The executive director may distribute funds from the Economic Revitalization and Investment Fund and the Rural Housing Fund for any of the following activities undertaken as part of an approved project:
(1) the acquisition, rehabilitation, or new construction of a building that includes moderate income housing units;
(2) the purchase of land for the construction of a building that will include moderate income housing units; or
(3) pre-development work, including planning, studies, design, and site work for a building that will include moderate income housing units.