42 U.S.C. § 12748 | HOME Investment Trust Funds

(a)

Establishment

section 12749(c) of this titleThe Secretary shall establish for each participating jurisdiction a HOME Investment Trust Fund, which shall be an account (or accounts as provided in ) for use solely to invest in affordable housing within the participating jurisdiction’s boundaries or within the boundaries of contiguous jurisdictions in joint projects which serve residents from both jurisdictions in accordance with the provisions of this part.

(b)

Line of credit

The Secretary shall establish a line of credit in the HOME Investment Trust Fund of each participating jurisdiction, which line of credit shall include—

(1)

section 12747 of this title funds allocated or reallocated to the participating jurisdiction under , and

(2)

section 12749 of this title any payment or repayment made pursuant to .

(c)

Reductions

A participating jurisdiction’s line of credit shall be reduced by—

(1)

funds drawn from the HOME Investment Trust Fund by the participating jurisdiction,

(2)

funds expiring under subsection (g), and

(3)

1 So in original. Probably should be section “12753”.

any penalties assessed by the Secretary under section 12754  of this title.

(d)

Certification

A participating jurisdiction may draw funds from its HOME Investment Trust Fund, but not to exceed the remaining line of credit, only after providing certification that the funds shall be used pursuant to the participating jurisdiction’s approved housing strategy and in compliance with all requirements of this subchapter. When such certification is received, the Secretary shall immediately disburse such funds in accordance with the form of the assistance determined by the participating jurisdiction.

(e)

Investment within 15 days

The participating jurisdiction shall, not later than 15 days after funds are drawn from the jurisdiction’s HOME Investment Trust Fund, invest such funds, together with any interest earned thereon, in the affordable housing for which the funds were withdrawn.

(f)

No interest or fees

The Secretary shall not charge any interest or levy any other fee with regard to funds in a HOME Investment Trust Fund.

(g)

Expiration of right to draw funds

section 12747(d) of this titleIf any funds becoming available to a participating jurisdiction under this subchapter are not placed under binding commitment to affordable housing within 24 months after the last day of the month in which such funds are deposited in the jurisdiction’s HOME Investment Trust Fund, the jurisdiction’s right to draw such funds from the HOME Investment Trust Fund shall expire. The Secretary shall reduce the line of credit in the participating jurisdiction’s HOME Investment Trust Fund by the expiring amount and shall reallocate the funds by formula in accordance with .

(h)

Administrative provision

The Secretary shall keep each participating jurisdiction informed of the status of its HOME Investment Trust Fund, including the status of amounts under various stages of commitment.

Pub. L. 101–625, title II, § 218Nov. 28, 1990104 Stat. 4109 Pub. L. 102–550, title IIOct. 28, 1992106 Stat. 3752 (, , ; , §§ 203(c), 221, , , 3762.)

Editorial Notes

Amendments

Pub. L. 102–550, § 2211992—Subsec. (a). , inserted “or within the boundaries of contiguous jurisdictions in joint projects which serve residents from both jurisdictions” after “boundaries”.

Pub. L. 102–550, § 203(c)section 12747(b)(1)(A)(ii) of this titleSubsec. (g). , substituted “If” for “Except as provided in , if”.

Statutory Notes and Related Subsidiaries

Effective Date of 1992 Amendment

Pub. L. 102–550 section 223 of Pub. L. 102–550 section 12704 of this titleAmendment by applicable to unexpended funds allocated under subchapter II of this chapter in fiscal year 1992, except as otherwise specifically provided, see , set out as a note under .