202 KAR 2:010. Affordable Housing Trust Fund

Link to law: http://www.lrc.ky.gov/kar/202/002/010.htm
Published: 2015

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      202 KAR 2:010.

Affordable Housing Trust Fund.

 

      RELATES TO: KRS

Chapter 198A, 61.805-61.850

      STATUTORY

AUTHORITY: KRS 198A.720(11)

      NECESSITY,

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.

 

      Section 1.

Qualification Criteria. (1) Applications shall be prioritized based on the

priorities established in KRS 198A.720(4).

      (2) Applications

shall be competitively ranked based on the following criteria:

      (a) Demonstrated

need for proposed program;

      (b) Combined

effort of applicant and various agencies in developing and administering the

program;

      (c) Provision of

housing and housing-related services;

      (d) Willingness

to serve those in greatest need;

      (e) Amount of

resources contributed from other sources;

      (f) Geographic

distribution; and

      (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.

 

      Section 2.

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.

 

      Section 3.

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.

      (2) Properly

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.)