(1) There is hereby created in the division of veterans affairs the veterans assistance grant program, referred to in this section as the "program", to provide moneys to nonprofit organizations and governmental agencies that provide services to ensure the health and well-being of veterans of the United States armed forces who live in Colorado, including but not limited to:

(a) Mental health services;

(b) Family counseling services;

(c) Job training;

(d) Employment; and

(e) Housing for homeless veterans.

(2) On or before September 1, 2014, the adjutant general, in consultation with the board of veterans affairs created in section 28-5-702, shall adopt rules for the administration of the program, including but not limited to:

(a) Criteria for determining which nonprofit organizations and governmental agencies are eligible to receive moneys from the program; and

(b) Procedures by which eligible nonprofit organizations and governmental agencies may apply for and receive moneys from the program.

(3) (a) There is hereby created the veterans assistance grant program cash fund, referred to in this section as the "fund", which shall consist of:

(I) Moneys received by the division as gifts, grants, or donations pursuant to paragraph (d) of this subsection (3); and

(II) Such moneys as are appropriated to the fund by the general assembly.

(b) The moneys in the fund are subject to annual appropriation to the division by the general assembly for the direct and indirect costs associated with implementing the program. The state treasurer may invest any moneys in the fund not expended for the purposes of this section as provided by law. The state treasurer shall credit any interest and income derived from the deposit and investment of moneys in the fund to the fund. Any unexpended and unencumbered moneys in the fund at the end of a fiscal year remain in the fund and shall not be credited to any other fund; except that any moneys remaining in the fund on September 1, 2024, shall be credited to the general fund.

(c) The division may expend not more than five percent of the moneys annually appropriated to the fund to pay the administrative expenses incurred by the division in administering the program.

(d) The division is authorized to accept gifts, grants, and donations for the purposes described in this section. The division shall transfer each such gift, grant, and donation to the state treasurer, who shall credit the same to the fund.

(4) In its annual report before the house and senate committees of reference pursuant to section 2-7-203, C.R.S., the department of military and veterans affairs shall include information describing the grants awarded through the program during the preceding year.

(5) This section is repealed, effective September 1, 2024. Before repeal, the department of regulatory agencies shall review the program as described in section 24-34-104, C.R.S.