[§201H-81]  Kikala-Keokea housing revolving
fund; established.  (a)  There is established in the state treasury the
Kikala-Keokea housing revolving fund to provide low interest loans for home
construction for Kikala-Keokea leaseholders who have been denied loans from
traditional financial institutions.  The revolving fund shall be administered
by the corporation.



(b)  The rate of interest on loans executed
pursuant to this section shall not exceed three per cent per year and interest
earnings on loans made pursuant to this section may be used for administrative
and other expenses necessary for administering the loan program.  Guidelines
shall be established by the corporation with respect to loan terms and loan
qualification criteria.  Moneys appropriated for the purposes of this section
shall be deposited into the Kikala-Keokea housing revolving fund; provided that
upon fulfillment of the purposes of this section, all unencumbered moneys shall
lapse into the general fund.



(c)  The corporation shall adopt rules in
accordance with chapter 91 to effectuate the purposes of this section. [L 2006,
c 180, pt of §4]