(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.
(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.