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



(b)  The rental assistance revolving fund may
include sums made available from any government program or grant, from private
grants or contributions, from the proceeds of any bond issue, or from
appropriations to the fund.  The aggregate principal in the fund shall be
invested by the corporation in a manner that will maximize the rate of return
on investment of the fund; provided that any investment made shall be
consistent with section 201H-77 but need not comply with section 36-21.



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



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



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



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



 



Note



 



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