12-16,114. Housing trust funds; purpose; funding of; administration.
12-16,114
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 is
hereby 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, accessibility
modifications, rental subsidies and the provision of housing services and
assistance to persons having low or moderate income and disabled persons.
(c) The governing body may provide funds for the
housing trust fund from moneys
derived from public or private grants, gifts or donations.
(d) The governing body of any municipality which has established a housing
trust fund may appropriate moneys from such fund to local
community, housing or economic development agencies or other local
agencies to secure the provision of programs and services authorized by
subsection (b) or may make direct expenditures of such moneys for such purposes
under programs and services established by the governing body.
(e) The governing body of any municipality which has established a
housing trust fund may establish or designate an existing not-for-profit
community organization or agency
to administer the housing trust fund, or may appoint an advisory committee
to assist the municipality in its administration of the fund, in such
manner as will ensure the most cost-effective housing available.
History: L. 1990, ch. 65, § 1; July 1.