Sec. 1900.2. Introduction

(a) The act creates a public benefit corporation, to be known as the Housing Trust Fund Corporation (the corporation), to administer the Low Income Housing Trust Fund Program.

(b) Four types of projects are eligible for assistance under this Part: homesteading, cooperatives, condominiums and rental projects.

(c) The Housing Trust Fund Corporation shall refer any application for payments, grants or loans from persons of low income to other eligible applicants who are not persons of low income in the area in which such low income persons reside.

(d) In addition to the eligibility of the applicants and proposed projects, the act and these regulations establish certain requirements with respect to the selection of tenants and/or owners subsequent to construction, rehabilitation or conversion, and the rental or resale of projects assisted under this Part for periods set forth herein.