Dwelling unit revolving fund

(a) There is created a dwelling unit revolving fund. The funds appropriated for the purpose of the dwelling unit revolving fund and all moneys received or collected by the corporation for the purpose of the revolving fund shall be deposited in the revolving fund. The proceeds in the revolving fund shall be used: (1) To reimburse the general fund to pay the interest on general obligation bonds issued for the purposes of the revolving fund; (2) For necessary expenses in administering housing development programs, regional state infrastructure programs, and the government employee housing program pursuant to part V; and (3) To carry out the purposes of housing development programs, regional state infrastructure programs, and the government employee housing program pursuant to part V, including but not limited to the expansion of community facilities and regional state infrastructure constructed in conjunction with housing and mixed-use transit-oriented development projects, permanent primary or secondary financing, and supplementing building costs, federal guarantees required for operational losses, and all things required by any federal agency in the construction and receipt of federal funds or low-income housing tax credits for housing projects. (b) Subject to the requirements of subsection (a), proceeds in the revolving fund may be used to: (1) Establish and operate regional state infrastructure subaccounts pursuant to section 201H-191.5; and (2) Administer, implement, and finance the government employee housing program pursuant [to] part V.