202 KAR 2:010.
Affordable Housing Trust Fund.
RELATES TO: KRS
Chapter 198A, 61.805-61.850
AUTHORITY: KRS 198A.720(11)
FUNCTION, AND CONFORMITY: KRS 198A.720 authorizes Kentucky Housing Corporation
to administer the Affordable Housing Trust Fund by providing loans or grants
for eligible activities, as established in KRS 198A.715(2), in order to create
new sources of funding or to supplement existing sources of funding for the
development of housing for very low income Kentuckians. This administrative
regulation is necessary to establish additional criteria for qualifying for the
loans and grants and to establish the procedures to be followed in applying for
the loans and grants.
Qualification Criteria. (1) Applications shall be prioritized based on the
priorities established in KRS 198A.720(4).
shall be competitively ranked based on the following criteria:
need for proposed program;
effort of applicant and various agencies in developing and administering the
(c) Provision of
housing and housing-related services;
to serve those in greatest need;
(e) Amount of
resources contributed from other sources;
(g) Ability to
provide long-term home ownership or rental affordability.
(3) Approval of
applications shall be based on the numerical ranking received and the
availability of funds.
Notice of Funds Availability. (1) A public notice of funding availability shall
be issued by Kentucky Housing Corporation to eligible applicants no later than
January 1 and July 1 of each year.
(2) The deadline
for application submission shall be no sooner than thirty (30) days after the
public notice of funding availability.
Application Procedures. (1) To be considered for a loan or grant, eligible
applicants shall complete and submit the Affordable Housing Trust Fund
application dated September 7, 1993, which form is hereby incorporated by
reference. The application may be obtained, inspected or copied at Kentucky
Housing Corporation, 1231 Louisville Road, Frankfort, Kentucky 40601 between
the hours of 8:30 a.m. and 5 p.m., Monday through Friday.
submitted and completed applications shall be approved or denied within sixty
(60) days of their receipt by Kentucky Housing Corporation. (20 Ky.R. 1432; Am.
1792; eff. 1-10-94.)