Regulations of Connecticut State Agencies
To be eligible for a loan:
(a) the borrower must be a nonprofit corporation;
(b) the loan funds can only be used for the purpose of planning, site preparation, construction, renovation or acquisition of facilities for use as a child care facility;
(c) the borrower must present evidence to the satisfaction of the Authority that there is an unmet need for child care of this type in the vicinity of the planned facility, and that the planned facility will comply with all state and local health and safety laws and regulations and, in particular, all such laws and regulations applicable to child care facilities;
(d) the borrower must not be a municipality, state agency, instrumentality or nonprofit corporation which is eligible for or has received a grant for the development of child care facilities under Section 14 through 16 of Public Act 84-443 or under C.G.S. Section 8-210.
(e) the borrower must demonstrate to the satisfaction of the Authority that it has sufficient revenues to pay the principal and interest on the loan and to maintain the operation of the child care facility.
(Effective January 24, 1985)