(a)  There is hereby created within the general fund an affordable housing rental subsidy account, which shall be administered by the state controller and which shall be used solely for the purpose of providing such sums as may be required to fund the affordable housing rental subsidy in accordance with chapter 11.2 of Title 42.

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Terms Used In Rhode Island General Laws 35-3-22

  • Corporation: A legal entity owned by the holders of shares of stock that have been issued, and that can own, receive, and transfer property, and carry on business in its own name.
  • Fiscal year: The fiscal year is the accounting period for the government. For the federal government, this begins on October 1 and ends on September 30. The fiscal year is designated by the calendar year in which it ends; for example, fiscal year 2006 begins on October 1, 2005 and ends on September 30, 2006.
  • Mortgage: The written agreement pledging property to a creditor as collateral for a loan.

(b)(1)  At the end of each fiscal year following the completion of the post audit of the financial transactions of the state by the state auditor general but prior to the issuance of his or her final audit report as set forth in § 22-13-4, the state controller shall transfer to the affordable housing rental subsidy account twenty percent (20%) of the amount payable into the general revenue fund pursuant to § 42-61-15 for each fiscal year.

(2)  In carrying out the provisions of subsection (b), the state controller shall initially, at the fiscal year opening, transfer the amount identified as that fiscal year’s projected estimate; the transfer shall be adjusted at the end of the fiscal year in order to conform to the requirements of subsection (b).

(c)  Notwithstanding any provision of the general laws to the contrary, for the period beginning July 1, 1994, and ending June 30, 1997, the Rhode Island housing and mortgage finance corporation shall annually allocate funds sufficient to carry out the provisions of chapter 11.2 of Title 42.

History of Section.
P.L. 1988, ch. 579, § 5; P.L. 1989, ch. 126, art. 12, § 1; P.L. 1990, ch. 65, art. 69, § 1; P.L. 1990, ch. 65, art. 76, § 1; P.L. 1994, ch. 143, § 1.