42 USC 12750 - Matching requirements

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

§ 12750.

Matching requirements

(a)

Contribution

(b)

Recognition

(1)

In general

A contribution shall be recognized for purposes of subsection (a) only if it—

(A)

is made with respect to housing that qualifies as affordable housing under section 12745 of this title; or

(B)

is made with respect to any portion of a project not less than 50 percent of the units of which qualify as affordable housing under section 12745 of this title.

(2)

Administrative expenses

(c)

Form

Such contributions may be in the form of—

(1)

cash contributions from non-Federal resources, which may not include funds from a grant made under section 5306(b) or section 5306(d) of this title;

(2)

the value of taxes, fees, or other charges that are normally and customarily imposed but are waived, foregone, or deferred in a manner that achieves affordability of housing assisted under this subchapter;

(3)

the value of land or other real property as appraised according to procedures acceptable to the Secretary;

(4)

the value of investment in on-site and off-site infrastructure directly required for affordable housing assisted under this subchapter;

(5)

Redesignated (4)

(6)

up to—

(A)

50 percent of proceeds from bond financing validly issued by a State or local government, agency or instrumentality thereof, or political subdivision thereof, and repayable with revenues derived from a multifamily affordable housing project financed, and

(B)

25 percent of proceeds from bond financing validly issued by a State or local government, agency or instrumentality thereof, or political subdivision thereof, and repayable with revenues derived from a single-family project financed,

but not more than 25 percent of the contribution required under subsection (a) may be derived from these sources;

(7)

the reasonable value of any site-preparation and construction materials and any donated or voluntary labor in connection with the site-preparation for, or construction or rehabilitation of, affordable housing; and

(8)

such other contributions to affordable housing as the Secretary considers appropriate.

(d)

Reduction of requirement

(1)

In general

The Secretary shall reduce the matching requirement under subsection (a) with respect to any funds drawn from a jurisdiction’s HOME Investment Trust Fund Account during a fiscal year by—

(A)

50 percent for a jurisdiction that certifies that it is in fiscal distress; and

(B)

100 percent for a jurisdiction that certifies that it is in severe fiscal distress.

(2)

Definitions

For purposes of this section—

(A)

“fiscal distress” means a jurisdiction other than a State that satisfies 1 of the distress criteria set forth in paragraph (3); and

(B)

“severe fiscal distress” means a jurisdiction other than a State that satisfies both of the distress criteria set forth in paragraph (3).

(3)

Distress criteria

For purposes of a jurisdiction other than a State certifying that it is distressed, the following criteria shall apply:

(A)

Poverty rate

(B)

Per capita income

(4)

States

(5)

Waiver in disaster areas

(Pub. L. 101–625, title II, § 220, Nov. 28, 1990, 104 Stat. 4111; Pub. L. 102–550, title II, §§ 207(c), 210(a)–(c), Oct. 28, 1992, 106 Stat. 3753, 3755; Pub. L. 103–233, title II, § 204, Apr. 11, 1994, 108 Stat. 364.)

cite as: 42 USC 12750