[§356D-82]  Teachers' housing revolving fund.  There is established a revolving fund to be known as the teachers' housing revolving fund.  All unexpended balances of appropriations, allocations, allotments, special or revolving funds or other funds heretofore created and made available for the purposes of developing or administering teachers' housing projects shall be transferred to the teachers' housing revolving fund.  Notwithstanding any law to the contrary, all moneys, including refunds, reimbursements, and rentals for housing from teacher tenants shall be deposited in the revolving fund.

     The revolving fund may be used by the authority for any and all of the purposes of teachers' housing, including without prejudice to the generality of the foregoing, the planning, construction, maintenance, and operation of teachers' housing, as well as for the salaries of the necessary personnel in charge thereof.

     Whenever the governor determines that the amount in the teachers' housing revolving fund is in excess of the requirements of the teachers' housing program, the authority shall transfer that excess to the state general fund. [L 2006, c 180, pt of §2]