The authority may develop a tax-exempt bond, a taxable bond or an authority-funded program for the financing of home improvement or rehabilitation loans. Such a home improvement or rehabilitation loan program may be conducted in concert with any appropriation provided by the legislature for the purpose of developing and conducting a program of subsidizing the interest rates on home improvement or rehabilitation loans to persons of low or moderate income.
History: 1978 Comp., § 58-18-7.3, enacted by Laws 1984, ch. 62, § 2; 1987, ch. 168, § 1; 1995, ch. 9, § 15.
ANNOTATIONSThe 1995 amendment, effective June 16, 1995, deleted former Subsection A relating to the reservation of bond proceeds for the purchase of rehabilitation loans; substituted the language beginning "of home improvement" for "of the purchase of home improvement loans from mortgage lenders or for loans to mortgage lenders to fund home improvement loans" at the end of the first sentence; inserted "or rehabilitation" in two places and "or moderate" near the end; deleted "to the state investment council" following "by the legislature"; and made stylistic changes throughout the section.