[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: 24CFR92.503]

[Page 628-629]
 
                 TITLE 24--HOUSING AND URBAN DEVELOPMENT
 
PART 92_HOME INVESTMENT PARTNERSHIPS PROGRAM--Table of Contents
 
                    Subpart K_Program Administration
 
Sec. 92.503  Program income, repayments, and recaptured funds.

    (a) Program income. (1) Program income must be used in accordance 
with the requirements of this part. Program income must be deposited in 
the participating jurisdiction's HOME Investment Trust Fund local 
account unless the participating jurisdiction permits the State 
recipient or subrecipient to retain the program income for additional 
HOME projects pursuant to the written agreement required by Sec. 
92.504.
    (2) If the jurisdiction is not a participating jurisdiction when the 
program income is received, the funds are not subject to the 
requirements of this part.
    (3) Program income derived from consortium activities undertaken by 
or within a member unit of general local government which thereafter 
terminates its participation in the consortium continues to be program 
income of the consortium.
    (b) Repayments. (1) Any HOME funds invested in housing that does not 
meet the affordability requirements for the period specified in Sec. 
92.252 or Sec. 92.254, as applicable, must be repaid by the 
participating jurisdiction in accordance with paragraph (b)(3) of this 
section.
    (2) Any HOME funds invested in a project that is terminated before 
completion, either voluntarily or otherwise, must be repaid by the 
participating jurisdiction in accordance with paragraph (b)(3) of this 
section except for repayments of project specific community housing 
development organization loans which are waived in accordance with 
Sec. Sec. 92.301(a)(3) and 92.301(b)(3).

[[Page 629]]

    (3) If the HOME funds were disbursed from the participating 
jurisdiction's HOME Investment Trust Fund Treasury account, they must be 
repaid to the Treasury account. If the HOME funds were disbursed from 
the participating jurisdiction's HOME Investment Trust Fund local 
account, they must be repaid to the local account. If the jurisdiction 
is not a participating jurisdiction when the repayment is made, the 
funds must be remitted to HUD and reallocated in accordance with Sec. 
92.454.
    (c) Recaptures. HOME funds recaptured in accordance with Sec. 
92.254(a)(5)(ii) must be used in accordance with the requirements of 
this part. Recaptured funds must be deposited in the participating 
jurisdiction's HOME Investment Trust Fund local account unless the 
participating jurisdiction permits the State recipient, subrecipient, or 
community housing development organization to retain the recaptured 
funds for additional HOME projects pursuant to the written agreement 
required by Sec. 92.504. If the jurisdiction is not a participating 
jurisdiction when the recaptured funds are received, the funds must be 
remitted to HUD and reallocated in accordance with Sec. 92.454.