Chap. 572.   An Act increasing the commonwealth's guarantee
AND ANNUAL CONTRIBUTIONS TO THE HOUSING OF ELDERLY PERSONS.
Be it enacted, etc., as follows:
Chapter 121 of the General Laws is hereby amended by striking out section 26 VV, as most recently amended by chapter 732 of the acts of 1966, and inserting in place thereof the following section: —
Section 26VV. The commonwealth, acting by and through the department of commerce and development, may enter into a contract or contracts with a housing authority for state financial assistance in the form of a guarantee by the commonwealth of bonds and notes, or either bonds or notes, of the housing authority issued to finance the cost ,of a project or projects or a part or parts of a project or pi*ojects to provide housing for elderly persons of low income. The amount of bonds and notes, or bonds or notes, guaranteed by the commonwealth under this section shall not exceed one hundred and eighty-five million dollars. Each contract for state financial assistance shall provide that the commonwealth will pay to the housing authority annual contributions; provided, however, that the total amount of annual contributions contracted for by the commonwealth for any one year shall not exceed four million six hundred and twenty-five thousand dollars. Each such annual contribution by the commonwealth shall be paid by the commonwealth upon approval and certification by the department of commerce and development to the state comptroller. The provisions of sections twenty-six NN and twenty-six 00 shall, so far as apt, be applicable to contracts for state financial assistance under this section.
In addition to said annual contribution, the commonwealth shall upon approval and certification by the department of commerce and development to the state comptroller pay an additional annual contribution of one and one half per cent of the completion cost during any fiscal year over and above the annual contribution of two and one haif per cent of the completion cost permitted under the first paragraph of this section and under sections twenty-six NN and twenty-six 00 for any project or projects or a part or parts of a project or projects to provide housing for elderly persons of low income; provided, said project or projects have been determined to be complete and eligible to re-
Acts, 1967. —