12RS Senate Bill 120

Senate Bill 120

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Last Action	returned to Licensing, Occupations, & Administrative Regulations (S)
Title	AN ACT relating to Kentucky Housing Corporation.
Bill Documents	Bill
Bill Request Number	854
Sponsor	J. Higdon
Summary of Original Version	Amend KRS 198A.067 to delete ordinance requirements in application for financing from Kentucky Housing Corporation when constructing multifamily housing units of 12 or more and in lieu thereof require applicants seeking funding from Kentucky Housing Corporation for constructing multifamily housing units of 12 or more to provide written notice to the chief executive officer of the local jurisdiction of the intent to build; require proof of notice to be submitted with the application; amend KRS 198A.715 to expand eligibility for funding from the affordable housing trust fund to include sponsors, meeting certain requirements, who work in connection with rental housing developments that receive low-income tax credits; require the Kentucky Housing Corporation to determine the eligibility of the sponsor when a nonprofit organization owns an interest in the sponsor and materially participates in the development and operation of the rental housing; permit the Kentucky Housing Corporation rather than the board of directors to amend and determine eligibility ; and make technical correction regarding the report provided by the Kentucky Housing Corporation to the Interim Joint Committee on Appropriations and Revenue; amend KRS 198A.720 to extend the time the Kentucky Housing Corporation has to review applications for trust fund dollars from 60 days to 90 days; remove trust fund application ranking criteria and transfer the authority to rank applicants to the corporation, in consultation with the Affordable Housing Trust Fund Advisory Committee; increase percentage allowable to recipients of trust fund money for administrative costs from 5% to 10%; and allow the corporation to define rural areas rather than define them in statute.
Index Headings of Original Version	Financial Responsibility - Affordable Housing Trust Fund moneys, increase of percentages used Housing, Building, and Construction - Ky. Housing Corporation-funded multifamily housing, notice of Local Government - Ky. Housing Corporation-funded multifamily housing, notice of Notices - Ky. Housing Corporation-funded multifamily housing, notice to Charitable Organizations and Institutions - Affordable Housing Trust Fund moneys, expansion of eligibility Cities - Ky. Housing Corporation-funded multifamily housing, notification of construction Corporations - KY Housing, duties of, expansion County Judge/Executives - Ky. Housing Corporation-funded multifamily housing, notification of construction

01/26/12	introduced in Senate
01/30/12	to Licensing, Occupations, & Administrative Regulations (S)
03/05/12	taken from Licensing, Occupations, & Administrative Regulations (S) 1st reading returned to Licensing, Occupations, & Administrative Regulations (S)