HARRY HUGHES, Governor

3407

(3) THAT THE CORPORATION HAVE ACCESS TO RECORDS AT
ALL REASONABLE TIMES FOR THE PURPOSE OF ENSURING COMPLIANCE WITH
THE GRANT OR CONTRACT OR THE TERMS AND CONDITIONS UNDER WHICH
FINANCIAL ASSISTANCE WAS PROVIDED.

(E)  THE CORPORATION SHALL:

(1)  ADOPT PROCEDURES FOR ADMINISTERING THIS PROGRAM;

(2)  MONITOR AND OPERATE THE PROGRAM;

(3)  CONTRACT WITH PUBLIC AND PRIVATE ORGANIZATIONS TO
OPERATE THE PROGRAM;

(4)  ADOPT POLICIES TO ENSURE THAT PROPERTIES
CONSTRUCTED OR REHABILITATED UNDER THIS PROGRAM ARE MADE
AVAILABLE FOR RENTAL TO LOW INCOME HOUSEHOLDS IN ALL REGIONS OF
THE STATE;

(5) (I) MAKE ALLOCATIONS TO EACH SUBDIVISION IN
PROPORTION TO THE INTEREST INCOME TRANSFERRED TO THE PROGRAM FROM
PROPERTIES IN THAT SUBDIVISION.

(II) TO THE EXTENT THAT ANY SUBDIVISION'S
CONTRIBUTION TO THE PROGRAM CANNOT BE DETERMINED, OR THAT ANY
ALLOCATED FUNDS HAVE NOT BEEN DEDICATED WITHIN 1 YEAR OR EXPENDED
WITHIN 2 YEARS OF THAT ALLOCATION, THOSE FUNDS SHALL REVERT TO
THE CORPORATION TO BE REALLOCATED UNDER THE PROVISIONS OF THE
PROGRAM;

(5) (6) DEVELOP REGULATIONS TO IMPLEMENT THE PROGRAM;
AND

(6) (7) USE FEDERAL AND STATE PROGRAMS THAT
COMPLEMENT OR FACILITATE CARRYING OUT THE PROGRAM.

(F)  THE CORPORATION SHALL ENSURE THAT ALL OF THE AWARDS ARE
USED FOR PROJECTS WHICH WILL PROVIDE CONSTRUCTION OR
REHABILITATION OF LOW INCOME RENTAL HOUSING UNITS WITH PREFERENCE
GIVEN TO THOSE APPLICATIONS WHICH WILL SERVE THE LOWEST POSSIBLE
INCOME GROUPS.

(G)  (1) THE CORPORATION SHALL PRESCRIBE PROCEDURES TO
ENSURE THAT, EXCEPT FOR LACK OF AVAILABLE FUNDS, FINANCIAL
ASSISTANCE COMMITTED MAY NOT BE SUSPENDED OR TERMINATED AND AN
APPLICATION FOR REFUNDING MAY NOT BE DENIED UNLESS THE GRANTEE
RECIPIENT HAS BEEN GIVEN REASONABLE NOTICE AND OPPORTUNITY FOR A
TIMELY, FULL, AND FAIR HEARING CONDUCTED BY AN INDEPENDENT
HEARING EXAMINER.

(2) THE HEARING SHALL BE HELD PRIOR TO ANY FINAL
DECISION BY THE CORPORATION TO TERMINATE FINANCIAL ASSISTANCE OR
SUSPEND OR DENY FUNDING.