Sec. 218. HOME INVESTMENT TRUST FUNDS
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## SEC. 218 HOME INVESTMENT TRUST FUNDS **[**[42 U.S.C. 12748](/us/usc/t42/s12748)**]** ###
(a)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 219(c)) 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 subtitle. ###
(b)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— ####
(1)funds allocated or reallocated to the participating jurisdiction under section 217, and ####
(2)any payment or repayment made pursuant to section 219. ###
(c)Reductions A participating jurisdiction's line of credit shall be reduced by— ####
(1)funds drawn from the HOME Investment Trust Fund by the participating jurisdiction, ####
(2)funds expiring under subsection (g), and ####
(3)any penalties assessed by the Secretary under section 224.18 18So in law. Probably intended to refer to section 223. ###
(d)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 title. 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. ###
(e)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Fund, invest such funds, together with any interest earned thereon, in the affordable housing for which the funds were withdrawn. ###
(f)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. ###
(g)Expiration of Right To Draw Funds If any funds becoming available to a participating jurisdiction under this title 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 217(d). ###
(h)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.
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Sec. 218
HOME INVESTMENT TRUST FUNDS
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