§ 574-a. Municipal housing development fund. 1. A municipality may create and establish a revolving fund to be known as the "municipal housing development fund." Such a revolving fund shall be created and established in the supervising agency.
2. There shall be paid into such municipal housing development fund (a) any moneys appropriated and made available by the municipality for the purposes of such fund, (b) notwithstanding the provisions of the local finance law or any other provision of law, any moneys received in repayment of advances made from such fund, and (c) any other moneys which may be available for the purpose of such fund from any other source or sources.
3. Any moneys held in such municipal housing development fund not required for immediate disbursement may be invested, at the discretion of the supervising agency, 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 municipal housing development fund shall be added to the moneys held in such fund for the purposes herein provided.
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