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42 U.S.C. § 12753 — HOME Investment Trust Funds

Federal law — U.S. Code and appendices · legal_authorities

42 U.S.C. § 12753 — HOME Investment Trust Funds

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Source file: Laws/federal/codes/united-states-code/title-42/section-12753-home-investment-trust-funds--5a7bb6d90e.md
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Source location: Title 42, Chapter 130, § 12753; chapter-130-national-affordable-housing.md

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**(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](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title42-section12749/c&num=0&edition=prelim)) 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](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title42-section12747&num=0&edition=prelim), and (2) any payment or repayment made pursuant to [section 12749 of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title42-section12749&num=0&edition=prelim). **(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 11 So in original. Probably should be section “12753”. 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](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title42-section12747/d&num=0&edition=prelim). **(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.

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Federal law — U.S. Code and appendices · legal_authorities

42 U.S.C. § 12747 — Eligible uses of investment

**(a) Housing uses** (1) **In general** — Funds made available under this part may be used by participating jurisdictions to provide incentives to develop and support affordable rental housing and homeownership affordability through the acquisition, new construction, reconstruction, or moderate or substantial rehabilitation of affordable housing, including real property acquisition, site improvement, conversion, demolition, and other expenses, including financing costs, relocation expenses of any displaced persons, families, businesses, or organizations, to provide for the payment of reasonable administrative and planning costs, to provide for the payment of operating expenses of community housing development organizations, and to provide tenant-based rental assistance. For the purpose of this part, the term “affordable housing” includes permanent housing for disabled homeless persons, transitional housing, and single room occupancy housing. (2) **Preference to rehabilitation** — A participating jurisdiction shall give preference to rehabilitation of substandard housing unless the jurisdiction determines that— (A) such rehabilitation is not the most cost effective way to meet the jurisdiction’s need to expand the supply of affordable housing; and (B) the jurisdiction’s housing needs cannot be met through rehabilitation of the available stock. The Secretary shall not restrict a participating jurisdiction’s choice of rehabilitation, substantial rehabilitation, new construction, reconstruction, acquisition, or other eligible housing use unless such restriction is explicitly authorized under [section 12753(2) of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title42-section12753/2&num=0&edition=prelim). (3) **Tenant-based rental assistan

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Federal law — U.S. Code and appendices · legal_authorities

42 U.S.C. § 12749 — Income targeting

Each participating jurisdiction shall invest funds made available under this part within each fiscal year so that— (1) with respect to rental assistance and rental units— (A) not less than 90 percent of (i) the families receiving such rental assistance are families whose incomes do not exceed 60 percent of the median family income for the area, as determined by the Secretary with adjustments for smaller and larger families, (except that the Secretary may establish income ceilings higher or lower than 60 percent of the median for the area on the basis of the Secretary’s findings that such variations are necessary because of prevailing levels of construction cost or fair market rent, or unusually high or low family income) at the time of occupancy or at the time funds are invested, whichever is later, or (ii) the dwelling units assisted with such funds are occupied by families having such incomes; and (B) the remainder of (i) the families receiving such rental assistance are households that qualify as low-income families (other than families described in subparagraph (A)) at the time of occupancy or at the time funds are invested, whichever is later, or (ii) the dwelling units assisted with such funds are occupied by such households; (2) with respect to homeownership assistance, 100 percent of such funds are invested with respect to dwelling units that are occupied by households that qualify as low-income families; and (3) all such funds are invested with respect to housing that qualifies as affordable housing under [section 12745 of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title42-section12745&num=0&edition=prelim).

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Federal law — U.S. Code and appendices · legal_authorities

42 U.S.C. § 12704 — Definitions

As used in this subchapter and in subchapter II: (1) The term “unit of general local government” means a city, town, township, county, parish, village, or other general purpose political subdivision of a State; the Federated States of Micronesia and Palau, the Marshall Islands, or a general purpose political subdivision thereof; a consortium of such political subdivisions recognized by the Secretary in accordance with [section 12746(2) of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title42-section12746/2&num=0&edition=prelim); and any agency or instrumentality thereof that is established pursuant to legislation and designated by the chief executive to act on behalf of the jurisdiction with regard to provisions of this Act. (2) The term “State” means any State of the United States, the District of Columbia, the Commonwealth of Puerto Rico, or any agency or instrumentality thereof that is established pursuant to legislation and designated by the chief executive officer to act on behalf of the State with regard to the provisions of this Act. (3) The term “jurisdiction” means a State or unit of general local government. (4) The term “participating jurisdiction” means any State or unit of general local government that has been so designated in accordance with [section 12746 of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title42-section12746&num=0&edition=prelim). (5) The term “nonprofit organization” means any private, nonprofit organization (including a State or locally chartered, nonprofit organization) that— (A) is organized under State or local laws, (B) has no part of its net earnings inuring to the benefit of any member, founder, contributor, or individual, (C) complies with standards of financial

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Federal law — U.S. Code and appendices · legal_authorities

42 U.S.C. § 12753 — Penalties for misuse of funds

Page 8468 TITLE 42—THE PUBLIC HEALTH AND WELFARE § 12751 spect to fiscal year 1993 and each fiscal year there- after.’’ Amendment by section 207(c) of Pub. L. 102–550 appli- cable 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. § 12751. Private-public partnership Each participating jurisdiction shall make all reasonable efforts, consistent with the purposes of this subchapter, to maximize participation by the private sector, including nonprofit organiza- tions and for-profit entities, in the implementa- tion of the jurisdiction’s housing strategy, in- cluding participation in the financing, develop- ment, rehabilitation and management of afford- able housing. Nothing in the previous sentence shall preclude public housing authorities from fully participating in the implementation of a jurisdiction’s housing strategy. (Pub. L. 101–625, title II, § 221, Nov. 28, 1990, 104 Stat. 4112.) § 12752. Distribution of assistance (a) Local Each participating jurisdiction shall, insofar as is feasible, distribute assistance under this part geographically within its boundaries and among different categories of housing need, ac- cording to the priorities of housing need identi- fied in the jurisdiction’s approved housing strat- egy. (b) State Participating States shall be responsible for distributing assistance throughout the State ac- cording to the State’s assessment of the geo- graphical distribution of the housing need with- in the State, as identified in the State’s ap- proved housing strategy. Participating States shall distribute assistance to rural areas in amounts that take into accoun

Source: Supplied 2024 U.S. Code historical extraction · 42 U.S.C. § 12753

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