{"data":{"id":"us-ky/krs-198a.746","jurisdiction":"us-ky","citation":"KRS 198A.746","heading":"Uses of fund -- Organizations eligible for funding -- Discrimination","body":"prohibited -- Annual report.\n(1) (a) The corporation shall use moneys from the rural housing trust fund created in\nKRS 198A.744 to make, or participate in the making of, loans or grants for\nthe eligible activities described in this section.\n(b) Any loan or grant shall be made upon the determination by the corporation\nthat the loan or grant shall be used to create new sources of funding, or to\nsupplement existing sources of fundi ng for eligible activities, and shall not be\nused to replace existing or available moneys.\n(2) Activities eligible for funding shall include:\n(a) Acquisition of housing units for the purpose of preservation of or conversion\nto rural housing units;\n(b) New construction or rehabilitation of rural housing units;\n(c) Matching funds for technical assistance directly related to providing rural\nhousing for individuals under KRS 198A.740 to 198.750; and\n(d) Administrative costs for rural housing assistance programs  or organizations\neligible for funding under subsection (3) of this section, if the loans or grants\nwill substantially increase the recipient's access to housing funds other than\nthose available under KRS 198A.740 to 198A.750.\n(3) Organizations eligible for funding from the rural housing trust fund include:\n(a) Local governments;\n(b) Local government housing authorities;\n(c) Nonprofit organizations;\n(d) Regional or statewide housing assistance organizations; and\n(e) Business organizations that undertake the new construction or rehabilitation\nof rural housing units for moderate income individuals.\n(4) Housing units provided to moderate income individuals o r families under KRS\n198A.740 to 198A.750 shall be deed restricted under the following conditions:\n(a) Rental housing shall be deed restricted for a minimum of thirty (30) years.\nInvestment from the rural housing trust fund into a specific housing type sha ll\nrevert to like housing for moderate income individuals; and\n(b) Single-family units or units for sale shall be deed restricted for a minimum of\nten (10) years.\nThe corporation may grant amendments to deed restrictions on a case-by-case basis.\n(5) In th e development of rural housing under KRS 198A.740 to 198A.750,\ndisplacement of moderate income individuals or families shall not be permitted\nunless the project pays all reasonable relocation costs as defined by the corporation\nin administrative regulations promulgated under KRS Chapter 13A.\n(6) Discrimination in the sale or rental of, or otherwise making available or denying, a\ndwelling funded under KRS 198A.740 to 198A.750 to any buyer or renter because\nof race, religion, sex, familial status, disability, or national origin is prohibited.\n(7) (a) Moneys in the trust fund shall be contributed permanently to a rural project,\nexcept when serving as a match for federal housing programs that require all\nfunds to be contributed permanently to the federal program.\n(b) All repayment, interest, or other return on the investment of trust fund moneys\nare required to be returned to the trust fund and used for eligible trust fund\nactivities in accordance with KRS 198A.740 to 198A.750.\n(c) Trust fund moneys invested in a  rural project with federal dollars requiring a\npermanent contribution shall be recaptured to the federal program account.\n(8) Beginning on or before October 1, 2024, and on or before each October 1\nthereafter, the corporation shall submit a report to the Legislative Research\nCommission on the disposition of the rural housing trust fund moneys for the\nprevious fiscal year.","path":["KRS Chapter 198A"],"source_url":"https://apps.legislature.ky.gov/law/statutes/statute.aspx?id=53511","current_through":"Includes enactments through the 2026 Regular Session","vintage":"09/05/2026","retrieved_at":"2026-09-05T20:51:51Z","sha256":"a8bd6de65cb8a5f99c7ba096ab6fbe6147f10e83573705ecaf8b5d8defacb853","source_id":"us-ky","stale":false,"prev":"us-ky/krs-198a.744","next":"us-ky/krs-198a.748"},"notice":"GroundRules: Original legal text. Not legal advice."}