§ 574-A — Municipal housing development fund

§ 574-a. Municipal housing development fund. 1. A municipality may\ncreate and establish a revolving fund to be known as the "municipal\nhousing development fund." Such a revolving fund shall be created and\nestablished in the supervising agency.\n 2. There shall be paid into such municipal housing development fund\n(a) any moneys appropriated and made available by the municipality for\nthe purposes of such fund, (b) notwithstanding the provisions of the\nlocal finance law or any other provision of law, any moneys received in\nrepayment of advances made from such fund, and (c) any other moneys\nwhich may be available for the purpose of such fund from any other\nsource or sources.\n 3. Any moneys held in such municipal housing development fund not\nrequired for immediate disbursement may be invested, at the discretion\nof the supervising agency, in obligations of the state or the United\nStates government 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 municipal housing development\nfund shall be added to the moneys held in such fund for the purposes\nherein provided.\n