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198A.715 Kentucky Housing Corporation to administer trust fund -- Uses of fund -- Required reports.

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198A.715 Kentucky Housing Corporation to administer trust fund -- Uses of fund -- Required reports. (1) The administering agency for the trust fund shall be the Kentucky Housing Corporation, which shall use moneys from the trust fund to make, or participate in <br>the making, of loans or grants for the eligible activities described in this section. <br>Loans or grants shall be made upon the determination by the corporation that the <br>loan or grant shall be used to create new sources of funding, or to supplement <br>existing sources of funding for eligible activities, and shall not be used to replace <br>existing or available funds. (2) Activities eligible for funding shall include: (a) Provision of matching funds for federal housing dollars requiring a local or state match including, but not limited to, the National Affordable Housing Act <br>of 1990; (b) Acquisition of housing units for the purpose of preservation or conversion as very low-income housing; (c) New construction or rehabilitation of very low income housing units; <br>(d) Matching funds for technical assistance directly related to providing housing for persons pursuant to KRS 198A.700 to 198A.730; and (e) Administrative costs for housing assistance programs or organizations eligible for funding pursuant to subsection (3) of this section, if the grants or loans <br>will substantially increase the recipient's access to housing funds other than <br>those available under KRS 198A.700 to 198A.730. (3) Organizations eligible for funding from the trust fund include local governments, local government housing authorities, nonprofit organizations, and regional or <br>statewide housing assistance organizations. (4) Housing units provided to very low-income persons or families pursuant to KRS 198A.700 to 198A.730, shall be deed-restricted under the following conditions: <br>(a) Rental housing shall be deed-restricted for a minimum of thirty (30) years. Amendments may be granted by the board of directors of the corporation on a <br>case-by-case basis. Investment from the trust fund into a specific housing type <br>shall revert to like housing for very low-income persons. (b) Single-family units or units for sale shall be deed restricted for a minimum of five (5) years. (5) In the development of housing pursuant to KRS 198A.700 to 198A.730, displacement of very low-income persons shall not be permitted unless the project <br>shall pay all reasonable relocation costs as defined by the board of directors of the <br>corporation. (6) There shall not be discrimination in the sale or rental, or otherwise making available or denying, a dwelling funded under KRS 198A.700 to 198A.730 to any buyer or <br>renter because of race, religion, sex, familial status, disability, or national origin. (7) In the event that the corporation chooses to use trust fund dollars with or as a match to the Federal Home Investment Partnership Program or other federal programs, the <br>strictest affordability requirements shall apply. (8) Trust fund dollars shall be contributed permanently to a project, except when serving as a match for federal housing programs that require all funds to be <br>contributed permanently to the federal program. All repayment, interest, or other <br>return on the investment of trust fund dollars are required to be returned to the trust <br>fund and used for eligible trust fund activities in accordance with the requirements <br>of KRS 198A.700 to 198A.730. Trust fund dollars invested in a project with federal <br>dollars requiring a permanent contribution shall be recaptured to the federal <br>program account. (9) The Kentucky Housing Corporation shall report semiannually to the Interim Joint Committee on Appropriations and Revenue on how the money transferred from the <br>Kentucky Lottery Corporation's unclaimed prize account under KRS 154A.110(3) <br>has been utilized. The corporation shall also make an annual report to the <br>Legislative Research Commission on the disposition of the Kentucky Lottery <br>Corporation's unclaimed prize money for each fiscal year. Effective: July 14, 2000 <br>History: Amended 2000 Ky. Acts ch. 469, sec. 2, effective July 14, 2000. -- Amended 1994 Ky. Acts ch. 206, sec. 2, effective July 15, 1994; and ch. 405, sec. 48, effective <br>July 15, 1994. </p> <BR></DIV><!-- /.col.one --><!-- /.col.two --></DIV><!-- /.col.main --></DIV><!-- /div id = content --> <BR class=clear></DIV> <!-- /div id = livearea --> <DIV></DIV><!-- /.col.one --> <DIV></DIV><!-- /.col.main --> <DIV></DIV><!-- /#content --><BR class=clear> <DIV></DIV><!-- /#livearea --> <!-- Footer--> <DIV id=footer> <DIV class=container> <P class=copyright>Copyright &copy; 2012-2022 Laws9.Com All rights reserved. </P><!-- /.copyright --> <P class=footerlinks><A href="/contactus.html">Contact Us</A> | <A href="/aboutus.html">About Us</A> | <A href="/terms.html">Terms</A> | <A href="/privacy.html">Privacy</A></P><!-- /.footerlinks --> </DIV><!-- /.container --> </DIV><!-- /footer --> </BODY></HTML>