Section 574. Establishment of fund

1.  There  is  hereby  created  and
  established in the division of housing and community renewal a revolving
  fund to be known as the "housing development fund."
    2. There shall be paid into such  housing  development  fund  (a)  any
  moneys  appropriated and made available by the state for the purposes of
  such fund, (b) notwithstanding the provisions of the state  finance  law
  or  any other provision of law, any moneys which the division of housing
  and community renewal shall receive in repayment of advances  made  from
  such  fund,  and (c) any other moneys which may be made available to the
  division of housing and community renewal for the purpose of  such  fund
  from any other source or sources.
    2-a. All moneys paid into the fund from repayments of loans authorized
  by  section five hundred seventy-six-d of this article shall continue to
  be made available for the purpose of providing loans  pursuant  to  such
  section.
    3.  Any  moneys held in such housing development fund not required for
  immediate disbursement  may  be  invested,  at  the  discretion  of  the
  commissioner,   in  obligations  of  the  state  or  the  United  States
  government or obligations  the  principal  and  interest  of  which  are
  guaranteed  by  the state or the United States government. Any income or
  interest earned by, or increment to, such housing development fund shall
  be added to the moneys  held  in  such  fund  for  the  purposes  herein
  provided.