(1) The board may make an HMF loan for the following purposes:

(a) matching funds for public or private funds available from other sources for the development of housing for low-income or moderate income households;

(b) bridge financing necessary to make development of housing for low-income or moderate income households feasible;

(c) acquisition of existing housing stock for the purpose of preservation of or conversion to housing for low-income or moderate income households;

(d) preconstruction technical assistance as described in 90-6-134(4), MCA, for housing for low-income and moderate income households in rural areas and small cities and towns;

(e) acquisition of land for housing developments, land banking, and land trusts; and

(f) short-term, site-based housing vouchers for needy individuals.

(2) An HMF loan may not be made that will replace existing or available funding for eligible activities.