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[Laws in effect as of January 6, 1999]
[Document not affected by Public Laws enacted between
January 6, 1999 and October 26, 2000]
[CITE: 42USC12771]
TITLE
42--THE PUBLIC HEALTH AND WELFARE
CHAPTER 130--NATIONAL AFFORDABLE HOUSING
SUBCHAPTER II--INVESTMENT IN AFFORDABLE HOUSING
Part B--Community Housing Partnership
Sec. 231. Set-aside for community housing development organizations
- In general
For
a period of 24 months after funds under part A of this subchapter
are made available to a jurisdiction, the jurisdiction shall
reserve not less than 15 percent of such funds for investment
only in housing to be developed, sponsored, or owned by community
housing development organizations. Each participating jurisdiction
shall make reasonable efforts to identify community housing
development organizations that are capable or can reasonably
be expected to become capable of carrying out elements of the
jurisdiction's housing strategy and to encourage such community
housing development organizations to do so. If during the first
24 months of its participation under this subchapter, a participating
jurisdiction is unable to identify a sufficient number of capable
community housing development organizations, then up to 20 percent
of the funds allocated to that jurisdiction under this section,
but not to exceed $150,000, may be made available to carry out
activities that develop the capacity of community housing development
organizations in that jurisdiction. A participating jurisdiction
is authorized to enter into contracts with community housing
development organizations to carry out this section
-
Recapture
and reuse
If
any funds reserved under subsection (a) of this section remain
uninvested for a period of 24 months, then the Secretary shall
deduct such funds from the line of credit in the participating
jurisdiction's HOME Investment Trust Fund and make such funds
available by direct reallocation
- to other participating jurisdictions for affordable housing
developed, sponsored or owned by community housing development
organizations, or
- to nonprofit intermediary organizations to carry out activities
that develop the capacity of community housing development
organizations consistent with section 12773 of this title,
with preference to community housing development organizations
serving the jurisdiction from which the funds were recaptured.
-
Direct reallocation criteria
Insofar
as practicable, direct reallocations under this section shall
be made according to the selection criteria established under
section 12747(c) of this title.
(Pub.
L. 101-625, title II, Sec. 231, Nov. 28, 1990, 104 Stat. 4114; Pub.
L. 102-550, title II, Sec. 212(a), (b), Oct. 28, 1992, 106 Stat.
3757.)
Amendments
1992--Subsec. (a). Pub. L. 102-550 substituted "24'' for "18''
in first sentence and inserted after second sentence "If during
the first 24 months of its participation under this subchapter,
a participating jurisdiction is unable to identify a sufficient
number of capable community housing development organizations, then
up to 20 percent of the funds allocated to that jurisdiction under
this section, but not to exceed $150,000, may be made available
to carry out activities that develop the capacity of community housing
development organizations in that jurisdiction.''Subsec. (b). Pub.
L. 102-550, Sec. 212(a), substituted "24'' for "18''.
Effective
Date of 1992 Amendment
Amendment by Pub. L. 102-550 applicable to unexpended funds allocated
under subchapter II of this chapter in fiscal year 1992, except
as otherwise specifically provided, see section 223 of Pub. L. 102-550,
set out as a note under section 12704 of this title.
Section Referred to in Other Sections
This section is referred to in section 12772 of this title.
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