The various cities and towns and their respective redevelopment agencies are severally authorized to make secured and unsecured loans with or without interest to any one or more persons, partnerships, or corporations for the purpose of making repairs, rehabilitation, or alterations to structures located within their respective communities. These loans may be made to bring those structures into compliance with their respective housing standards, or into compliance with rehabilitation standards contained in any redevelopment plan approved pursuant to chapters 31 — 33 of this title, or to improve the respective structures, real estate, or neighborhoods. These loans may also be made to state-chartered limited equity housing cooperatives.
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