§ 1232. Rural and urban community investment fund. 1. Within amounts
appropriated or otherwise available therefor, the housing trust fund
corporation shall develop and administer a rural and urban community
investment fund program which shall provide assistance in the form of
payments, grants and loans for reasonable and necessary expenses, to an
eligible applicant for the creation, preservation or improvement of
affordable housing; or the creation, preservation or improvement of the
commercial, retail or community facilities component of mixed use
affordable residential developments, in rural and urban areas of the
state.

2. Program criteria. The corporation shall develop procedures,
criteria and requirements related to the application and award of
projects pursuant to this section which shall include: eligibility,
market demand, feasibility and funding criteria; the funding
determination process; supervision and evaluation of contracting
applicants; reporting, budgeting and record-keeping requirements;
provisions for modification and termination of contracts; and such other
matters not inconsistent with the purposes and provisions of this
article as the corporation shall deem necessary or appropriate.

3. Fund allocation. Sixty percent of the total funds awarded pursuant
to this article in any fiscal year shall be allocated to projects
located in urban areas of the state. Forty percent of the total funds
awarded pursuant to this article in any fiscal year shall be allocated
to projects located in rural areas of the state.

4. Funding criteria. A one-third match requirement shall be required
of any eligible applicant, which may include donated property, materials
or labor and other resources, and may be reduced or eliminated for
projects located within a declared disaster area.

5. Funding and annual report. The corporation in its sole discretion
shall authorize all funding decisions and make all award announcements.
The corporation shall, on or before December thirty-first in each year
submit a report to the legislature on the implementation of this
article. Such report shall include, but not be limited to, for each
award made to a grantee under this article: a description of such award;
contract amount and cumulative total; the specific activities in rural
and urban areas performed by such grantee; the amounts of match monies
received by the grantee from sources other than payments made pursuant
to this article; and such other information as the corporation deems
pertinent.