[Repeal] Third Amendment to and Restatement of Rules Governing the Construction Loan Program and Land Bank Program
825-1117 INACTIVE RULE
| Title | 825 | Housing and Mortgage Finance Corporation |
| Chapter | XXX | Old Regulations Which Were Not Assigned Chapter-Subchap-Part |
| Subchapter | XX | Old Regulations Which Were Not Assigned Chapter-Subchap-Part |
| Part | 1117 | [Repeal] Third Amendment to and Restatement of Rules Governing the Construction Loan Program and Land Bank Program |
| Type of Filing | Direct Final Repeal |
| Regulation Status | Inactive |
| Effective | 06/19/2017 |
Regulation Authority:
R.I. General Laws § 42-55-5(5)
Purpose and Reason:
The purpose of this repeal is to eliminate an unnecessary, outdated, and obsolete rule. The above-captioned rule describes two programs: the construction loan program, through which Rhode Island Housing provides revolving loans to eligible municipal agencies and community development corporations (among other types of developers) for the purpose of building and rehabilitating affordable housing; and a land banking program, through which Rhode Island Housing assists eligible developers to acquire and/or hold real estate for the purpose of future affordable housing development. The agency believes that the portions of this rule related to the construction loan program are unnecessary and outdated. Rhode Island Housing does not have any plans to make new master construction loans in the near future, during which time the program continues to be under review. Portions of this rule related to the land bank program have been superseded by the Fifth Amendment to and Restatement of the Land Bank Program (ERLID #1125).
