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198A.720 Application procedures -- Granting of funds -- Priorities in funding
-- Targeting of funds -- Services to be provided.
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The corporation shall issue a public notice to eligible recipients of the
availability of trust funds at least twice each calendar year and provide for
reasonable opportunity for the filing of applications.
The corporation shall approve or deny properly submitted and completed
applications within ninety (90) days of their receipt.
The corporation shall grant as many applications as will effectively use
available funds.
The corporation shall grant or deny applications by ranking the applications
competitively using criteria established by the corporation in consultation with
the advisory committee for the trust fund created under KRS 198A.725. The
corporation shall give priority to:
(a) Applications for projects submitted by nonprofit organizations or local
governments for new construction for families;
(b) Applications for projects using existing privately owned housing stock,
including stock purchased by nonprofit public development authorities;
(c) Applications for projects using existing publicly owned housing stock; and
(d) Applications from local governments for projects that demonstrate
effective zoning, conversion, or demolition controls for single room
occupancy units.
The corporation shall limit funds to be used for administrative costs to no more
than seven and one-half percent (7.5%) of available funds, and shall
disapprove any project in which more than seven and one-half percent (7.5%)
of available funds shall be used for administrative costs.
The corporation shall require at least forty percent (40%) of all funds received
to be used for rural areas of the Commonwealth, which shall periodically be
defined by the board of directors of the corporation.
Funds targeted under this section that are not expended or set-aside within
twenty-four (24) months from allocation may be reallocated in nontargeted
communities for very low-income persons. The corporation may extend the
twenty-four (24) month period for good cause; however, an extension shall not
exceed an additional twelve (12) month period.
The corporation shall provide technical assistance to eligible recipients seeking
to construct, rehabilitate, or finance housing-related services for very
low-income persons. The corporation may contract with nonprofit organizations
to provide the technical assistance required by this subsection.
The corporation shall provide or contract for the following services:
(a) Financial planning and packaging for housing projects including
alternative ownership programs and bridge financing;
(b) Project design, architectural planning, siting, and compliance with
planning requirements;
(c) Securing matching resources for project development;
(d) Maximizing local government contributions to project development in the
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form of land donations, infrastructure improvements, waivers of
development fees, local and state managed funds, zoning variances,
density bonuses for low rise-multifamily projects, or creative local
planning;
Coordination with local planning, economic development, environmental,
technical assistance, and recreational activities;
Construction and material management; and
Project maintenance and management.
Effective:June 25, 2013
History: Amended 2013 Ky. Acts ch. 12, sec. 2, effective June 25, 2013. -Amended 1994 Ky. Acts ch. 206, sec. 3, effective July 15, 1994. Created 1992
Ky. Acts ch. 458, sec. 5, effective July 14, 1992.
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