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

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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
the making, of loans or grants for the eligible activities described in this section.
Loans or grants shall be made upon the determination by the corporation that the
loan or grant shall be used to create new sources of funding, or to supplement
existing sources of funding for eligible activities, and shall not be used to replace
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
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;
(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
will substantially increase the recipient's access to housing funds other than
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
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:
(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
case-by-case basis. Investment from the trust fund into a specific housing type
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
shall pay all reasonable relocation costs as defined by the board of directors of the
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
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
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
contributed permanently to the federal program. All repayment, interest, or other
return on the investment of trust fund dollars are required to be returned to the trust
fund and used for eligible trust fund activities in accordance with the requirements
of KRS 198A.700 to 198A.730. Trust fund dollars invested in a project with federal
dollars requiring a permanent contribution shall be recaptured to the federal
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
Kentucky Lottery Corporation's unclaimed prize account under KRS 154A.110(3)
has been utilized. The corporation shall also make an annual report to the
Legislative Research Commission on the disposition of the Kentucky Lottery
Corporation's unclaimed prize money for each fiscal year. Effective: July 14, 2000
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
July 15, 1994.