215.050. Housing development fund, how managed and used.

MISSOURI STATUTES AND CODES

215.050. Housing development fund, how managed and used.

Housing development fund, how managed and used.

215.050. 1. The commission shall establish a fund to beknown as the "Housing Development Fund". There shall be paidinto the housing development fund:

(1) Any moneys appropriated and made available to thecommission to carry out the purposes of this fund;

(2) Any moneys which the commission receives in repayment ofadvances or loans made from the fund; and

(3) Any other moneys which may be made available to thecommission for the purpose of such fund from any other source orsources.

2. Moneys held in the housing development fund may be usedto make noninterest-bearing advances to nonprofit corporations todefray development costs of constructing or rehabilitatingresidential housing if such housing complies with the standardsset by the commission under sections 215.010 to 215.250. Nononinterest-bearing advances may be made unless the commissionmay reasonably anticipate that permanent financing of theresidential housing may be obtained.

3. Each advance shall be repaid in full concurrent with thereceipt by the nonprofit corporation of the proceeds of thepermanent financing or of the construction loan, unless thecommission shall extend the period for the repayment of suchadvance, provided that no such extension shall be granted beyondthe date of final payment under the permanent financing.

4. If the commission shall determine at any time thatpermanent financing may not be obtained, the advance shall becomeimmediately due and payable and shall be paid from any assets ofthe residential housing project.