The Iowa finance authority shall establish a revolving fund for the program and shall transfer to the department moneys to be administered by the department. If, during a fiscal year, moneys are not appropriated for the specific purpose of the housing category, the executive director of the Iowa finance authority may retain up to twenty-five percent of the funds appropriated for the program. The moneys in the revolving fund are appropriated for purposes of the program. Notwithstanding section 8.33, moneys in the fund at the end of a fiscal year shall not revert to any other fund but shall remain in the revolving fund. The fund shall consist of all appropriations, grants, or gifts received by the authority or the department specifically for use under this part and all repayments of loans or grants made under this part. However, loan repayments from loans made under section 15E.120, which are not allocated to another program, shall be deposited in the revolving fund and shall be available for allocation by the director for categories administered by the department.
Notwithstanding the restrictions on the use of the revolving fund in this section, the director may use unallocated repayments to the revolving fund to pay for administration of programs and to provide matching funds under the Cranston-Gonzalez National Affordable Housing Act of 1990, Pub. L. No. 101-625.
88 Acts, ch 1217, § 7; 89 Acts, ch 301, § 16; 90 Acts, ch 1168, §7; 91 Acts, ch 23, §10; 91 Acts, ch 267, § 312; 92 Acts, ch 1232, § 605; 93 Acts, ch 180, §41
Referred to in § 15E.28, 15E.120, 16.141, 16.142
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