[§356D-45]  State low-income housingrevolving fund.  There is established a revolving fund to be known as thestate low-income housing revolving fund.  Notwithstanding any law to thecontrary, moneys received by the authority under or pursuant to this subpart,including refunds, reimbursements, rentals, fees, and charges received fromtenants, shall be deposited in the state low-income housing revolving fund. Except as otherwise provided in this chapter, the state low-income housingrevolving fund may be expended by the authority for any and all of the purposesof this subpart, including without prejudice to the generality of theforegoing, the expenses of management, operation, and maintenance of statelow-income housing projects, including but not limited to:

(1)  The cost of insurance, a proportionate share ofthe administrative expenses of the authority, and the cost of repairs,equipment, and improvement;

(2)  The acquisition, clearance, and improvement ofproperty;

(3)  The construction and reconstruction of buildingsites;

(4)  The construction, reconstruction, repair,remodeling, extension, equipment, and furnishing of any state low-incomehousing project;

(5)  Administration and other expenses;

(6)  The payment of rentals; and

(7)  The development and administration of any statelow-income housing project. [L 2006, c 180, pt of §2]