Kentucky Statutes 198A.720 – Application procedures — Granting of funds — Priorities in funding — Targeting of funds — Services to be provided
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(1) The corporation shall issue a public notice to eligible recipients of the availability of trust funds at least twice each calendar year and provide for reasonable opportunity for the filing of applications.
(2) The corporation shall approve or deny properly submitted and completed applications within ninety (90) days of their receipt.
(3) The corporation shall grant as many applications as will effectively use available funds.
(4) The corporation shall grant or deny applications by ranking the applications competitively using criteria established by the corporation in consultation with the advisory committee for the trust fund created under KRS § 198A.725. The corporation shall give priority to:
(a) Applications for projects submitted by nonprofit organizations or local governments for new construction for families;
(b) Applications for projects using existing privately owned housing stock, including stock purchased by nonprofit public development authorities;
(c) Applications for projects using existing publicly owned housing stock; and
(d) Applications from local governments for projects that demonstrate effective zoning, conversion, or demolition controls for single room occupancy units.
(5) The corporation shall limit funds to be used for administrative costs to no more than seven and one-half percent (7.5%) of available funds, and shall disapprove any project in which more than seven and one-half percent (7.5%) of available funds shall be used for administrative costs.
(6) The corporation shall require at least forty percent (40%) of all funds received to be used for rural areas of the Commonwealth, which shall periodically be defined by the board of directors of the corporation.
(7) Funds targeted under this section that are not expended or set-aside within twenty- four (24) months from allocation may be reallocated in nontargeted communities for very low-income persons. The corporation may extend the twenty-four (24) month period for good cause; however, an extension shall not exceed an additional twelve (12) month period.
(8) The corporation shall provide technical assistance to eligible recipients seeking to construct, rehabilitate, or finance housing-related services for very low-income persons. The corporation may contract with nonprofit organizations to provide the technical assistance required by this subsection.
(9) The corporation shall provide or contract for the following services:
(a) Financial planning and packaging for housing projects including alternative ownership programs and bridge financing;
(b) Project design, architectural planning, siting, and compliance with planning requirements;
(c) Securing matching resources for project development;
(d) Maximizing local government contributions to project development in the form of land donations, infrastructure improvements, waivers of development fees, local and state managed funds, zoning variances, density bonuses for low rise-multifamily projects, or creative local planning;
(e) Coordination with local planning, economic development, environmental, technical assistance, and recreational activities;
(f) Construction and material management; and
(g) Project maintenance and management.
Effective: June 25, 2013
History: Amended 2013 Ky. Acts ch. 12, sec. 2, effective June 25, 2013. — Amended
1994 Ky. Acts ch. 206, sec. 3, effective July 15, 1994. – Created 1992 Ky. Acts ch.
458, sec. 5, effective July 14, 1992.
(2) The corporation shall approve or deny properly submitted and completed applications within ninety (90) days of their receipt.
Terms Used In Kentucky Statutes 198A.720
- Commonwealth: means the Commonwealth of Kentucky. See Kentucky Statutes 198A.010
- Contract: A legal written agreement that becomes binding when signed.
- Corporation: A legal entity owned by the holders of shares of stock that have been issued, and that can own, receive, and transfer property, and carry on business in its own name.
- Corporation: means the Kentucky Housing Corporation created by this chapter. See Kentucky Statutes 198A.010
- Directors: when applied to corporations, includes managers or trustees. See Kentucky Statutes 446.010
- Month: means calendar month. See Kentucky Statutes 446.010
- State: when applied to a part of the United States, includes territories, outlying possessions, and the District of Columbia. See Kentucky Statutes 446.010
- Year: means calendar year. See Kentucky Statutes 446.010
(3) The corporation shall grant as many applications as will effectively use available funds.
(4) The corporation shall grant or deny applications by ranking the applications competitively using criteria established by the corporation in consultation with the advisory committee for the trust fund created under KRS § 198A.725. The corporation shall give priority to:
(a) Applications for projects submitted by nonprofit organizations or local governments for new construction for families;
(b) Applications for projects using existing privately owned housing stock, including stock purchased by nonprofit public development authorities;
(c) Applications for projects using existing publicly owned housing stock; and
(d) Applications from local governments for projects that demonstrate effective zoning, conversion, or demolition controls for single room occupancy units.
(5) The corporation shall limit funds to be used for administrative costs to no more than seven and one-half percent (7.5%) of available funds, and shall disapprove any project in which more than seven and one-half percent (7.5%) of available funds shall be used for administrative costs.
(6) The corporation shall require at least forty percent (40%) of all funds received to be used for rural areas of the Commonwealth, which shall periodically be defined by the board of directors of the corporation.
(7) Funds targeted under this section that are not expended or set-aside within twenty- four (24) months from allocation may be reallocated in nontargeted communities for very low-income persons. The corporation may extend the twenty-four (24) month period for good cause; however, an extension shall not exceed an additional twelve (12) month period.
(8) The corporation shall provide technical assistance to eligible recipients seeking to construct, rehabilitate, or finance housing-related services for very low-income persons. The corporation may contract with nonprofit organizations to provide the technical assistance required by this subsection.
(9) The corporation shall provide or contract for the following services:
(a) Financial planning and packaging for housing projects including alternative ownership programs and bridge financing;
(b) Project design, architectural planning, siting, and compliance with planning requirements;
(c) Securing matching resources for project development;
(d) Maximizing local government contributions to project development in the form of land donations, infrastructure improvements, waivers of development fees, local and state managed funds, zoning variances, density bonuses for low rise-multifamily projects, or creative local planning;
(e) Coordination with local planning, economic development, environmental, technical assistance, and recreational activities;
(f) Construction and material management; and
(g) Project maintenance and management.
Effective: June 25, 2013
History: Amended 2013 Ky. Acts ch. 12, sec. 2, effective June 25, 2013. — Amended
1994 Ky. Acts ch. 206, sec. 3, effective July 15, 1994. – Created 1992 Ky. Acts ch.
458, sec. 5, effective July 14, 1992.