From the U.S. Code Online via GPO Access
[Laws in effect as of January 6, 1999]
[Document not affected by Public Laws enacted between
January 6, 1999 and October 26, 2000]
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
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.
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''.
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Fund, invest such funds, together with any interest earned thereon, in the affordable housing for which the funds were withdrawn.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.
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.)
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.