{"identifier":"/us/usc/t42/s12748","title":42,"num":"\u00a7\u202f12748.","heading":"HOME Investment Trust Funds","text":"\u00a7\u202f12748.\nHOME Investment Trust Funds\n(a)\nEstablishment\nThe Secretary shall establish for each participating jurisdiction a HOME Investment Trust Fund, which shall be an account (or accounts as provided in\nsection 12749(c) of this title\n(b)\nLine of credit\nThe Secretary shall establish a line of credit in the HOME Investment Trust Fund of each participating jurisdiction, which line of credit shall include\u2014\n(1) funds allocated or reallocated to the participating jurisdiction under\nsection 12747 of this title\n(2) any payment or repayment made pursuant to\nsection 12749 of this title\n(c)\nReductions\nA participating jurisdiction\u2019s line of credit shall be reduced by\u2014\n(1) funds drawn from the HOME Investment Trust Fund by the participating jurisdiction,\n(2) funds expiring under subsection (g), and\n(3) any penalties assessed by the Secretary under section 12754\n1\n1 So in original. Probably should be section \u201c12753\u201d.\n(d)\nCertification\nA 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\u2019s 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.\n(e)\nInvestment within 15 days\nThe participating jurisdiction shall, not later than 15 days after funds are drawn from the jurisdiction\u2019s HOME Investment Trust Fund, invest such funds, together with any interest earned thereon, in the affordable housing for which the funds were withdrawn.\n(f)\nNo interest or fees\nThe Secretary shall not charge any interest or levy any other fee with regard to funds in a HOME Investment Trust Fund.\n(g)\nExpiration of right to draw funds\nIf 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\u2019s HOME Investment Trust Fund, the jurisdiction\u2019s 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\u2019s HOME Investment Trust Fund by the expiring amount and shall reallocate the funds by formula in accordance with\nsection 12747(d) of this title\n(h)\nAdministrative provision\nThe 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.","url":"https://projectusc.org/usc/t42/s12748.html","content":[{"t":"sec","id":"/us/usc/t42/s12748","children":[{"t":"num","text":"\u00a7\u202f12748."},{"t":"heading","text":"HOME Investment Trust Funds"},{"t":"subsec","id":"/us/usc/t42/s12748/a","children":[{"t":"num","text":"(a)"},{"t":"heading","text":"Establishment"},{"t":"content","children":[{"t":"p","text":"The Secretary shall establish for each participating jurisdiction a HOME Investment Trust Fund, which shall be an account (or accounts as provided in ","children":[{"t":"ref","text":"section 12749(c) of this title","href":"/us/usc/t42/s12749/c","tail":") for use solely to invest in affordable housing within the participating jurisdiction\u2019s 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."}],"tail":"\n"}],"tail":"\n"}],"tail":"\n"},{"t":"subsec","id":"/us/usc/t42/s12748/b","children":[{"t":"num","text":"(b)"},{"t":"heading","text":"Line of credit"},{"t":"chapeau","text":"The Secretary shall establish a line of credit in the HOME Investment Trust Fund of each participating jurisdiction, which line of credit shall include\u2014"},{"t":"para","id":"/us/usc/t42/s12748/b/1","children":[{"t":"num","text":"(1)"},{"t":"content","text":" funds allocated or reallocated to the participating jurisdiction under ","children":[{"t":"ref","text":"section 12747 of this title","href":"/us/usc/t42/s12747","tail":", and"}],"tail":"\n"}],"tail":"\n"},{"t":"para","id":"/us/usc/t42/s12748/b/2","children":[{"t":"num","text":"(2)"},{"t":"content","text":" any payment or repayment made pursuant to ","children":[{"t":"ref","text":"section 12749 of this title","href":"/us/usc/t42/s12749","tail":"."}],"tail":"\n"}],"tail":"\n"}],"tail":"\n"},{"t":"subsec","id":"/us/usc/t42/s12748/c","children":[{"t":"num","text":"(c)"},{"t":"heading","text":"Reductions"},{"t":"chapeau","text":"A participating jurisdiction\u2019s line of credit shall be reduced by\u2014"},{"t":"para","id":"/us/usc/t42/s12748/c/1","children":[{"t":"num","text":"(1)"},{"t":"content","text":" funds drawn from the HOME Investment Trust Fund by the participating jurisdiction,","tail":"\n"}],"tail":"\n"},{"t":"para","id":"/us/usc/t42/s12748/c/2","children":[{"t":"num","text":"(2)"},{"t":"content","text":" funds expiring under subsection (g), and","tail":"\n"}],"tail":"\n"},{"t":"para","id":"/us/usc/t42/s12748/c/3","children":[{"t":"num","text":"(3)"},{"t":"content","text":" any penalties assessed by the Secretary under section 12754\u202f","children":[{"t":"ref","text":"1"},{"t":"num","text":"1","tail":"\u202fSo in original. Probably should be section \u201c12753\u201d."},{"t":"text","text":"\u202fSo in original. Probably should be section \u201c12753\u201d.","tail":" of this title."}],"tail":"\n"}],"tail":"\n"}],"tail":"\n"},{"t":"subsec","id":"/us/usc/t42/s12748/d","children":[{"t":"num","text":"(d)"},{"t":"heading","text":"Certification"},{"t":"content","children":[{"t":"p","text":"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\u2019s 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.","tail":"\n"}],"tail":"\n"}],"tail":"\n"},{"t":"subsec","id":"/us/usc/t42/s12748/e","children":[{"t":"num","text":"(e)"},{"t":"heading","text":"Investment within 15 days"},{"t":"content","children":[{"t":"p","text":"The participating jurisdiction shall, not later than 15 days after funds are drawn from the jurisdiction\u2019s HOME Investment Trust Fund, invest such funds, together with any interest earned thereon, in the affordable housing for which the funds were withdrawn.","tail":"\n"}],"tail":"\n"}],"tail":"\n"},{"t":"subsec","id":"/us/usc/t42/s12748/f","children":[{"t":"num","text":"(f)"},{"t":"heading","text":"No interest or fees"},{"t":"content","children":[{"t":"p","text":"The Secretary shall not charge any interest or levy any other fee with regard to funds in a HOME Investment Trust Fund.","tail":"\n"}],"tail":"\n"}],"tail":"\n"},{"t":"subsec","id":"/us/usc/t42/s12748/g","children":[{"t":"num","text":"(g)"},{"t":"heading","text":"Expiration of right to draw funds"},{"t":"content","children":[{"t":"p","text":"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\u2019s HOME Investment Trust Fund, the jurisdiction\u2019s 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\u2019s HOME Investment Trust Fund by the expiring amount and shall reallocate the funds by formula in accordance with ","children":[{"t":"ref","text":"section 12747(d) of this title","href":"/us/usc/t42/s12747/d","tail":"."}],"tail":"\n"}],"tail":"\n"}],"tail":"\n"},{"t":"subsec","id":"/us/usc/t42/s12748/h","children":[{"t":"num","text":"(h)"},{"t":"heading","text":"Administrative provision"},{"t":"content","children":[{"t":"p","text":"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.","tail":"\n"}],"tail":"\n"}],"tail":"\n"},{"t":"text","text":"\n"},{"t":"text","text":"\n"}]}]}