The director shall designate grant and loan applications for approval and for funding under the revenue from remittances made pursuant to *RCW 18.85.310. These applications shall then be reviewed for final approval by the broker's trust account board created by **RCW 18.85.500.

     The director shall submit to the broker's trust account board within any fiscal year only such applications which in their aggregate total funding requirements do not exceed the revenue to the housing trust found [fund] from remittances made pursuant to *RCW 18.85.310 for the previous fiscal year.

[1987 c 513 § 11. Formerly RCW 18.85.505.]

NOTES:

     Reviser's note: *(1) RCW 18.85.310 was recodified as RCW 18.85.285 pursuant to 2008 c 23 § 49, effective July 1, 2010.

     **(2) RCW 18.85.500 was repealed by 1994 sp.s. c 9 § 857, effective July 1, 1994.

     Effective date -- Severability -- 1987 c 513: See notes following RCW 18.85.285.