Sec. 8. (a) The money in the fund shall be used to provide financial assistance in the form of:
(1) grants;
(2) loans; and
(3) loan guarantees.
In addition, money from the fund may be used to provide technical assistance to nonprofit developers of low income housing.
(b) The financial assistance described in subsection (a) shall be used for:
(1) the acquisition, construction, rehabilitation, development, operation, and insurance of, and education concerning, affordable housing and community economic development; or
(2) other programs considered appropriate to meet the affordable housing and community development needs of lower income families and very low income families, including lower income elderly, persons with disabilities, and homeless individuals.
(c) At least fifty percent (50%) of the dollars allocated must be used to serve very low income households.