1. (a) The Department shall:

   1. (1) administer the Program;
   2. (2) adopt policies and procedures that encourage partnership rental housing throughout the State; and
   3. (3) adopt regulations to carry out the Program, including regulations that specify criteria for local contributions to the cost of partnership projects undertaken by a political subdivision or housing authority.

2. (b) The Department may establish:

   1. (1) maximum limits for financing that it will provide to:

      1. (i) individual partnership rental housing units;
      2. (ii) any one partnership project; or
      3. (iii) any political subdivision or housing authority;
   2. (2) a process for approving financing for partnership projects that encourages a broad geographic distribution of money; and
   3. (3) the time that a household may occupy the partnership rental housing after the annual income of the household exceeds the continuing occupancy income limits for households of lower income.
3. (c) In administering the Program, the Department may make loans either directly or through the Administration.

Added by Acts 2005, c. 26, § 2, eff. Oct. 1, 2005. Amended by Acts 2006, c. 117, § 1, eff. Oct. 1, 2006; Acts 2014, c. 229, § 2, eff. July 1, 2014.