From
the U.S. Code Online via GPO Access
[wais.access.gpo.gov]
[Laws in effect as of January 6, 1999]
[Document not affected by Public Laws enacted between
January 6, 1999 and October 26, 2000]
[CITE: 42USC12772]
TITLE
42--THE PUBLIC HEALTH AND WELFARE
CHAPTER 130--NATIONAL AFFORDABLE HOUSING
SUBCHAPTER II--INVESTMENT IN AFFORDABLE HOUSING
Part B--Community Housing Partnership
Sec. 232. Project-specific assistance to community housing development
organizations
- In general
Amounts
reserved under section 12771 of this title may be used for
activities eligible under section 12742 of this title and, in
amounts
not to exceed 10 percent of the amounts so reserved, for other
activities specified under this section.
- Project-specific
technical assistance and site control loans
- In
general
Amounts
reserved under section 12771 of this title may be used to
provide technical assistance and site control loans to community
housing development organizations in the early stages of
site development for an eligible project. Such loans shall
not exceed amounts that the jurisdiction determines to be
customary and reasonable project preparation costs allowable
under paragraph (2).
- Allowable
expenses
A
loan under this subsection may be provided to cover project
expenses necessary to determine project feasibility (including
costs of an initial feasibility study), consulting fees,
costs of preliminary financial applications, legal fees,
architectural fees, engineering fees, engagement of a development
team, site control and title clearance.
- Repayment
A
community housing development organization that receives
a loan under this subsection shall repay the loan to the
participating jurisdiction's HOME Investment Trust Fund
from construction loan proceeds or other project income.
The participating jurisdiction may waive repayment of the
loan, in part or in whole, if there are impediments to project
development that the participating jurisdiction determines
are reasonably beyond the control of the borrower.
- Project-specific
seed money loans
- In
general
Amounts
reserved under section 12771 of this title may be used to
provide loans to community housing development organizations
to cover preconstruction project costs that the jurisdiction
determines to be customary and reasonable, including, but
not limited to the costs of obtaining firm construction
loan commitments, architectural plans and specifications,
zoning approvals, engineering studies and legal fees.
- Eligible
sponsors
A
loan under this subsection may be provided only to a community
housing development organization that has, with respect to
the project concerned, site control, a preliminary financial
commitment, and a capable development team.
- Repayment
A
community housing development organization that receives
a loan under this subsection shall repay the loan to the
jurisdiction's HOME Investment Trust Fund from construction
loan proceeds or other project income. The participating
jurisdiction may waive repayment of the loan, in whole or
in part, if there are impediments to project development
that the participating jurisdiction determines are reasonably
beyond the control of the borrower.
(Pub.
L. 101-625, title II, Sec. 232, Nov. 28, 1990, 104 Stat. 4115.)
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