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. In addition, the authority may use such surplus moneys to provide assistance to the local housing assistance program established in sections 15.351 through 15.354 for purposes of providing assistance to low and moderate income families. Surplus moneys shall not be used for infrastructure or administration purposes under the local housing assistance program.
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
2000 Acts, ch 1071, §1, 2
Referred to in § 16.81, 403A.3, 533.16
Transfer of funds for the fiscal year beginning July 1, 2000, to the department of economic development for the federal HOME program; 2000 Acts, ch 1230, §28
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