Sec. 1920.5. Turnkey Housing Trust Fund

(a) Grants or loans may be made by the Corporation to eligible applicants for all or part of project costs.

(b) The Corporation shall issue funding reservations to eligible applicants setting forth the prerequisites of any grant or loan.

(c) When the eligible applicant secures financing for the construction or financing of the project the Corporation shall enter into an agreement with the eligible applicant and an agreement with the eligible owner.

(d) Grants or loans may be made by the Corporation upon completion of construction or rehabilitation of a project as defined in the purchase contract.

(e) All projects shall be operated as rental residential properties.

(f) The term of regulation of a project shall commence on the date construction or rehabilitation is completed, as determined by the Corporation pursuant to the purchase agreement, and shall terminate 99 years thereafter.