§ 574 — Establishment of fund

§ 574. Establishment of fund. 1. There is hereby created and\nestablished in the division of housing and community renewal a revolving\nfund to be known as the "housing development fund."\n 2. There shall be paid into such housing development fund (a) any\nmoneys appropriated and made available by the state for the purposes of\nsuch fund, (b) notwithstanding the provisions of the state finance law\nor any other provision of law, any moneys which the division of housing\nand community renewal shall receive in repayment of advances made from\nsuch fund, and (c) any other moneys which may be made available to the\ndivision of housing and community renewal for the purpose of such fund\nfrom any other source or sources.\n 2-a. All moneys paid into the fund from repayments of loans authorized\nby section five hundred seventy-six-d of this article shall continue to\nbe made available for the purpose of providing loans pursuant to such\nsection.\n 3. Any moneys held in such housing development fund not required for\nimmediate disbursement may be invested, at the discretion of the\ncommissioner, in obligations of the state or the United States\ngovernment or obligations the principal and interest of which are\nguaranteed by the state or the United States government. Any income or\ninterest earned by, or increment to, such housing development fund shall\nbe added to the moneys held in such fund for the purposes herein\nprovided.\n