(1) The board may make a CTMH loan for the development and preservation of multifamily rental housing projects that provide housing for low-income or moderate-income households and for the following purposes:

(a) development and construction of multifamily rental housing projects;

(b) acquisition and/or rehabilitation of existing multifamily rental housing projects for the purpose of preservation of or conversion to housing for low-income or moderate-income households;

(c) acquisition of land for multifamily rental housing projects including land trusts and for mobile or manufactured homes;

(d)  development or preservation of mobile home parks as defined in 70-33-103, MCA; or

(e)  other purposes authorized in 90-6-137, MCA, which the board determines are consistent with CTMH loan program objectives, requirements, and which provide sufficient assurances of repayment of coal trust funds.

(2) A CTMH loan may not be used to replace existing or available sources of funding for eligible loan activities.

(3) Projects funded with a CTMH loan must be subject to property taxes, except those projects located on tribal lands.