LC 28 3177
A
BILL TO BE ENTITLED
AN ACT
AN ACT
To
amend Code Section 8-3-3 of the Official Code of Georgia Annotated, relating to
definitions relative to housing authorities, so as to redefine "private
enterprise agreement"; to repeal conflicting laws; and for other
purposes.
BE
IT ENACTED BY THE GENERAL ASSEMBLY OF GEORGIA:
SECTION
1.
Code
Section 8-3-3 of the Official Code of Georgia Annotated, relating to definitions
relative to housing authorities, is amended by revising paragraph (13.1) to read
as follows:
"(13.1)
'Private enterprise agreement' means a contract between a housing authority and
a person or entity operating for profit for:
(A)
The management of a housing project;
(B)
The development of and the provision of credit enhancement with respect to a
housing project;
(C)
The ownership
or
operation of a housing project
through
by
the for profit entity in which the housing authority participates, either
directly or indirectly through a wholly owned subsidiary, for purposes of
facilitating the development, provision of credit enhancement, operation, or
management of such housing project in accordance with this
article;.
Such participation may involve ownership by the housing authority of an interest
in the housing project through the for profit entity, ownership by the housing
authority of the land on which the housing project is developed, or provision by
the housing authority of a combination of funds to the for profit entity for a
portion of the construction costs of the housing project and funds to the for
profit entity to subsidize the operating costs of units for persons of low
income to the extent such contract is designated as a private enterprise
agreement by the housing authority;
or
(D)
Any combination of any of the foregoing."
SECTION
2.
All
laws and parts of laws in conflict with this Act are repealed.