[§201H-81]  Kikala-Keokea housing revolvingfund; established.  (a)  There is established in the state treasury theKikala-Keokea housing revolving fund to provide low interest loans for homeconstruction for Kikala-Keokea leaseholders who have been denied loans fromtraditional financial institutions.  The revolving fund shall be administeredby the corporation.

(b)  The rate of interest on loans executedpursuant to this section shall not exceed three per cent per year and interestearnings on loans made pursuant to this section may be used for administrativeand other expenses necessary for administering the loan program.  Guidelinesshall be established by the corporation with respect to loan terms and loanqualification criteria.  Moneys appropriated for the purposes of this sectionshall be deposited into the Kikala-Keokea housing revolving fund; provided thatupon fulfillment of the purposes of this section, all unencumbered moneys shalllapse into the general fund.

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