Substitute House Bill No. 6844
Public Act No. 99-243
An Act Concerning the Housing Land Bank and Land Trust Program.
Be it enacted by the Senate and House of Representatives in General Assembly convened:
Section 1. Section 8-214d of the general statutes is amended by adding subsection (h) as follows:
(NEW) (h) (1) The Commissioner of Economic and Community Development may make a determination, based upon a full examination of the circumstances, that a nonprofit corporation is unable to develop or manage the land or interests in land acquired with state financial assistance under this section. Upon such a determination, the commissioner may cause title to the land or interests in land acquired with state financial assistance under this section to vest in the state by foreclosure, voluntary transfer, or other similar voluntary or compulsory action, and the commissioner may take any action which is in the best interests of the state to convey, upon approval of the Secretary of the Office of Policy and Management, such land or interests in land, including, but not limited to, (A) transferring, or authorizing the transfer of, the land or interests in land to the low and moderate income families that reside on such land, (B) determining whether any restrictions in the deed or deeds for the land or interests in land shall be modified or removed prior to conveying such land or interests in land and authorizing such modifications or removals, or (C) establishing such terms and conditions for such conveyance as the commissioner deems appropriate under each particular transaction.
(2) The commissioner shall authorize the conveyance of land or interests in land under subdivision (1) of this subsection in no more than three locations.
(3) The provisions of this subsection shall terminate on October 1, 2000.
Sec. 2. This act shall take effect from its passage.
Approved June 29, 1999TOP