67-8103. USE OF FUNDS FOR LOANS AND GRANT PROJECTS TO PROVIDE HOUSING — ELIGIBLE ACTIVITIES. (1) The association shall use at least seventy-five percent (75%) of funds from the housing trust fund to assist very low-income households.

(2) Activities eligible for assistance include, but are not limited to:

(a) New construction, rehabilitation, or acquisition of housing units for occupancy by low-income and very low-income households;

(b) Rent subsidies in new construction or rehabilitated multifamily units for low-income and very low-income households;

(c) Matching funds for social services directly related to providing housing for special-need tenants in assisted projects for low-income and very low-income households;

(d) Technical assistance, design and finance services and consultation and administrative costs for eligible nonprofit community or neighborhood-based organizations;

(e) Administrative costs for housing assistance groups or organizations which provide housing when such grant or loan will substantially increase the recipient’s access to housing funds other than those available under this chapter;

(f) Shelters and related services for the homeless;

(g) Mortgage subsidies for new construction or rehabilitation of eligible multifamily units for low-income and very low-income households;

(h) Mortgage insurance or guarantees for eligible projects for low-income and very low-income households;

(i) Acquisition of housing units for the purpose of preservation as housing for low-income and very low-income households; and

(j) The association may use money from the housing trust fund account to match federal, local, or private money, including without limitation the home program funds, to be used for projects authorized under this chapter.

(3) The association may use money from the [the] housing trust fund account to pay reasonable expenses incurred in connection with the provisions of this chapter.

History:

[67-8103, added 1992, ch. 267, sec. 1, p. 826; am. 1996, ch. 253, sec. 34, p. 832.]