198A.720 Application procedures -- Granting of funds -- Priorities in funding --
457 words·~2 min read·
/ky/198a-720A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
Targeting of funds -- Services to be provided.
(1)The corporation shall issue a public notice to eligible recipients of the availability of
trust funds at least twice each calendar year and provide for reasonable opportunity
for the filing of applications.
(2)The corporation shall approve or deny properly submitted and completed
applications within ninety
(90)days of their receipt.
(3)The corporation shall grant as many applications as will effectively use available
funds.
(4)The corporation shall grant or deny applications by ranking the applications
competitively using criteria established by the corporation in consultation with the
advisory committee for the trust fund created under KRS 198A.725. The
corporation shall give priority to:
(a)Applications for projects submitted by nonprofit organizations or local
governments for new construction for families;
(b)Applications for projects using existing privately owned housing stock,
including stock purchased by nonprofit public development authorities;
(c)Applications for projects using existing publicly owned housing stock; and
(d)Applications from local governments for projects that demonstrate effective
zoning, conversion, or demolition controls for single room occupancy units.
(5)The corporation shall limit funds to be used for administrative costs to no more than
seven and one-half percent (7.5%) of available funds, and shall disapprove any
project in which more than seven and one-half percent (7.5%) of available funds
shall be used for administrative costs.
(6)The corporation shall require at least forty percent (40%) of all funds received to be
used for rural areas of the Commonwealth, which shall periodically be defined by
the board of directors of the corporation.
(7)Funds targeted under this section that are not expended or set-aside within twenty-
four
(24)months from allocation may be reallocated in nontargeted communities for
very low-income persons. The corporation may extend the twenty-four
(24)month
period for good cause; however, an extension shall not exceed an additional twelve
(12)month period.
(8)The corporation shall provide technical assistance to eligible recipients seeking to
construct, rehabilitate, or finance housing-related services for very low-income
persons. The corporation may contract with nonprofit organizations to provide the
technical assistance required by this subsection.
(9)The corporation shall provide or contract for the following services:
(a)Financial planning and packaging for housing projects including alternative
ownership programs and bridge financing;
(b)Project design, architectural planning, siting, and compliance with planning
requirements;
(c)Securing matching resources for project development;
(d)Maximizing local government contributions to project development in the
form of land donations, infrastructure improvements, waivers of development
fees, local and state managed funds, zoning variances, density bonuses for low
rise-multifamily projects, or creative local planning;
(e)Coordination with local planning, economic development, environmental,
technical assistance, and recreational activities;
(f)Construction and material management; and
(g)Project maintenance and management.