Conn. Agencies Regs. § 8-37y-10 - Restrictions on the sale or use of the property

Current through March 4, 2022

(a) In addition to whatever remedies exist in the contract, the developer shall, upon demand by the Commissioner, transfer title to the State or a receiver designated by the State for that property conveyed to it pursuant to Section 8-37y-6 of these regulations if the Commissioner determines that:
(1) reasonable progress in the development of the property as described in the developer's application, has not been made from the date of conveyance of the property;
(2) the property has been developed or used for purposes other than for housing to benefit homeless persons or persons and families of low and moderate income; or
(3) the developer has amended its bylaws and/or articles of incorporation so that it no longer conforms with that originally submitted and approved by the Commissioner; or
(4) the developer has failed to maintained proper insurance or has otherwise failed to protect the state's interest.
(b) Restrictive covenants, as stated in Section 8-37y-9, shall be included in all deeds for property which the Department conveys to the developer. Developers shall have the responsibility for enforcement of all restrictions.
(c) In the event of a subsequent sale, the developer shall have the first option to purchase the property.
(d) If a developer dissolves its organization, the developer shall convey its interest in the property to the Department or the Department's designated receiver.

Notes

Conn. Agencies Regs. § 8-37y-10
Effective November 26, 1993

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