Find Legal Information

99.665 Housing rehabilitation development fund -- Purpose.

Download pdf

99.665 Housing rehabilitation development fund -- Purpose. (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 <br>as a trust fund separate and distinct from any other moneys or funds administered by <br>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, <br>contributions, appropriations, repayment of loans made from the fund, and the <br>proceeds of bonds and any other moneys which may be made available to the <br>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 <br>residential housing projects, and the agency is authorized to make such loans and to <br>invest in such loans from such fund, at such interest rate or rates as may be <br>determined by the agency to be for the best interest of the agency and best effectuate <br>the purposes of the agency, and with such security for repayment as the agency <br>deems reasonably necessary and practicable. In administering the housing <br>rehabilitation development fund, the agency may exercise all powers granted in <br>KRS 99.610 to 99.680. Effective: June 21, 1974 <br>History: Created 1974 Ky. Acts ch. 131, sec. 12.