90-6-133. Housing Montana fund — administration. (1) (a) There is a housing Montana fund in the housing authority enterprise fund provided for in 90-6-107. The money in the fund is allocated to the board for the purpose of providing loans to eligible applicants.

Ask a legal question, get an answer ASAP!
Click here to chat with a lawyer about your rights.

(b)Money in the housing Montana fund must be disbursed as loans. Twenty percent of the money in the fund must be disbursed to rural areas based on population.

(2)Money deposited in the fund, including money transferred to the account pursuant to section 2, Chapter 502, Laws of 2001, must be used for the program authorized in 90-6-134 and may not be used to pay the expenses of any other program or service administered by the board.

(3)The board may determine the rate of interest to be charged for any loan made under the provisions of 90-6-131 through 90-6-136.

(4)The board may accept contributions, gifts, and grants for deposit into the fund. The money must be used in accordance with the provisions of 90-6-134.

(5)The costs incurred by the board in administering the fund may be paid from the fund.

(6)Interest and principal on loans from the fund must be repaid to the fund.

(7)Interest income generated by investment of the principal of the fund is retained in the fund.