1. 1. The commission shall establish a fund to be known as the "Housing Development Fund". There shall be paid into the housing development fund:

   1. (1) Any moneys appropriated and made available to the commission to carry out the purposes of this fund;
   2. (2) Any moneys which the commission receives in repayment of advances or loans made from the fund; and
   3. (3) Any other moneys which may be made available to the commission for the purpose of such fund from any other source or sources.
2. 2. Moneys held in the housing development fund may be used to make noninterest-bearing advances to nonprofit corporations to defray development costs of constructing or rehabilitating residential housing if such housing complies with the standards set by the commission under sections 215.010 to 215.250. No noninterest-bearing advances may be made unless the commission may reasonably anticipate that permanent financing of the residential housing may be obtained.
3. 3. Each advance shall be repaid in full concurrent with the receipt by the nonprofit corporation of the proceeds of the permanent financing or of the construction loan, unless the commission shall extend the period for the repayment of such advance, provided that no such extension shall be granted beyond the date of final payment under the permanent financing.
4. 4. If the commission shall determine at any time that permanent financing may not be obtained, the advance shall become immediately due and payable and shall be paid from any assets of the residential housing project.

(L. 1969 H.B. 130 §§ 8, 9)

CROSS REFERENCE:

Housing development fund abolished subject to exemption, RSMo 33.571