUTHORIZED BY PUBLIC OR SPECIAL
ACTS EFFECTIVE PRIOR TO JULY 1, 1995, shall not be
more than forty  per  cent  of the total number of
rental units in  the project. No project receiving
financial  assistance  under  this  section  shall
contain less than  twenty-five  rental  units. Any
grant or deferred  loan awarded under this section
shall be used to reduce the cost of the project.
    Sec. 34. Section 8-402 of the general statutes
is repealed and  the  following  is substituted in
lieu thereof:
    The state, acting by and [in the discretion of
the   commissioner  of   housing,]   THROUGH   THE
DEPARTMENT OF ECONOMIC  AND  COMMUNITY DEVELOPMENT
may enter into  a  contract  with  the  authority,
developer, or mortgagor  of  the authority AND THE
AUTHORITY  MAY  ENTER   INTO  A  CONTRACT  WITH  A
DEVELOPER OR MORTGAGOR OF THE AUTHORITY to provide
state financial assistance  in  the form of rental
subsidy certificates for  each  low-income unit in
the  project.  Any   commitment  to  provide  such
subsidy shall be an obligation of the state OR THE
AUTHORITY, AS THE CASE MAY BE, for a period of not
less than fifteen  years,  and  the amount of such
subsidy shall be  equal  to the difference between
the amount of  rent plus an allowance for heat and
utilities not included in the rent approved by the
commissioner [of housing] OR THE AUTHORITY, AS THE
CASE MAY BE,  and  thirty  per  cent of the annual
aggregate family income  of the tenant residing in
the low-income unit  for  each  such  unit  on  an
annual basis. The  rent  charged  for a low-income
unit may not  be increased without the approval of
the commissioner [of housing] OR THE AUTHORITY, AS
THE  CASE MAY  BE.  The  annual  aggregate  family
income of a  tenant  for  the  year  prior  to the
occupancy of a low-income unit by the tenant shall
not exceed fifty  per  cent  of  the  area  median
income, adjusted for family size, as determined by
the commissioner OR THE AUTHORITY, AS THE CASE MAY
BE. If such  annual  aggregate family income after
occupancy exceeds seventy  per  cent  of  the area
median income, adjusted  for family size, the unit
occupied  by  the   tenant   will   no  longer  be
considered  a  low-income   unit   and   the  next
available unit will  be rented to a tenant with an
aggregate family income  of  less  than  fifty per
cent  of the  area  median  income,  adjusted  for
family size. No  tenant residing in a project will
receive  financial  assistance  through  a  rental
subsidy  certificate under  this  section  if  the
aggregate family income of the tenant in the prior
year exceeds sixty  per  cent  of  the area median
income, adjusted for family size.
    Sec. 35. Section 8-403 of the general statutes
is repealed and  the  following  is substituted in
lieu thereof:
    Upon preliminary approval  by  the  State Bond
Commission pursuant to  the  provisions of section
3-20, the state,  acting by and [in the discretion
of  the  commissioner  of  housing,]  THROUGH  THE
DEPARTMENT OF ECONOMIC  AND  COMMUNITY DEVELOPMENT
may enter into  a contract with [a developer,] the
authority [, or a mortgagor of the authority, for]
TO  PROVIDE  state   financial   assistance  TO  A
MORTGAGOR OF THE  AUTHORITY  in the form of a loan
secured  by a  second  mortgage  for  any  housing
project  for  which  the  authority  has  provided
financial assistance in the form of a loan secured
by a first  mortgage;  PROVIDED ANY SUCH FINANCIAL
ASSISTANCE TO BE  FUNDED  WITH  PROCEEDS  OF BONDS
APPROVED BY PUBLIC OR SPECIAL ACTS EFFECTIVE ON OR
AFTER JULY 1,  1995, SHALL BE PROVIDED AS FOLLOWS:
COMMENCING  OCTOBER  1,   1995,  UPON  PRELIMINARY
APPROVAL OF THE  STATE BOND COMMISSION PURSUANT TO
THE PROVISIONS OF  SECTION 3-20, THE STATE, ACTING
BY AND THROUGH  THE  DEPARTMENT  OF  ECONOMIC  AND
COMMUNITY DEVELOPMENT MAY  PROVIDE  A GRANT-IN-AID
TO THE AUTHORITY,  FOR  PURPOSES OF PERMITTING THE
AUTHORITY TO EXTEND  STATE FINANCIAL ASSISTANCE TO
THE DEVELOPER OR MORTGAGOR OF THE AUTHORITY IN THE
FORM OF A  LOAN  SECURED  BY A SECOND MORTGAGE FOR
ANY HOUSING PROJECT  FOR  WHICH  THE AUTHORITY HAS
PROVIDED FINANCIAL ASSISTANCE  IN  THE  FORM  OF A
LOAN SECURED BY  A FIRST MORTGAGE. Such loan shall
be made for  the  purpose  of providing additional
financing for the  project.  Any  loan  made under
this section shall bear interest payable quarterly
on the first  days  of  January,  April,  July and
October for the  preceding calendar quarter, OR AT
SUCH  OTHER  TIMES   AS   ARE  DETERMINED  BY  THE
AUTHORITY at a  rate  determined by the State Bond
Commission under subsection  (t)  of  section 3-20
and shall be  repayable in such instalments as may
be determined by  the commissioner [of housing] OR
THE AUTHORITY, AS  THE  CASE  MAY BE, within fifty
years from the date of completion of the project.
    Sec. 36. Section 8-404 of the general statutes
is repealed and  the  following  is substituted in
lieu thereof:
    Any contract for  financial assistance awarded
under sections 8-400  to 8-406, inclusive, [shall]
AS AMENDED BY  THIS  ACT,  WHICH  IS  FUNDED  WITH
PROCEEDS  OF BONDS  OF  THE  STATE  AUTHORIZED  BY
GENERAL OR SPECIAL  ACT EFFECTIVE PRIOR TO JULY 1,
1995, OR WHICH IS FUNDED PRIOR TO OCTOBER 1, 1995,
SHALL, AND ANY  OTHER  CONTRACT  MAY  contain  the
requirement that the  state  OR  THE AUTHORITY, AS
THE CASE MAY  BE,  shall  receive, in exchange for
any  such  assistance,   [an  equity  interest]  A
FINANCIAL  PARTICIPATION  in   the  project.  Such
[equity interest] FINANCIAL PARTICIPATION shall be
in a proportion  which  shall not be less than the
proportion that the  number of low-income units in
the project bears to the total rental units in the
project. Any sale  of the project, any interest in
the project or  any of its units shall require the
approval of the commissioner of [housing] ECONOMIC
AND COMMUNITY DEVELOPMENT OR THE AUTHORITY, AS THE
CASE MAY BE, and shall be made upon such terms and
conditions as the  commissioner  OR THE AUTHORITY,
AS THE CASE MAY BE, may approve.
    Sec. 37. Subsection  (a)  of  section 32-1c of
the general statutes is repealed and the following
is substituted in lieu thereof:
    (a) In addition  to  any  other powers, duties
and responsibilities provided for in this chapter,
chapter  131, chapter  579  and  section  4-8  and
subsection (a) of section 10-321, the commissioner
shall  have  the   following  powers,  duties  and
responsibilities: (1) To administer and direct the
operations  of  the  department  of  economic  AND
COMMUNITY development; (2)  to  report annually to
the governor, as  provided in section 4-60; (3) to
conduct and administer  the  research and planning
functions necessary to  carry  out the purposes of
said chapters and  sections;  (4) to encourage and
promote the development  of  industry and business
in  the  state   and  to  investigate,  study  and
undertake  ways  and   means   of   promoting  and
encouraging   the   prosperous   development   and
protection of the  legitimate interest and welfare
of Connecticut business,  industry  and  commerce,
within and outside  the  state;  (5)  to serve, ex
officio as a  director on the board of Connecticut
Innovations,  Incorporated;  (6)  to  serve  as  a
member of the committee of Concern for Connecticut
Jobs; (7) to  promote  and  encourage the location
and development of  new  business  in the state as
well as the  maintenance and expansion of existing
business and for  that  purpose  to cooperate with
state  and local  agencies  and  individuals  both
within and outside  the  state;  (8)  to  plan and
conduct a program  of  information  and  publicity
designed to attract  tourists,  visitors and other
interested persons from  outside the state to this
state and also  to  encourage  and  coordinate the
efforts of other  public and private organizations
or groups of  citizens to publicize the facilities
and  attractions  of   the   state  for  the  same
purposes;  (9)  to   advise   and  cooperate  with
municipalities,   persons   and   local   planning
agencies  within the  state  for  the  purpose  of
promoting coordination between  the state and such
municipalities as to  plans  and development; (10)
to   provide  all   necessary   staff,   services,
accounting and office space and equipment required
by the Connecticut  Development  Authority subject
to the provisions  of  section  4b-23,  where real
estate  acquisitions are  involved;  (11)  to  aid
minority businesses in  their development; (12) to
appoint such assistants,  experts, technicians and
clerical  staff,  subject  to  the  provisions  of
chapter 67, as  are  necessary  to  carry  out the
purposes of said  chapters  and  sections; (13) to
employ  other  consultants  and  assistants  on  a
contract or other  basis  for rendering financial,
technical or other assistance and advice, provided
in   implementing   the    Connecticut    economic
information system the  commissioner  shall to the
maximum  extent  feasible  contract  with  private
vendors for software,  certain  data sets and data
updating  services;  (14)   to  acquire  or  lease
facilities located outside  the  state  subject to
the provisions of  section  4b-23;  (15) to advise
and inform municipal officials concerning economic
development    and   collect    and    disseminate
information    pertaining    thereto,    including
information  about  federal,   state  and  private
assistance   programs  and   services   pertaining
thereto; (16) to  inquire  into the utilization of
state government resources  and coordinate federal
and  state  activities   for   assistance  in  and
solution of problems  of  economic development and
to  inform  and  advise  the  governor  about  and
propose legislation concerning such problems; (17)
to conduct, encourage  and  maintain  research and
studies  relating  to  industrial  and  commercial
development;  (18) to  prepare  and  review  model
ordinances and charters  relating  to these areas;
(19)  to  maintain   an   inventory  of  data  and
information  and  act   as   a  clearinghouse  and
referral  agency  for  information  on  state  and
federal  programs and  services  relative  to  the
purpose  set forth  herein.  THE  INVENTORY  SHALL
INCLUDE INFORMATION ON  ALL  FEDERAL  PROGRAMS  OF
FINANCIAL   ASSISTANCE  FOR   DEFENSE   CONVERSION
PROJECTS  AND OTHER  PROJECTS  CONSISTENT  WITH  A
DEFENSE  CONVERSION STRATEGY  AND  SHALL  IDENTIFY
BUSINESSES  WHICH  WOULD   BE  ELIGIBLE  FOR  SUCH
ASSISTANCE  AND  PROVIDE   NOTIFICATION   TO  SUCH
BUSINESS  OF  SUCH   PROGRAMS;  (20)  to  conduct,
encourage and maintain  research  and  studies and
advise   municipal  officials   about   forms   of
cooperation between public  and  private  agencies
designed to advance  economic development; (21) to
promote and assist  the formation of municipal and
other agencies appropriate to the purposes of this
chapter; (22) to  require notice of the submission
of  all applications  by  municipalities  and  any
agency thereof for  federal  and  state  financial
assistance for economic  development  programs  as
relate to the  purposes of this chapter; (23) with
the approval of the commissioner of administrative
services,  to  reimburse   any   employee  of  the
department,   including  the   commissioner,   for
reasonable business expenses,  including  but  not
limited   to,  mileage,   travel,   lodging,   and
entertainment  of  business  prospects  and  other
persons to the  extent  necessary  or advisable to
carry out the  purposes  of subdivisions (4), (7),
(8)  and  (11)   of   this  subsection  and  other
provisions of this  chapter;  (24)  to  assist  in
resolving solid waste  management issues; and (25)
to develop and  implement the Connecticut economic
information  system,  in   consultation  with  the
Connecticut Economic Information  System  Steering
Committee established under section 32-6i.
    Sec. 38. Section 32-1h of the general statutes
is repealed and  the  following  is substituted in
lieu thereof:
    Not later than  March first and October first,
annually,  the  commissioner   of   economic   AND
COMMUNITY development shall submit a report to the
auditors of public accounts and the joint standing
committees   of  the   general   assembly   having
cognizance of matters  relating  to the department
of    economic    AND    COMMUNITY    development,
appropriations and capital  bonding,  which  shall
include the following  information with respect to
new and outstanding  financial assistance provided
by the commissioner  for each financial assistance
program he administers:  (1)  A list of the names,
addresses and locations  of all recipients of such
assistance, (2) for  each  such recipient: (A) The
business activities, (B)  the  standard industrial
classification  manual  codes,   (C)   the   gross
revenues during the recipient's most recent fiscal
year, (D) the  number  of employees at the time of
application,  (E)  whether   the  recipient  is  a
minority or women-owned business, (F) a summary of
the  terms  and  conditions  for  the  assistance,
including the type  and  amount of state financial
assistance,    job    creation     or    retention
requirements, and anticipated  wage rates, and (G)
the amount of  investments  from private and other
nonstate sources that  have  been leveraged by the
assistance, (3) the economic benefit criteria used
in  determining  which   applications   have  been
approved or disapproved and (4) for each recipient
of  assistance  on   or  after  July  1,  1991,  a
comparison  between  the  number  of  jobs  to  be
created, the number of jobs to be retained and the
average wage rates for each such category of jobs,
as  projected  in   the  recipient's  application,
versus the actual  number  of  jobs  created,  the
actual number of  jobs  retained  and  the average
wage rates for  each  such  category.  The  report
shall also indicate the actual number of full-time
jobs and the  actual  number  of part-time jobs in
each such category and the benefit levels for each
such subcategory. The  October  first report shall
include  a  summary   of  the  activities  of  the
department,  including all  activities  to  assist
small    businesses    and    minority    business
enterprises, as defined  in  section  32-9e, [and]
recommendations  for legislation  to  promote  the
purposes of the  department, A LIST OF ALL FEDERAL
PROGRAMS  OF  FINANCIAL   ASSISTANCE  FOR  DEFENSE
CONVERSION PROJECTS AND  OTHER PROJECTS CONSISTENT
WITH A DEFENSE  CONVERSION  STRATEGY AND A LIST OF
ALL  APPLICATIONS FOR  SUCH  FINANCIAL  ASSISTANCE
FILED BY THE SECRETARY OF THE OFFICE OF POLICY AND
MANAGEMENT IN CONSULTATION  WITH  THE COMMISSIONER
OF ECONOMIC AND  COMMUNITY DEVELOPMENT, DURING THE
PRECEDING STATE FISCAL  YEAR, INCLUDING THE STATUS
OF EACH SUCH APPLICATION.
    Sec.  39.  Section   32-39   of   the  general
statutes, as amended  by  section  2 of public act
95-78,   is  repealed   and   the   following   is
substituted in lieu thereof:
    The purposes of  the  corporation  shall be to
stimulate   and   encourage   the   research   and
development of new  technologies  and products, to
encourage  the  creation   and   transfer  of  new
technologies,  to assist  existing  businesses  in
adopting  current  and   innovative  technological
processes, to stimulate  and  provide  services to
industry  that  will   advance  the  adoption  and
utilization of technology, to achieve improvements
in  the  quality  of  products  and  services,  to
stimulate  and  encourage   the   development  and
operation of new  and  existing  science parks and
incubator  facilities,  and  to  promote  science,
engineering,  mathematics  and  other  disciplines
that  are  essential   to   the   development  and
application of technology  within  Connecticut  by
the  infusion  of   financial  aid  for  research,
invention and innovation  in  situations  in which
such  financial  aid   would   not   otherwise  be
reasonably  available  from  commercial  or  other
sources, and for  these  purposes  the corporation
shall have the following powers:
    (1) To have  perpetual  succession  as  a body
corporate  and  to   adopt  bylaws,  policies  and
procedures for the  regulation  of its affairs and
conduct of its  businesses  as provided in section
32-36;
    (2)  To enter  into  venture  agreements  with
persons, upon such terms and on such conditions as
are consistent with  the purposes of this chapter,
for  the advancement  of  financial  aid  to  such
persons   for  the   research,   development   and
application  of specific  technologies,  products,
procedures,  services  and   techniques,   to   be
developed  and produced  in  this  state,  and  to
condition   such   agreements   upon   contractual
assurances  that the  benefits  of  increasing  or
maintaining  employment  and  tax  revenues  shall
remain in this state and shall accrue to it;
    (3) To solicit, receive and accept aid, grants
or  contributions  from   any   source  of  money,
property or labor  or other things of value, to be
held, used and  applied  to carry out the purposes
of this chapter,  subject  to  the conditions upon
which such grants  and  contributions may be made,
including but not limited to, gifts or grants from
any department or  agency  of the United States or
the state;
    (4) With the  approval of the secretary of the
office of policy  and  management,  to  invest in,
acquire, lease, purchase,  own,  manage,  hold and
dispose of real property and lease, convey or deal
in or enter  into  agreements with respect to such
property on any  terms  necessary or incidental to
the  carrying out  of  these  purposes;  provided,
however,  that  all   such  acquisitions  of  real
property shall be  subject  to  the  provisions of
section 4b-23;
    (5) To borrow  money  to  the extent permitted
under this chapter;
    (6) To hold  patents,  copyrights, trademarks,
marketing rights, licenses, or any other evidences
of protection or exclusivity as to any products as
defined  herein, issued  under  the  laws  of  the
United States or any state or any nation;
    (7)  To employ  such  assistants,  agents  and
other employees as  may be necessary or desirable,
which  employees  shall   be   exempt   from   the
classified service and  shall not be employees, as
defined  in  subsection   (b)  of  section  5-270;
establish all necessary  or  appropriate personnel
practices and policies,  including  those relating
to hiring, promotion, compensation, retirement and
collective  bargaining,  which   need  not  be  in
accordance with chapter  68,  and  the corporation
shall not be  an employer as defined in subsection
(a)  of section  5-270;  and  engage  consultants,
attorneys and appraisers  as  may  be necessary or
desirable to carry  out its purposes in accordance
with this chapter;
    (8) To make  and  enter into all contracts and
agreements   necessary  or   incidental   to   the
performance of its duties and the execution of its
powers under this chapter;
    (9)  To  sue   and   be  sued,  plead  and  be
impleaded, adopt a  seal  and  alter  the  same at
pleasure;
    (10) With the approval of the state treasurer,
to invest any  funds  not needed for immediate use
or  disbursement,  including  any  funds  held  in
reserve, in obligations  issued  or  guaranteed by
the United States  of  America  or  the  state  of
Connecticut and in  other  obligations  which  are
legal investments for  retirement  funds  in  this
state;
    (11) To procure  insurance against any loss in
connection with its  property  and other assets in
such amounts and  from  such  insurers as it deems
desirable;
    (12)  To  the   extent   permitted  under  its
contract with other  persons,  to  consent  to any
termination,  modification, forgiveness  or  other
change  of any  term  of  any  contractual  right,
payment, royalty, contract  or  agreement  of  any
kind to which the corporation is a party;
    (13) To do  anything  necessary and convenient
to render the  bonds  to  be  issued under section
32-41 more marketable;
    (14) To acquire, lease, purchase, own, manage,
hold and dispose  of personal property, and lease,
convey or deal  in  or  enter into agreements with
respect to such property on any terms necessary or
incidental to the carrying out of these purposes;
    (15) In connection  with  any  application for
assistance  under  this  chapter,  or  commitments
therefor, to make  and  collect  such  fees as the
corporation shall determine to be reasonable;
    (16) To enter  into  venture  agreements  with
persons, upon such  terms  and  conditions  as are
consistent with the  purposes  of  this chapter to
provide financial aid  to  such  persons  for  the
marketing of new  and innovative services based on
the use of a specific technology, product, device,
technique, service or process;
    (17) To enter  into  limited  partnerships  or
other contractual arrangements  with  private  and
public sector entities  as  the  corporation deems
necessary to provide  financial aid which shall be
used to make  investments  of seed venture capital
in companies based  in  or relocating to the state
in a manner  which shall foster additional capital
investment, the establishment  of  new businesses,
the   creation  of   new   jobs   and   additional
commercially-oriented  research  and   development
activity.  The repayment  of  such  financial  aid
shall  be  structured   in   such  manner  as  the
corporation  deems  will  best  encourage  private
sector participation in  such limited partnerships
or other arrangements.  The  board  of  directors,
executive  director, officers  and  staff  of  the
corporation may serve  as  members of any advisory
or other board  which  may be established to carry
out the purposes of this subdivision;
    (18) To account  for  and  audit  funds of the
corporation  and  funds   of   any  recipients  of
financial aid from the corporation;
    (19)  To  advise  the  governor,  the  general
assembly,  the  commissioner   of   economic   AND
COMMUNITY  development  and  the  commissioner  of
higher education on  matters  relating to science,
engineering  and  technology  which  may  have  an
impact on state  policies, programs, employers and
residents, and on job creation and retention;
    (20) To promote  technology-based  development
in the state;
    (21)   To   encourage    and    promote    the
establishment of and,  within available resources,
to provide financial  aid  to  advanced technology
centers;
    (22) To maintain  an  inventory  of  data  and
information concerning state  and federal programs
which are related  to the purposes of this chapter
and  to serve  as  a  clearinghouse  and  referral
service for such  data  and  information;  [. Such
inventory shall include information on all federal
programs  of  financial   assistance  for  defense
conversion projects and  other projects consistent
with   a   defense    conversion   strategy.   The
corporation shall identify  businesses which would
be eligible for  such  assistance and shall notify
the businesses of such programs;]
    (23) To conduct  and  encourage  research  and
studies relating to technological development;
    (24) To provide  technical or other assistance
and,  within  available   resources,   to  provide
financial  aid  to   the  Connecticut  Academy  of
Science and Engineering, Incorporated, in order to
further the purposes of this chapter;
    (25) To recommend  a  science  and  technology
agenda  for  the   state  that  will  promote  the
formation of public  and  private partnerships for
the purpose of  stimulating research, new business
formation and growth and job creation;
    (26)  To  encourage   and   provide  technical
assistance  and, within  available  resources,  to
provide financial aid  to  existing  manufacturers
and other businesses  in  the  process of adopting
innovative  technology  and  new  state-of-the-art
processes and techniques;
    (27)   To   recommend    state    goals    for
technological   development   and   to   establish
policies  and  strategies   for   developing   and
assisting  technology-based  companies   and   for
attracting such companies to the state;
    (28)  To promote  and  encourage  and,  within
available resources, to  provide financial aid for
the establishment, maintenance  and  operation  of
incubator facilities;
    (29) To promote and encourage the coordination
of public and  private  resources  and  activities
within   the   state    in    order    to   assist
technology-based   entrepreneurs   and    business
enterprises;
    (30) To provide services to industry that will
stimulate and advance the adoption and utilization
of  technology and  achieve  improvements  in  the
quality of products and services;
    (31)   To   promote    science,   engineering,
mathematics  and  other   disciplines   that   are
essential to the  development  and  application of
technology;
    (32) To coordinate  its  efforts with existing
business outreach centers, as described in section
32-9qq;
    (33) To do  all  acts and things necessary and
convenient  to carry  out  the  purposes  of  this
chapter.
    Sec.  40.  Section   32-47a   of  the  general
statutes, as amended  by  section  4 of public act
95-78,   is  repealed   and   the   following   is
substituted in lieu thereof:
    Not later than  January  first  in  each year,
Connecticut Innovations, Incorporated shall submit
a  business  plan  containing  a  summary  of  its
projected operations for  the  year  to  the joint
standing committees of the general assembly having
cognizance of matters  relating  to the department
of    economic    AND    COMMUNITY    development,
appropriations and capital bonding. Not later than
March  first  and  October  first,  annually,  the
corporation  shall  submit   a   report   to   the
commissioner    of    economic    AND    COMMUNITY
development, the auditors  of  public accounts and
said  joint  standing   committees,   which  shall
include the following  information with respect to
new and outstanding  financial assistance provided
by the corporation  for  each financial assistance
program administered by  the  corporation:  (1)  A
list of the  names, addresses and locations of all
recipients of such  assistance,  (2) for each such
recipient: (A) The  business  activities,  (B) the
Standard Industrial Classification  Manual  codes,
(C) the gross revenues during the recipient's most
recent fiscal year, (D) the number of employees at
the time of application, (E) whether the recipient
is  a minority  or  women-owned  business,  (F)  a
summary  of  the  terms  and  conditions  for  the
assistance, including the type and amount of state
financial assistance, job  creation  or  retention
requirements, and anticipated  wage  rates and (G)
the amount of  investments  from private and other
nonstate sources that  have  been leveraged by the
assistance, (3) the economic benefit criteria used
in  determining  which   applications   have  been
approved or disapproved and (4) for each recipient
of  assistance  on   or  after  July  1,  1991,  a
comparison  between  the  number  of  jobs  to  be
created, the number of jobs to be retained and the
average wage rates for each such category of jobs,
as  projected  in   the  recipient's  application,
versus the actual  number  of  jobs  created,  the
actual number of  jobs  retained  and  the average
wage rates for  each  such  category.  The  report
shall also indicate the actual number of full-time
jobs and the  actual  number  of part-time jobs in
each such category and the benefit levels for each
such subcategory. The  October  first report shall
include  a  summary   of  the  activities  of  the
corporation, including all  activities  to  assist
small businesses and minority business enterprises
as defined in  section 32-9e, a complete operating
and financial statement,  AND  recommendations for
legislation  to  promote   the   purposes  of  the
corporation. [, a  list of all federal programs of
financial   assistance  for   defense   conversion
projects  and other  projects  consistent  with  a
defense conversion strategy  and  a  list  of  all
applications for such  financial  assistance filed
by the secretary  of  the  office  of  policy  and
management  in  consultation  with  the  executive
director of the corporation or the commissioner of
economic development, during  the  preceding state
fiscal year, including  the  status  of  each such
application.] The corporation  shall  furnish such
additional information upon the written request of
any such committee  at such times as the committee
may request.
    Sec.  41.  Section   8-265e   of  the  general
statutes is repealed.
    Sec. 42. This  act  shall  take effect July 1,
1995, except that sections 1 to 23, inclusive, and
sections 25 to  37,  inclusive,  shall take effect
October 1, 1995.