90-6-133. Revolving loan account -- administration. (1) There is an affordable housing revolving loan account in the state special revenue fund in the state treasury. The money in the loan account is allocated to the board for the purpose of providing loans to eligible applicants.
     (2) (a) Except as provided in subsection (2)(b), funds deposited in the loan account must be used for the program authorized in 90-6-134 and may not be used to pay the expenses of any other program or service administered by the board.
     (b) Money transferred to the account pursuant to section 2, Chapter 502, Laws of 2001, may be used only for the purposes authorized by the temporary assistance for needy families block grant pursuant to Title IV of the Social Security Act, 42 U.S.C. 601, et seq.
     (3) The board may determine the rate of interest to be charged for any loan made under the provisions of 90-6-131 through 90-6-136.
     (4) The board may accept contributions, gifts, and grants for deposit into the loan account. The money must be used in accordance with the provisions of 90-6-134.
     (5) The costs incurred by the board in administering the loan fund must be paid from the loan account.
     (6) Interest and principal on loans from the fund must be repaid to the loan fund.
     (7) Interest income generated by investment of the principal of the loan fund is retained in the loan fund account.

     History: En. Sec. 3, Ch. 312, L. 1999; amd. Sec. 1, Ch. 502, L. 2001.