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| 3.__Application of fund.__The Maine State Housing Authority may | | apply money in the fund for purposes authorized by section 4361.__ | | Money in the fund not needed for purposes of this section may be | | deposited with the Maine State Housing Authority to the credit | | of the fund or may be invested as provided by law. |
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| | | 4.__Accounts within fund.__The Maine State Housing Authority | | may divide money in the fund into separate accounts determined | | necessary or convenient for carrying out this section. |
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| | | 5.__Revolving fund.__The fund is a nonlapsing revolving | | fund.__All money in the fund must be continuously applied by | | the Maine State Housing Authority to carry out this section. |
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| | | 6.__Program lapses.__Notwithstanding subsection 5, if the | | purposes of the fund authorized by section 4361 are repealed, | | any uncommitted money in the fund lapses to the General Fund. |
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| | | 7.__Repeal.__This section is repealed April 30, 2008. |
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| | | Sec. 4. Submission of rules. Rules adopted by the State | | Affordable Neighborhood Development Review Board pursuant to | | the Maine Revised Statutes, Title 30-A, section 4361, | | subsection 6 must be submitted to the Legislature in | | accordance with Title 5, chapter 375, subchapter 2-A no later | | than December 1, 2004. |
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| | | This bill establishes the State Affordable Neighborhood | | Development Review Board within the Maine State Housing | | Authority under which a municipality may voluntarily agree to | | the creation of an affordable neighborhood development. The | | bill also establishes standards for affordable neighborhood | | developments and establishes incentives for municipalities to | | participate. The bill also creates the Affordable | | Neighborhood Development Fund. |
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