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: 42USC12749]
TITLE
42--THE PUBLIC HEALTH AND WELFARE
CHAPTER 130--NATIONAL AFFORDABLE HOUSING
SUBCHAPTER II--INVESTMENT IN AFFORDABLE HOUSING
Part A--HOME Investment Partnerships
Sec. 219. Repayment of investment
- In general
Any
repayment of funds drawn from a jurisdiction's HOME Investment
Trust Fund, and any payment of interest or other return on the
investment of such funds, shall be deposited in such jurisdiction's
HOME Investment Trust Fund, except that, if the jurisdiction
is not a participating jurisdiction when such payment or repayment
is made, the amount of such payment or repayment shall be reallocated
in accordance with section 12747(d) of this title.
- Assurance
of repayment
Each
participating jurisdiction shall enter into an agreement with
the Secretary ensuring that funds invested in affordable housing
under this part are repayable when the housing no longer qualifies
as affordable housing. Any repayment under the previous sentence
shall be for deposit in the HOME Investment Trust Fund of the
jurisdiction making the investment; except that if such jurisdiction
is not a participating jurisdiction when such repayment is made,
the amount of such repayment shall be reallocated in accordance
with section 12747(d) of this title.
- Availability
The
Secretary shall take such actions as are necessary to ensure
that any repayments deposited in a HOME Investment Trust Fund
in accordance with this section shall be immediately available
to the participating jurisdiction for investment subject to
the provisions of this part that apply to funds that are allocated
under section 12747 of this title. Actions authorized under
the preceding sentence may include authorizing the establishment
for a participating jurisdiction of a HOME Investment Trust
Fund account outside of the Federal Government that, under arrangements
satisfactory to the Secretary, shall be used solely to invest
in affordable housing within the participating jurisdiction's
boundaries in accordance with the provisions of this subchapter.
Such accounts shall be established in such a manner that repayments
are not receipts or collections of the Federal Government.
(Pub.
L. 101-625, title II, Sec. 219, Nov. 28, 1990, 104 Stat. 4110.)
Section Referred to in Other Sections
This section is referred to in sections 12748, 12802 of this title.
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