§ 574. Establishment of fund. 1. There is hereby created and established in the division of housing and community renewal a revolving fund to be known as the "housing development fund."

2. There shall be paid into such housing development fund (a) any moneys appropriated and made available by the state for the purposes of such fund, (b) notwithstanding the provisions of the state finance law or any other provision of law, any moneys which the division of housing and community renewal shall receive in repayment of advances made from such fund, and (c) any other moneys which may be made available to the division of housing and community renewal for the purpose of such fund from any other source or sources.

2-a. All moneys paid into the fund from repayments of loans authorized by section five hundred seventy-six-d of this article shall continue to be made available for the purpose of providing loans pursuant to such section.

3. Any moneys held in such housing development fund not required for immediate disbursement may be invested, at the discretion of the commissioner, in obligations of the state or the United States government or obligations the principal and interest of which are guaranteed by the state or the United States government. Any income or interest earned by, or increment to, such housing development fund shall be added to the moneys held in such fund for the purposes herein provided.