Text to be removed highlighted in red.
116:1 Housing Finance Authority; Bonds by Certain Mortgagors. Amend RSA 204-C:10 to read as follows:
204-C:10 Bonds by Certain Mortgagors. On all construction loans for the construction or rehabilitation of 11 or more dwelling units, as defined by the authority pursuant to adopted rules, the authority shall require bonds to be furnished by the mortgagor or an equivalent escrow or letter of credit arrangement supervised by the authority to assure performance by the contractor party to the contracts awarded to carry on such work, and to assure payment out of the construction loan funds for all labor and materials for which claimants would be able to claim a mechanic's lien pursuant to RSA 447.
116:2 Area of Operation; Sole Statewide Public Housing Agency. Amend RSA 204-C:11 to read as follows:
204-C:11 Area of Operation . The area of operation of the authority shall be the entire state.
116:3 Effective Date. This act shall take effect 60 days after its passage.
Approved: June 21, 2019
Effective Date: August 20, 2019
Text to be added highlighted in green.
116:1 Housing Finance Authority; Bonds by Certain Mortgagors. Amend RSA 204-C:10 to read as follows:
204-C:10 Bonds by Certain Mortgagors. On all construction loans for the construction or rehabilitation of 11 or more dwelling units, as defined by the authority pursuant to adopted rules, the authority shall require bonds to be furnished by the mortgagor , an equivalent escrow or letter of credit arrangement supervised by the authority , or any other surety sufficient to assure performance by the contractor party to the contracts awarded to carry on such work, and to assure payment out of the construction loan funds for all labor and materials for which claimants would be able to claim a mechanic's lien pursuant to RSA 447.
116:2 Area of Operation; Sole Statewide Public Housing Agency. Amend RSA 204-C:11 to read as follows:
204-C:11 Area of Operation ; Sole Statewide Public Housing Agency . The area of operation of the authority shall be the entire state. The authority is a public housing agency as defined in the United States Housing Act of 1937. The authority is the only statewide public housing agency and is the sole entity authorized in New Hampshire to undertake any statewide contract administration for section 8 project housing assistance contracts issued under the United States Housing Act of 1937. The authority may subcontract such work to any other entities it determines, in its sole judgment, to be qualified to perform the work.
116:3 Effective Date. This act shall take effect 60 days after its passage.
Approved: June 21, 2019
Effective Date: August 20, 2019