6-34-13.3: Housing development revolving fund; created.

A. The "housing development revolving fund" is created within the authority. The fund consists of appropriations, distributions, transfers, gifts, grants, donations, bequests, fees collected, payments of principal and interest on housing development assistance, income from investment of the fund and any other money distributed or otherwise allocated to the fund. Balances in the fund at the end of a fiscal year shall not revert to any other fund. The fund shall be administered by the authority as a separate account and may consist of such subaccounts as the authority deems necessary to carry out the purposes of the fund.

B. Money in the housing development revolving fund shall be used by the authority to carry out the provisions of the Opportunity Enterprise and Housing Development Act, including to:

(1) pay the reasonably necessary administrative costs and other costs and fees incurred by the authority in carrying out the provisions of that act; and

(2) provide housing development assistance.

C. Money in the housing development revolving fund that is not needed for immediate disbursement may be deposited or invested in the same manner as other funds administered by the authority.