Affordable Housing1017 Enr
Affordable Housing1017 Enr
Affordable Housing1017 Enr
officers and the Governor. To determine whether the Governor has signed the bill
or taken other action on it, please consult the legislative status sheet, the legislative
history, or the Session Laws.
establish a home HOUSING investment trust fund, which shall be created and
administered pursuant to the provisions of 24 CFR part 92, as may be
amended from time to time REFERRED TO IN THIS SECTION AS THE "TRUST
FUND". The division shall pay into such THE TRUST fund any moneys made
available by the state or federal government GENERAL ASSEMBLY, ALL
MONEYS COLLECTED BY THE DIVISION FOR PURPOSES OF THIS SECTION FROM
FEDERAL GRANTS AND FROM OTHER CONTRIBUTIONS, GIFTS, GRANTS, AND
DONATIONS RECEIVED FROM ANY OTHER ORGANIZATION, ENTITY, OR
INDIVIDUAL, PUBLIC OR PRIVATE, AND FROM ANY FEES OR INTEREST EARNED
ON SUCH MONEYS, WHICH MONEYS THE DIVISION IS HEREBY AUTHORIZED
AND DIRECTED TO SOLICIT, ACCEPT, EXPEND, AND DISBURSE for the purpose
of making loans OR LOAN GUARANTEES AND FOR PROGRAM
ADMINISTRATION as provided in this section. Any moneys in such THE
TRUST fund at the end of any fiscal year shall DO not revert to the general
fund. THE MONEYS IN THE TRUST FUND ARE HEREBY CONTINUOUSLY
APPROPRIATED TO THE DIVISION FOR THE PURPOSES SPECIFIED IN THIS
SECTION. FOR ANY GIVEN STATE FISCAL YEAR, NO MORE THAN THREE
PERCENT OF THE MONEYS APPROPRIATED FROM THE TRUST FUND MAY BE
EXPENDED FOR THE ADMINISTRATIVE COSTS OF THE DIVISION IN
ADMINISTERING THE TRUST FUND.
LOANS OF MONEYS FROM THE TRUST FUND, THE DIVISION SHALL GIVE
PRIORITY TO OWNERS OF PROPERTY THAT WAS EITHER DESTROYED OR
INCURRED SUBSTANTIAL DAMAGE AS A RESULT OF ONE OR MORE STATE OR
FEDERALLY DECLARED NATURAL DISASTERS.
(b) In the case of any loan made from moneys in the fund for which
the division is the primary lender, the borrower shall be required to seek
replacement loans or funding no later than one hundred eighty days from
the date of the loan.
(c) The authorization granted to the division in paragraph (a) of this
subsection (2) to make a grant or loan from moneys in the fund to finance
foreclosure prevention activities in the state is repealed, effective June 30,
2011.
(3) (a) Any moneys in the fund not expended or encumbered from
any appropriation at the end of any fiscal year, including interest earned on
the investment or deposit of moneys in the fund, shall remain in the fund
and shall not revert to the general fund or any other fund and shall remain
available for expenditure by the division in the next fiscal year for the
PAGE 4-HOUSE BILL 14-1017
(b) DESCRIBE
determines, and declares that this act is necessary for the immediate
preservation of the public peace, health, and safety.
____________________________ ____________________________
Mark Ferrandino
Morgan Carroll
SPEAKER OF THE HOUSE
PRESIDENT OF
OF REPRESENTATIVES
THE SENATE
____________________________ ____________________________
Marilyn Eddins
Cindi L. Markwell
CHIEF CLERK OF THE HOUSE
SECRETARY OF
OF REPRESENTATIVES
THE SENATE
APPROVED________________________________________
_________________________________________
John W. Hickenlooper
GOVERNOR OF THE STATE OF COLORADO