
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: 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. 12749. Repayment of investment


(a) 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.

(b) 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.

(c) 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.
