LD 858, Page 12 - 121th Legislature, FIRST REGULAR Session

temporary notes and notes in renewal of the bonds. All revenues

derived under section 5250-A received by the municipality are

pledged for the payment of the activities described in the

affordable housing development program and used to reduce or

cancel the taxes that may otherwise be required to be expended

for that purpose. The notes, bonds or other forms of financing

may not be included when computing the municipality's net debt.

Nothing in this section restricts the ability of the

municipality to raise revenue for the payment of project costs

in any manner otherwise authorized by law.

§5250-E.__Administration

1.__Reports.__The legislative body of a municipality must
report annually to the director regarding the status of an
affordable housing development district.__The report must:

A.__Certify that the public purpose of the affordable
housing district, as outlined in this subchapter, is being
met;

B.__Account for any sales of property within the district;
and

C.__Certify that rental units within the affordable
housing development district have remained affordable.

2.__Recovery of public funds.__The authority shall develop
by rule provisions for recovery of public revenue if
conditions for approval of an affordable housing development
district are not maintained for the duration of the district.
Rules adopted by the authority pursuant to this subsection
must be submitted to the Legislature in accordance with Title
5, chapter 375, subchapter 2-A.

§5250-F.__Advisory board

The legislative body of a municipality may create an
advisory board, a majority of whose members must be owners or
occupants of real property located in or adjacent to the
affordable housing development district they serve. The
advisory board shall advise the legislative body on the
planning and implementation of the affordable housing
development program, the construction of the district and the
maintenance and operation of the district after the program
has been completed.

§5250-G.__Unorganized territory

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