99.665 Housing rehabilitation development fund -- Purpose.

220 words·~1 min read·/ky/chapter-99/99-665

A research copy — for the controlling text, always check the official state or federal source. Not legal advice.

(1)An agency may create and establish a special revolving loan fund to be known as

the housing rehabilitation development fund and to be administered by the agency

as a trust fund separate and distinct from any other moneys or funds administered by

the agency.

(2)The housing rehabilitation development fund shall be comprised of, and the agency

is hereby authorized to receive and accept for such fund, the proceeds of grants,

contributions, appropriations, repayment of loans made from the fund, and the

proceeds of bonds and any other moneys which may be made available to the

agency for the purpose of the fund from any other source.

(3)The purpose of the housing rehabilitation development fund is to provide a source

from which the agency may make loans, and invest in loans, for rehabilitation of

residential housing projects, and the agency is authorized to make such loans and to

invest in such loans from such fund, at such interest rate or rates as may be

determined by the agency to be for the best interest of the agency and best effectuate

the purposes of the agency, and with such security for repayment as the agency

deems reasonably necessary and practicable. In administering the housing

rehabilitation development fund, the agency may exercise all powers granted in

KRS 99.610 to 99.680.