Funds remaining in the Rent Supplement Fund at the end of any fiscal year that are not needed by the Authority to satisfy its current contractual obligations for project-based, sponsor-based, or tenant-based assistance, including any rent increase adjustments, shall be allocated for a reserve equal to $5.88 million plus 2 months of program payment obligations for its then current contractual obligations, with all remaining funds to be allocated as capital gap financing for the construction or rehabilitation of housing units for which project-based or sponsor-based assistance was previously awarded as an operating subsidy. The funding shall be distributed in the form of construction or capital improvement grants. All units constructed or improved with funds allocated pursuant to this section shall comply with all applicable requirements promulgated by the Authority pursuant to §§ 6-226 , 6-227 , and 6-228 .
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