State fund for low-income housing money

There is established a revolving fund to be known as the state low-income housing revolving fund. Notwithstanding any law to the contrary, moneys received by the authority under or pursuant to this subpart, including refunds, reimbursements, rentals, fees, and charges received from tenants, shall be deposited in the state low-income housing revolving fund. Except as otherwise provided in this chapter, the state low-income housing revolving fund may be expended by the authority for any and all of the purposes of this subpart, including without prejudice to the generality of the foregoing, the expenses of management, operation, and maintenance of state low-income housing projects, including but not limited to: (1) The cost of insurance, a proportionate share of the administrative expenses of the authority, and the cost of repairs, equipment, and improvement; (2) The acquisition, clearance, and improvement of property; (3) The construction and reconstruction of building sites; (4) The construction, reconstruction, repair, remodeling, extension, equipment, and furnishing of any state low-income housing project; (5) Administration and other expenses; (6) The payment of rentals; and (7) The development and administration of any state low-income housing project.