What the housing rehabilitation loan fund is for

(a) The purposes of the housing and community development rehabilitation loan fund are to: (1) Make loan money available primarily to low- and moderate-income applicants who are owners or lessees of parcels of land within urban renewal, concentrated code enforcement or rehabilitation project areas or are owners or lessees of a parcel of land in the City and County of Honolulu that have been cited for local code violations by departments of the City and County of Honolulu, or are owners or lessees of parcels of land who have need of rehabilitation or general property improvement as determined by the department. Applicants eligible for financing under this loan program must be unable to secure funds under the Rehabilitation Loan Program, § 312 of the Housing Act of 1964, as amended, or from other sources under comparable terms and conditions, to finance rehabilitation of their properties; and (2) Fund any project that is eligible to receive and expend community development block grant moneys. (b) For the purpose set forth in subsection (a)(1), there may be authorized sufficient sums appropriated each fiscal year that may constitute a revolving account to be used by the department to carry out this loan program. All moneys in such revolving account may be available for servicing loans made pursuant to this article. )