42 U.S.C. § 12748 — HOME Investment Trust Funds

submitted 36 years ago by Pub. L. 101-625 to r/title-42-THE-PUBLIC-HEALTH-AND-WELFARE · 349 words · no verdicts yet

in plain englishAI-generated · not legal advice

The Secretary must set up a Trust Fund account for each jurisdiction. Jurisdictions draw funds after certifying they'll follow the rules, then must invest within 15 days. The Secretary cannot charge interest or fees on these accounts.

(a) Establishment: The Secretary must set up a HOME Investment Trust Fund for each participating jurisdiction — an account (or accounts, as section 12749(c) allows) used only to invest in affordable housing within that jurisdiction's boundaries, or in joint projects with neighboring jurisdictions that serve both jurisdictions' residents. (b) Line of credit: Each jurisdiction's Trust Fund includes a line of credit made up of (1) funds allocated or reallocated to it under section 12747, and (2) any payment or repayment made under section 12749. (c) Reductions: A jurisdiction's line of credit shrinks by (1) funds it draws from the Trust Fund, (2) funds that expire under subsection (g), and (3) any penalties the Secretary assesses under section 12754. (d) Certification: A jurisdiction can draw funds — up to its remaining line of credit — only after certifying the funds will follow its approved housing strategy and comply with this subchapter. Once certified, the Secretary must disburse the funds right away, in whatever form of assistance the jurisdiction has chosen. (e) 15-day investment rule: Within 15 days after drawing funds, the jurisdiction must invest them (plus any interest earned) in the affordable housing the funds were drawn for. (f) No interest or fees: The Secretary cannot charge interest or any other fee on funds in a HOME Investment Trust Fund. (g) Administrative provision: The Secretary must keep each jurisdiction informed about its Trust Fund's status, including how much is committed at each stage.

the actual law source: uscode.house.gov ↗public domain

(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.

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) 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.

Source credit: (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; Pub. L. 119–101, title V, § 501(i), July 11, 2026, 140 Stat. 911.)

history & why it existsrecord from the source credit

1990Enacted · Pub. L. 101-625 · 104 Stat. 4109
1992Amended · Pub. L. 102-550 · 106 Stat. 3752, 3762
2026Amended · Pub. L. 119-101 · 140 Stat. 911

A history note hasn’t been published yet. The record shows enactment by Pub. L. 101-625 on 1990-11-28.

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