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: 42USC12748]
TITLE
42--THE PUBLIC HEALTH AND WELFARE
CHAPTER 130--NATIONAL AFFORDABLE HOUSING
SUBCHAPTER II--INVESTMENT IN AFFORDABLE HOUSING
Part A--HOME Investment Partnerships
Sec. 218. HOME Investment Trust Funds
- Establishment
The
Secretary shall establish for each participating jurisdiction
a HOME Investment Trust Fund, which shall be an account (or
accounts as provided in section 12749(c) of this title) 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.
- 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--
- funds allocated or reallocated to the participating jurisdiction
under section 12747 of this title, and
- any payment or repayment made pursuant to section 12749
of this title.
- Reductions
A
participating jurisdiction's line of credit shall be reduced
by--
- funds drawn from the HOME Investment Trust Fund by the
participating jurisdiction,
- funds expiring under subsection (g) of this section, and
- any penalties assessed by the Secretary under section
12754 \1\ of this title.
\1\ So in original. Probably should be section "12753''.
- 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
-
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withdrawn.
-
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.
-
Expiration
of right to draw funds
If
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 section 12747(d) of this title.
-
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, Sec. 218, Nov. 28, 1990, 104 Stat. 4109; Pub.
L. 102-550, title II, Secs. 203(c), 221, Oct. 28, 1992, 106 Stat.
3752, 3762.)
Amendments
1992--Subsec. (a). Pub. L. 102-550, Sec. 221, inserted "or
within the boundaries of contiguous jurisdictions in joint projects
which serve residents from both jurisdictions'' after "boundaries''.Subsec.
(g). Pub. L. 102-550, Sec. 203(c), substituted "If'' for "Except
as provided in section 12747(b)(1)(A)(ii) of this title, if''.
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 12746 of this title.
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