[§201H-191.5] Regional state infrastructure subaccounts. (a) The corporation, upon request by a county, may establish and operate a regional state infrastructure subaccount within the dwelling unit revolving fund established pursuant to section 201H-191 for the benefit of the housing and mixed-use transit-oriented development projects within the county.
(b) Each regional state infrastructure subaccount shall consist of the following sources of revenue:
(1) Moneys received by the corporation from counties for the repayment of the loan principal and the payment of simple interest from various assessments or fees from special improvement districts, improvement districts, tax increment financing districts, community facilities districts, and other areas where property value increases are captured over periods of time for the purposes of infrastructure financing;
(2) Appropriations from the legislature;
(3) Federal grants and subsidies to the State or counties;
(4) Private investments; and
(5) Voluntary contributions.
(c) The corporation shall expend revenues in the subaccounts to make grants and loans to state agencies, and loans to counties or private developers, for the costs, in whole or in part, of infrastructure improvements that would increase the capacity of the infrastructure facilities, including regional sewer systems, water systems, drainage systems, roads, and telecommunications and broadband.
Grants and loans shall be made only for capital improvement projects approved by the respective county council and mayor, or state agency, as applicable, with a view towards planned growth rather than upkeep and maintenance.
(d) Eligible costs shall include those for planning, design, feasibility studies, construction, and materials. No grant or loan shall be made:
(1) For maintenance or repair costs unless the construction would simultaneously increase the carrying capacity of the infrastructure facility; or
(2) Solely for mass transit or electrical utilities.
The corporation may also expend revenues in the subaccounts to repay private investors for their investment plus any interest accrued on their investments made into the subaccounts to finance, in whole or in part, infrastructure improvements that would increase the capacity of the infrastructure facilities, including regional sewer systems, water systems, drainage systems, roads, and telecommunications and broadband.
(e) The corporation may accept improved land from the counties or private developers in repayment of their loans.
(f) The corporation shall adopt rules in accordance with chapter 91 for the purposes of this section. [L 2016, c 132, §2]