12-16,114.   Housing trust funds; purpose; funding of; administration.(a) When used in this act: "Municipality" means any city or county.

      (b)   The governing body of any municipality ishereby authorized to establish a housing trust fund for purposes including,but not limited to, the provision of financial programs for the repair,rehabilitation and improvement of existing residential housing, accessibilitymodifications, rental subsidies and the provision of housing services andassistance to persons having low or moderate income and disabled persons.

      (c)   The governing body may provide funds for thehousing trust fund from moneysderived from public or private grants, gifts or donations.

      (d)   The governing body of any municipality which has established a housingtrust fund may appropriate moneys from such fund to localcommunity, housing or economic development agencies or other localagencies to secure the provision of programs and services authorized bysubsection (b) or may make direct expenditures of such moneys for such purposesunder programs and services established by the governing body.

      (e)   The governing body of any municipality which has established ahousing trust fund may establish or designate an existing not-for-profitcommunity organization or agencyto administer the housing trust fund, or may appoint an advisory committeeto assist the municipality in its administration of the fund, in suchmanner as will ensure the most cost-effective housing available.

      History:   L. 1990, ch. 65, § 1; July 1.