Contract for financial assistance

(a) Following application approval, the Commissioner shall request that the State Bond Commission provide financial assistance in the form of a grant from the Community Housing Land Bank and Land Trust Fund to the nonprofit corporation. (b) Following approval of the State Bond Commission pursuant to the provisions of Section 3-21 of the Connecticut General Statutes, the State, acting by and through the Commissioner, may enter into a contract(s) with a nonprofit corporation for financial assistance in the form of a grant. (c) Such contract(s) shall include but not be limited to: the amount of financial assistance to be provided, and the rights and obligations of the parties under the contract(s).