[§514D-4]  Condominium loan revolving fund.  (a)  There is established in the state treasury the condominium loan revolving fund, into which shall be deposited:

     (1)  Moneys received as repayment of loans and interest payments as provided in this chapter;

     (2)  Appropriations made by the legislature to the condominium loan revolving fund; and

     (3)  All interest and investment earnings credited to the assets of the fund.

     (b)  Moneys in the condominium loan revolving fund shall be expended by the authority for:

     (1)  The purposes of providing loans and credit enhancements in accordance with this chapter; and

     (2)  Paying administrative costs of the condominium loan program. [L 2025, c 296, pt of §19]

Note

  Condominium loan revolving fund abolished on June 30, 2047.  L 2025, c 296, §29.