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



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



(2)  The acquisition, clearance, and improvement of
property;



(3)  The construction and reconstruction of building
sites;



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



(5)  Administration and other expenses;



(6)  The payment of rentals; and



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