Substitute House Bill No. 6562
          Substitute House Bill No. 6562

               PUBLIC ACT NO. 97-36


AN ACT EXTENDING THE DEADLINES FOR THE CONNECTICUT
HOUSING FINANCE AUTHORITY TO SUBMIT CERTAIN ANNUAL
REPORTS.


    Be  it  enacted  by  the  Senate  and House of
Representatives in General Assembly convened:
    Section   1.  Section  8-260  of  the  general
statutes  is  repealed  and   the   following   is
substituted in lieu thereof:
    Within  the first ninety days of each calendar
year, the authority shall report on its operations
for  the  preceding calendar year to the Governor.
The authority shall make a report to  the  General
Assembly  on  or before [February] MARCH fifteenth
in each year that the General  Assembly  meets  in
general   session.  The  report  shall  include  a
summary of the  activities  of  the  authority,  a
complete  operating  and  financial  statement and
recommendations for  legislation  to  promote  the
purposes  of  the  authority.  The accounts of the
authority shall be subject to annual audits by the
State Auditors of Public Accounts.
    Sec.   2.   Section   8-265g  of  the  general
statutes  is  repealed  and   the   following   is
substituted in lieu thereof:
    (a)    The    Connecticut    Housing   Finance
Authority, in consultation with the advisory panel
established  under  section  8-265h, shall develop
and administer a program of mortgage assistance to
low  or  moderate  income  families or persons, as
defined  in  section  8-243.  In  making  mortgage
assistance   available   under  the  program,  the
authority shall utilize downpayment assistance  or
any other appropriate housing subsidies. The terms
of  any  mortgage  assistance  shall   allow   the
mortgagee  to  realize a reasonable portion of the
equity gain upon sale of the mortgaged property.
    (b)  On  or before [January 1, 1992] MARCH 15,
1998, and annually thereafter, the authority shall
submit  a  report  on  the program to the advisory
panel established pursuant to section 8-265h.

Approved May 6, 1997