
From the U.S. Code Online via GPO Access
[wais.access.gpo.gov]
[Laws in effect as of January 23, 2000]
[Document not affected by Public Laws enacted between
  January 23, 2000 and December 4, 2001]
[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. 12748. HOME Investment Trust Funds


(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) of this section, and
        (3) any penalties assessed by the Secretary under section 12754 
    \1\ of this title.
---------------------------------------------------------------------------
    \1\ So in original. Probably should be section ``12753''.
---------------------------------------------------------------------------

(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, 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.
