42 USC 12748 - HOME Investment Trust Funds

U.S Code last checked for updates: Nov 22, 2024

§ 12748.

HOME Investment Trust Funds

(a)

Establishment

(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), and

(3)

any penalties assessed by the Secretary under section 12754 1

 So in original. Probably should be section “12753”.

of this title.

(d)

Certification

(e)

Investment within 15 days

(f)

No interest or fees

(g)

Expiration of right to draw funds

(h)

Administrative provision

(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.)

cite as: 42 USC 12748