Kentucky Statutes 198A.748 – Application procedures — Granting of funds — Priority of applications — Services to be provided
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The corporation shall:
(1) Issue a public notice to eligible recipients regarding the availability of trust fund moneys at least twice each calendar year;
(2) Provide a reasonable opportunity for the filing of applications;
(3) After consultation with the Rural Housing Trust Fund Advisory Committee created in KRS § 198A.750, approve or deny properly submitted and completed applications within ninety (90) days of their receipt;
(4) Approve applications that will effectively use available moneys;
(5) Approve or deny applications by ranking the applications competitively using criteria established by the corporation in consultation with the advisory committee and promulgated in an administrative regulation under KRS Chapter 13A;
(6) Give priority to applications in the following order:
(a) Applications for projects located in a federally declared disaster area or projects assisting individual recipients displaced by a federally declared disaster area;
(b) Applications for projects submitted by nonprofit organizations or local governments for new rural housing construction;
(c) Applications for projects using existing privately owned housing stock, including stock purchased by nonprofit public development activities;
(d) Applications for projects using existing publicly owned housing stock; and
(e) Applications from local governments for projects that demonstrate effective zoning, conversion, or demolition controls for single room occupancy units;
(7) Provide technical assistance to eligible recipients seeking to construct, rehabilitate, or finance housing-related services for moderate income individuals. The corporation may contract with nonprofit organizations to provide the technical assistance required by this subsection; and
(8) Provide 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: March 24, 2023
History: Created 2023 Ky. Acts ch. 92, sec. 33, effective March 24, 2023.
(1) Issue a public notice to eligible recipients regarding the availability of trust fund moneys at least twice each calendar year;
Terms Used In Kentucky Statutes 198A.748
- 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
- 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
(2) Provide a reasonable opportunity for the filing of applications;
(3) After consultation with the Rural Housing Trust Fund Advisory Committee created in KRS § 198A.750, approve or deny properly submitted and completed applications within ninety (90) days of their receipt;
(4) Approve applications that will effectively use available moneys;
(5) Approve or deny applications by ranking the applications competitively using criteria established by the corporation in consultation with the advisory committee and promulgated in an administrative regulation under KRS Chapter 13A;
(6) Give priority to applications in the following order:
(a) Applications for projects located in a federally declared disaster area or projects assisting individual recipients displaced by a federally declared disaster area;
(b) Applications for projects submitted by nonprofit organizations or local governments for new rural housing construction;
(c) Applications for projects using existing privately owned housing stock, including stock purchased by nonprofit public development activities;
(d) Applications for projects using existing publicly owned housing stock; and
(e) Applications from local governments for projects that demonstrate effective zoning, conversion, or demolition controls for single room occupancy units;
(7) Provide technical assistance to eligible recipients seeking to construct, rehabilitate, or finance housing-related services for moderate income individuals. The corporation may contract with nonprofit organizations to provide the technical assistance required by this subsection; and
(8) Provide 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: March 24, 2023
History: Created 2023 Ky. Acts ch. 92, sec. 33, effective March 24, 2023.