[§201H-123]  Rental assistance revolvingfund.  (a)  There is created a rental assistance revolving fund to beadministered by the corporation.

(b)  The rental assistance revolving fund mayinclude sums made available from any government program or grant, from privategrants or contributions, from the proceeds of any bond issue, or fromappropriations to the fund.  The aggregate principal in the fund shall beinvested by the corporation in a manner that will maximize the rate of returnon investment of the fund; provided that any investment made shall beconsistent with section 201H-77 but need not comply with section 36-21.

(c)  The corporation may use, as needed, theaggregate principal sum and the accumulated earnings in the rental assistancerevolving fund to make payments under rental assistance contracts or tosubsidize tenants' rents in eligible projects developed under this part;provided that the corporation shall use up to $25,000,000 plus any bondproceeds to provide interim construction financing to:

(1)  Qualified sponsors who are private nonprofit orfor-profit entities; or

(2)  The corporation, for the development ofaffordable rental housing;

provided further that the corporation, in allottinginterim construction financing moneys pursuant to this subpart, shall givepreference to rental housing projects developed by qualified sponsors who areprivate nonprofit or for-profit entities. [L 2006, c 180, pt of §4]

 

Note

 

  Transfer of certain interest earnings to general fund untilJune 30, 2015.  L 2009, c 79, §30(a)(13).