The Lead-Based Paint Hazard Control Cash Fund is created in the Department of Economic Development. The fund shall receive transfers from the Affordable Housing Trust Fund as authorized by the Legislature. The department shall use the entirety of the fund to award a grant to a city of the metropolitan class to carry out lead-based paint hazard control on owner-occupied properties, contingent upon formal notification by the United States Department of Housing and Urban Development that it intends to award a grant to a city of the metropolitan class to carry out the federal Residential Lead-Based Paint Hazard Reduction Act of 1992, 42 U.S.C. § 4852, as such section existed on January 1, 2015. No more than fifteen percent of the grant proceeds may be used for administrative expenses. It is the intent of the Legislature that any grant awarded from the Lead-Based Paint Hazard Control Cash Fund shall be applied to the congressional district grant allocations as established under section 58-708. Any money in the fund available for investment shall be invested by the state investment officer pursuant to the Nebraska Capital Expansion Act and the Nebraska State Funds Investment Act.