(a) There is hereby created and established a housing program reserve fund to be administered by the agency, which will consist of moneys transferred from the housing program fund and the assets fund as set out in this part. No funds in the housing program reserve fund may revert to the state general fund, but shall remain available for the purposes set out in this part. Funds in the housing program reserve fund shall be invested in any investments permitted under state law, and the income from such investments is to be transferred to the housing program fund at least annually.
(b) Notwithstanding subsection (a), in the fiscal year ending June 30, 1995, fifteen million dollars ($15,000,000) of the unexpended balance of the funds in the housing program reserve funds shall be transferred to the general fund.
(c) Up to two million dollars ($2,000,000) per year may be transferred from the housing program reserve fund to the housing program fund for the purposes specified in § 13-23-403(a). Any such transfer must first be approved by the bond finance committee and the board, and such approvals must be based on a determination that such transfer is necessary to sustain the current funding levels of the grant programs of the agency, or that such transfer is necessary to accomplish a special program targeted to low income and/or special needs groups. No such funds transferred shall be used to finance or fund any multifamily rental projects. Any funds transferred pursuant to this subsection (c) shall not be subject to the requirements of former § 13-23-403(a)(2) [deleted]. In addition to the purposes specified in § 13-23-403(a), the transfer authorized in this subsection (c) is subject to the further limitation that it may be used only to support a pilot project to create, revitalize and preserve neighborhoods in up to three (3) urban areas and up to three (3) rural areas of the state. The pilot program shall exist only for three (3) years, through the end of the 1998-1999 fiscal year. The board shall report annually to the general assembly on the progress and success of the pilot program.
(d) Notwithstanding subsection (a), at year end of the fiscal year ending June 30, 1998, all of the unexpended balance of funds in the housing program reserve fund shall be transferred to the state general fund. Once these funds have been transferred, the housing program reserve fund shall be abolished and this section shall be repealed.
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