Sec. 1900.4. Housing trust funds

(a) Payments, grants or loans shall be used solely to pay for the actual and necessary cost to construct, rehabilitate or convert a project.

(b) No more than 50 percent of the total amount of funds originally appropriated in a single fiscal year to the corporation shall be allocated to projects within a single municipality.

(c) No more than one third of the total amount of funds originally appropriated in a single fiscal year to the corporation shall be allocated to:

(1) private developers for projects within a city with a population of one million or more; and

(2) private developers for projects outside cities with a population of one million or more.

(d) The term of any loan made hereunder shall not exceed 30 years.

(e) Payments, grants or loans hereunder shall not exceed a total of $55,000 per dwelling unit. The corporation may, in its discretion, provide a payment, loan or grant in excess of $55,000 but not in excess of $75,000. A payment grant or loan may also be made from the High Cost Areas Demonstration Account pursuant to section 1904.2(c) of this Title, subject to the $75,000 limit.