(a) Following the Commissioner's selection of a municipality to participate in this program, the municipality shall, within three months, file with the Department a bank statement showing the current balance deposited in the trust fund and an accounting of the source of all funds. Subject to the availability of funds, the Commissioner shall request approval of state financial assistance in the form of a grant for the municipality from the State Bond Commission in the amount of fifty percent (50%) of the amount certified to be in the trust fund from private persons.
(b) Following approval by the State Bond Commission pursuant to the provisions of Section 3-21 of the Connecticut General Statutes, the State, acting by and through the Commissioner, shall enter into a contract(s) with a municipality for a grant for the municipal housing trust fund program.
(c) The municipality shall conduct the municipal housing trust fund program in accordance with all applicable state and federal laws and requirements, including but not limited to the amount of the grant to be provided; fair housing laws; affirmative action requirements; small business and minority set-aside requirements; income and rental limits for low and moderate income families; and the rights and obligations of the parties under the contract(s).
(d) The terms and conditions of the contract(s) between the municipalities and the state shall be imposed upon all agreements entered into by the municipality for purposes of carrying out the program.
(e) Where a project undertaken by a municipality has received a commitment for financial assistance from a federal or State housing program in addition to the municipal housing trust fund program, the regulatory requirements for admission and continued occupancy limits which provide greater opportunities for housing for low income families shall apply.