§ 1232. Rural and urban community investment fund. 1. Within amounts appropriated or otherwise available therefor, the housing trust fund corporation shall develop and administer a rural and urban community investment fund program which shall provide assistance in the form of payments, grants and loans for reasonable and necessary expenses, to an eligible applicant for the creation, preservation or improvement of affordable housing; or the creation, preservation or improvement of the commercial, retail or community facilities component of mixed use affordable residential developments, in rural and urban areas of the state.

2. Program criteria. The corporation shall develop procedures, criteria and requirements related to the application and award of projects pursuant to this section which shall include: eligibility, market demand, feasibility and funding criteria; the funding determination process; supervision and evaluation of contracting applicants; reporting, budgeting and record-keeping requirements; provisions for modification and termination of contracts; and such other matters not inconsistent with the purposes and provisions of this article as the corporation shall deem necessary or appropriate.

3. Fund allocation. Sixty percent of the total funds awarded pursuant to this article in any fiscal year shall be allocated to projects located in urban areas of the state. Forty percent of the total funds awarded pursuant to this article in any fiscal year shall be allocated to projects located in rural areas of the state.

4. Funding criteria. A one-third match requirement shall be required of any eligible applicant, which may include donated property, materials or labor and other resources, and may be reduced or eliminated for projects located within a declared disaster area.

5. Funding and annual report. The corporation in its sole discretion shall authorize all funding decisions and make all award announcements. The corporation shall, on or before December thirty-first in each year submit a report to the legislature on the implementation of this article. Such report shall include, but not be limited to, for each award made to a grantee under this article: a description of such award; contract amount and cumulative total; the specific activities in rural and urban areas performed by such grantee; the amounts of match monies received by the grantee from sources other than payments made pursuant to this article; and such other information as the corporation deems pertinent.