(1) As used in this section, unless the context otherwise requires:
"Financial assistance" means any financial assistance administered by the divisionthat is subject to affordability restrictions, including, but not limited to, grants and loans from the division and federally funded rental assistance contracts, loans, or insurance.
"Publicly assisted housing project" means a property with five or more rental unitsthat was developed, rehabilitated, purchased, or insured with financial assistance.
(2) (a) The division shall provide information about the database it maintains pursuant to subsection (3) of this section to owners of publicly assisted housing projects and shall encourage them to give notice to the division no less than one hundred twenty days before taking any action that will make the project no longer affordable, if the affordability restrictions on the project are still in effect at the time the notice is required.
(b) For purposes of this subsection (2), the following actions shall be considered actions that make a project no longer affordable:
Converting the property to commercial use or increasing residential rent to an amountexceeding the amount permitted under the affordability restrictions in effect at the time of the notice; or
Withdrawing from or electing not to renew an available federally funded projectbased rental assistance contract.
(c) During the period of one hundred twenty days after notice is given to the division, the division may attempt to coordinate a purchase by a purchaser that is committed to maintaining the project as an affordable housing resource.
The division shall maintain an updated database of publicly assisted housing projectson which it has received the notice required by subsection (2) of this section.
The board, in consultation with the division, shall adopt and update from time to timea nationally recognized high energy performance building standard program for publicly assisted housing projects. The division shall present a report on the program annually to the general assembly for comment and review. The standard shall apply to all new applications for publicly assisted housing projects made to the division on or after January 1, 2009; except that the executive director of the department of local affairs may exempt a particular publicly assisted housing project from compliance with the standard upon a determination by the executive director that extenuating circumstances exist such as to preclude the implementation of this subsection (4).
Source: L. 2002: Entire section added, p. 413, § 3, effective August 7. L. 2008: (4) added, p. 1308, § 3, effective August 5.