The executive department is hereby authorized to enter into contracts, not to exceed twenty (20) years in duration, to make rental assistance payments to eligible owners that acquire, construct, or substantially rehabilitate housing in which at least fifty percent (50%) of the units shall be available for occupancy by eligible tenants as defined in § 42-11.2-11. In determining which projects shall receive rental assistance payments, priority shall be given to applications that contemplate the greatest percentage of units in the development for occupancy by low income families.
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