§ 12748. HOME Investment Trust Funds
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/usc/title-42/section-12748A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
(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 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.
(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 12747 of this title, and
(2)any payment or repayment made pursuant to section 12749 of this title.
(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 12754 1 of this title.
(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 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.
(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Fund, invest such funds, together with any interest earned thereon, in the affordable housing for which the funds were withdrawn.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 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.
(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.
(Pub. L. 101–625, title II, § 218, Nov. 28, 1990, 104 Stat. 4109; Pub. L. 102–550, title II, §§ 203(c), 221, Oct. 28, 1992, 106 Stat. 3752, 3762.)
Connections77 cite this · traces to 3
Cited by 77 sections · top 60
public-private-law
- Public Law 116-260Consolidated Appropriations Act, 2021
- Public Law 115-141Consolidated Appropriations Act, 2018
- Public Law 117-328Consolidated Appropriations Act, 2023
- Public Law 116-94Further Consolidated Appropriations Act, 2020
- Public Law 117-2American Rescue Plan Act of 2021
- Public Law 115-31Consolidated Appropriations Act, 2017
- Public Law 117-103Consolidated Appropriations Act, 2022
- Public Law 116-6Consolidated Appropriations Act, 2019
statutes-at-large
- Public LawMaking appropriations for the fiscal year ending September 30, 2017, and for other purposes
- Public Law 115–141To amend the State Department Basic Authorities Act of 1956 to include severe forms of trafficking in persons within the definition of transnational organized crime for purposes of the rewards program of the Department of State, and for other purposes
- Public Law 116–6
- Public Law 117–2To provide for reconciliation pursuant to title II of S
- Public Law 117–103Making consolidated appropriations for the fiscal year ending September 30, 2022, and for providing emergency assistance for the situation in Ukraine, and for other purposes
- Public Law 116–260Making consolidated appropriations for the fiscal year ending September 30, 2021, providing coronavirus emergency response and relief, and for other purposes
- Public Law 102–550To amend and extend certain laws relating to housing and community development, and for other purposes
- Public Law 116–94Making further consolidated appropriations for the fiscal year ending September 30, 2020, and for other purposes
- Public Law 117–328Making consolidated appropriations for the fiscal year ending September 30, 2023, and for providing emergency assistance for the situation in Ukraine, and for other purposes
- Public Law 101–625To authorize a new HOME Investment Partnerships program, a National Homeownership Trust program, and HOPE programs, to amend and extend certain laws relating to housing, community and neighborhood preservation, and related programs, and for other purposes
statute-compilations
- Sec. 218HOME INVESTMENT TRUST FUNDS
- Sec. 3205HOMELESSNESS ASSISTANCE AND SUPPORTIVE SERVICES PROGRAM
- Sec. 233Section 218(g) of the Cranston-Gonzalez National Affordable Housing Act (42 U.S.C. 12748(g)) shall not apply with respect to the right of a jurisdiction to draw funds from its HOME Investment Trust Fund that otherwise expired or would expire in 2016, 2017, 2018, 2019, 2020, or 2021 under that section. Section 231(b) of such Act (42 U.S.C. 12771(b)) shall not apply to any uninvested funds that otherwise were deducted or would be deducted from the line of credit in the participating jurisdiction’s HOME Investment Trust Fund in 2018, 2019, 2020, or 2021 under that section.
- Sec. 7071protective services
- Sec. 504### (a)
- Sec. 193The Secretary of Transportation shall coordinate with the Secretary of Homeland Security to ensure that best practices for Industrial Control Systems Procurement are up-to-date and shall ensure that systems procured with funds provided under this title were procured using such practices.
register
bill
- Sec. 248
- Sec. 248
- Sec. 242
- Sec. 234
- Sec. 235
- Sec. 233
- Sec. 233
- Sec. 233
- Sec. 233
- Sec. 233
- Sec. 233
- Sec. 233
- Sec. 233
- Sec. 3Technical corrections
- Sec. 3205Homelessness assistance and supportive services program
- Sec. 4106Homelessness assistance and supportive services program
- Sec. 3205Homelessness assistance and supportive services program
- Sec. 4106Homelessness assistance and supportive services program
- Sec. 40002Investments in affordable and accessible housing production
- Sec. 40002Investments in affordable and accessible housing production
- Sec. 202Elimination of commitment deadline
- Sec. 104Investments in affordable and accessible housing production
- Sec. 202Elimination of commitment deadline
- Sec. 202Elimination of commitment deadline
- Sec. 202Elimination of commitment deadline
- Sec. 7Removal of expiration of right to draw home investment trust funds
- Sec. 7Removal of expiration of right to draw home investment trust funds
- Sec. 502HOME Investment Partnerships Reauthorization and Improvement Act
- Sec. 201HOME Reform
Traces to 3 documents
9 references not yet in our index
- 1
- Pub. L. 101–625, title II, § 218
- 104 Stat. 4109
- Pub. L. 102–550, title II
- 106 Stat. 3752
- Pub. L. 102–550, § 221
- Pub. L. 102–550, § 203(c)
- Pub. L. 102–550
- section 223 of Pub. L. 102–550
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§ 12748
HOME Investment Trust Funds
Bills×42
Stat.×11
Pub. L.×8
Fed. Reg.×8
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U.S.C.×2
Cite1
Pub. L.Pub. L. 101–625, title II, § 218
Stat.104 Stat. 4109
Pub. L.Pub. L. 102–550, title II
Stat.106 Stat. 3752
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