§ 1232 — Rural and urban community investment fund

§ 1232. Rural and urban community investment fund. 1. Within amounts\nappropriated or otherwise available therefor, the housing trust fund\ncorporation shall develop and administer a rural and urban community\ninvestment fund program which shall provide assistance in the form of\npayments, grants and loans for reasonable and necessary expenses, to an\neligible applicant for the creation, preservation or improvement of\naffordable housing; or the creation, preservation or improvement of the\ncommercial, retail or community facilities component of mixed use\naffordable residential developments, in rural and urban areas of the\nstate.\n 2. Program criteria. The corporation shall develop procedures,\ncriteria and requirements related to the application and award of\nprojects pursuant to this section which shall include: eligibility,\nmarket demand, feasibility and funding criteria; the funding\ndetermination process; supervision and evaluation of contracting\napplicants; reporting, budgeting and record-keeping requirements;\nprovisions for modification and termination of contracts; and such other\nmatters not inconsistent with the purposes and provisions of this\narticle as the corporation shall deem necessary or appropriate.\n 3. Fund allocation. Sixty percent of the total funds awarded pursuant\nto this article in any fiscal year shall be allocated to projects\nlocated in urban areas of the state. Forty percent of the total funds\nawarded pursuant to this article in any fiscal year shall be allocated\nto projects located in rural areas of the state.\n 4. Funding criteria. A one-third match requirement shall be required\nof any eligible applicant, which may include donated property, materials\nor labor and other resources, and may be reduced or eliminated for\nprojects located within a declared disaster area.\n 5. Funding and annual report. The corporation in its sole discretion\nshall authorize all funding decisions and make all award announcements.\nThe corporation shall, on or before December thirty-first in each year\nsubmit a report to the legislature on the implementation of this\narticle. Such report shall include, but not be limited to, for each\naward made to a grantee under this article: a description of such award;\ncontract amount and cumulative total; the specific activities in rural\nand urban areas performed by such grantee; the amounts of match monies\nreceived by the grantee from sources other than payments made pursuant\nto this article; and such other information as the corporation deems\npertinent.\n