(1) In accordance with Section 72-2-503, the board may rank, prioritize, and award affordable housing infrastructure grants to public entities within a county of the first class with money derived from the following sources:
(a) bond proceeds deposited into the Transportation Investment Fund of 2005 created in Section 72-2-124 in accordance with a bond issued under Section 63B-34-101;
(b) for a fiscal year beginning on or after July 1, 2026, and only until June 30, 2028, revenue deposited into the County of the First Class Highway Projects Fund created in Section 72-2-121;
(c) appropriations by the Legislature; and
(d) any other transfers or contributions.
(2) Administrative costs of the department to administer affordable housing infrastructure grants under this part shall be paid from the funds described in Subsection (1).