(1) The executive director may distribute funds from the Economic Revitalization and Investment Fund for any of the following activities undertaken as part of an approved project: (a) the acquisition, rehabilitation, or new construction of a building that includes affordable housing units; (b) the purchase of land for the construction of a building that will include affordable housing units; or (c) pre-development work, including planning, studies, design, and site work for a building that will include affordable housing units.

(a) the acquisition, rehabilitation, or new construction of a building that includes affordable housing units;

(b) the purchase of land for the construction of a building that will include affordable housing units; or

(c) pre-development work, including planning, studies, design, and site work for a building that will include affordable housing units.

(2) The maximum amount of money that may be distributed from the Economic Revitalization and Investment Fund for each affordable housing unit that has been committed in accordance with Subsection 35A-8-509(5)(b)(iii) is the present value, based on the current market interest rate as determined by the board for a multi-family mortgage loan in the county or metropolitan area where the project is located, of 360 monthly payments equal to the difference between: (a) the most recent United States Department of Housing and Urban Development fair market rent for a unit of the same size in the county or metropolitan area where the project is located; and (b) an affordable rent equal to 30% of the income requirement described in Subsection 35A-8-509(5)(b)(ii) for a household of: (i) one person if the unit is an efficiency unit; (ii) two people if the unit is a one-bedroom unit; (iii) four people if the unit is a two-bedroom unit; (iv) five people if the unit is a three-bedroom unit; (v) six people if the unit is a four-bedroom unit; or (vi) eight people if the unit is a five-bedroom or larger unit.

(a) the most recent United States Department of Housing and Urban Development fair market rent for a unit of the same size in the county or metropolitan area where the project is located; and

(b) an affordable rent equal to 30% of the income requirement described in Subsection 35A-8-509(5)(b)(ii) for a household of: (i) one person if the unit is an efficiency unit; (ii) two people if the unit is a one-bedroom unit; (iii) four people if the unit is a two-bedroom unit; (iv) five people if the unit is a three-bedroom unit; (v) six people if the unit is a four-bedroom unit; or (vi) eight people if the unit is a five-bedroom or larger unit.

(i) one person if the unit is an efficiency unit;

(ii) two people if the unit is a one-bedroom unit;

(iii) four people if the unit is a two-bedroom unit;

(iv) five people if the unit is a three-bedroom unit;

(v) six people if the unit is a four-bedroom unit; or

(vi) eight people if the unit is a five-bedroom or larger unit.