§12749 Repayment of investment

Summary

Any money repaid or any interest earned from a jurisdiction’s HOME Investment Trust Fund must go back into that same fund. If the jurisdiction is not a participating jurisdiction when the payment is made, the money will be reallocated under section 12747(d). Each participating jurisdiction must sign an agreement with the Secretary saying that money invested in affordable housing will be repaid when the housing stops being affordable. The Secretary must make repaid money available right away for new investments under the rules that apply to funds allocated under section 12747. The Secretary may allow a jurisdiction to keep a HOME Investment Trust Fund account outside the Federal Government for use only on that jurisdiction’s affordable housing, and those accounts must be set up so repayments are not Federal receipts.