[Code of Federal Regulations]
[Title 24, Volume 1]
[Revised as of April 1, 2004]
From the U.S. Government Printing Office via GPO Access
[CITE: 24CFR92.502]

[Page 627-628]
 
                 TITLE 24--HOUSING AND URBAN DEVELOPMENT
 
PART 92_HOME INVESTMENT PARTNERSHIPS PROGRAM--Table of Contents
 
                    Subpart K_Program Administration
 
Sec. 92.502  Program disbursement and information system.

    (a) General. The Home Investment Trust Fund account established in 
the United States Treasury is managed through a computerized 
disbursement and information system established by HUD. The system 
disburses HOME funds that are allocated or reallocated, and collects and 
reports information on the use of HOME funds in the United States 
Treasury account. [For purposes of reporting in the Integrated 
Disbursement and Information System, a HOME project is an activity.]
    (b) Project set-up. (1) After the participating jurisdiction 
executes the HOME Investment Partnership Agreement, submits the 
applicable banking and security documents, complies with the 
environmental requirements under 24 CFR part 58 for release of funds and 
commits funds to a specific local project, the participating 
jurisdiction may identify (set up) specific investments in the 
disbursement and information system. Investments that require the set-up 
of projects in the system are the acquisition, new construction, or 
rehabilitation of housing, and the provision of tenant-based rental 
assistance. The participating jurisdiction is required to enter complete 
project set-up information at the time of project set-up.
    (2) If the project set-up information is not completed within 20 
days of the project set-up call, the project may be cancelled by the 
system. In addition, a project which has been committed in the system 
for 12 months without an initial disbursement of funds may be cancelled 
by the system.

[[Page 628]]

    (c) Disbursement of HOME funds. (1) After complete project set-up 
information is entered into the disbursement and information system, 
HOME funds for the project may be drawn down from the United States 
Treasury account by the participating jurisdiction by electronic funds 
transfer. The funds will be deposited in the local account of the HOME 
Investment Trust Fund of the participating jurisdiction within 48 to 72 
hours of the disbursement request. Any drawdown of HOME funds from the 
United States Treasury account is conditioned upon the provision of 
satisfactory information by the participating jurisdiction about the 
project or tenant-based rental assistance and compliance with other 
procedures, as specified by HUD.
    (2) HOME funds drawn from the United States Treasury account must be 
expended for eligible costs within 15 days. Any interest earned within 
the 15 day period may be retained by the participating jurisdiction as 
HOME funds. Any funds that are drawn down and not expended for eligible 
costs within 15 days of the disbursement must be returned to HUD for 
deposit in the participating jurisdiction's United States Treasury 
account of the HOME Investment Trust Fund. Interest earned after 15 days 
belongs to the United States and must be remitted promptly, but at least 
quarterly, to HUD, except that a local participating jurisdiction may 
retain interest amounts up to $100 per year for administrative expenses 
and States are subject to the Intergovernmental Cooperation Act (31 
U.S.C. 6501 et seq.).
    (3) HOME funds in the local account of the HOME Investment Trust 
Fund must be disbursed before requests are made for HOME funds in the 
United States Treasury account.
    (4) A participating jurisdiction will be paid on an advance basis 
provided it complies with the requirements of this part.
    (d) Project completion. (1) Complete project completion information 
must be entered into the disbursement and information system, or 
otherwise provided, within 120 days of the final project drawdown. If 
satisfactory project completion information is not provided, HUD may 
suspend further project set-ups or take other corrective actions.
    (2) Additional HOME funds may be committed to a project up to one 
year after project completion, but the amount of HOME funds in the 
project may not exceed the maximum per-unit subsidy amount established 
under Sec. 92.250.
    (e) Access by other participants. Access to the disbursement and 
information system by other entities participating in the HOME program 
(e.g., State recipients) will be governed by procedures established by 
HUD.