99.665 Housing rehabilitation development fund -- Purpose. - Kentucky Statutes

Download pdf

Loading 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
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. Effective: June 21, 1974
History: Created 1974 Ky. Acts ch. 131, sec. 12.