1. Moneys declared by the authority to be surplus moneys which are not required to service bonds and notes issued by the authority, to pay administrative expenses of the authority, or to accumulate necessary operating or loss reserves, shall be used by the authority to provide grants, subsidies, and services to lower income families and very low income families through the programs authorized in this chapter or to provide funds for the residential mortgage interest reduction program established pursuant to section 16.81.
2. The authority may establish a loan and grant fund which may be comprised of the proceeds of appropriations, grants, contributions, surplus moneys transferred as provided in this section and repayment of authority loans made from such fund.
[C77, 79, 81, § 220.10]
83 Acts, ch 124, § 3; 84 Acts, ch 1236, § 2; 86 Acts, ch 1245, § 841
C93, § 16.10
Referred to in § 16.81, 403A.3, 533.16
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