Louisiana § RS 40:600.52 - General provisions; trust fund

§ RS 40:600.52. General provisions; trust fund

A.  There is hereby established the Louisiana Habitat for Humanity Loan Purchase Program which shall provide the process and procedures by which the Louisiana Housing Corporation shall assist in the provision of affordable housing for Louisiana families by purchasing home loans from Louisiana Habitat for Humanity affiliates.

B.(1)  The Louisiana Habitat for Humanity Trust Fund, hereinafter referred to as the "trust fund", is hereby created to be administered by the Louisiana Housing Corporation.  Monies credited to the fund shall include, but not be limited to, funds received as provided by Paragraph (2) of this Subsection.  Interest earned on investment of monies in the trust fund shall be credited to the trust fund.  Unexpended and unencumbered monies in the trust fund at the end of each fiscal year shall remain in the trust fund.  Monies in the trust fund shall be used exclusively for the purchase of loans from Habitat for Humanity affiliates in accordance with the provisions of this Chapter.

(2)  The trust fund shall receive monies in the following manner:

(a)  Monies annually allocated by the board of the Louisiana Housing Corporation from agency funds specifically designated for the Habitat for Humanity Loan Purchase Program.

(b)  Gifts, grants, and donations to the trust fund received from individuals, partnerships, and public or private organizations.

(c)  Monies appropriated to the trust fund by the legislature for these purposes.

(d)  Any federal funds made available to the state under any federal housing legislation consistent with these provisions.

(e) Any monies received in repayment for loans made under the provisions of this Chapter.

C.  For the purposes of this Chapter, the Louisiana Housing Corporation shall promulgate all rules, regulations, and other such procedures in conjunction with representatives of Louisiana habitat affiliates, as may be designated by Habitat for Humanity International, in accordance with the provisions of R.S. 40:600.6(A)(4)(b)(x).

(1)  The proposed rules shall be formulated for submission to the board of commissioners of the Louisiana Housing Corporation no later than October 15, 2006.

(2)  The board shall review and adopt the proposed rules no later than November 30, 2006.

(3)  The board shall submit the proposed rules to the Joint Legislative Committee on the Budget for review at the committee's first regularly scheduled meeting in 2007.

Acts 2006, No. 510, §1, eff. July 1, 2006; Acts 2011, No. 408, §5(B), eff. July 5, 2011.