Axiom Foundation

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us/statute/42/12748 — HOME Investment Trust Funds · Axiom

(a)Establishment The Secretary shall establish for each…∀ 1#

(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 ) 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…#

(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…#

(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 1 So in original. Probably should be section “12753”. of this title.

(d)Certification A participating jurisdiction may draw…∀ 1#

(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…∀ 2#

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(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Fund, invest such funds, together with any interest earned thereon, in the affordable housing for which the funds were withdrawn.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…∀ 1#

(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…∀ 2#

(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 .

(h)Administrative provision The Secretary shall keep each…#

(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.

in view

Whole section

Encodings · 7

affordable_housing_investment_deadline_days42 USC § 12748 (e) · parameter

42 USC 12748(e)

name: affordable_housing_investment_deadline_days
kind: parameter
dtype: Count
source: 42 USC 12748(e)
metadata:
  proof:
    atoms:
      - path: versions[0].formula
        kind: parameter
        source:
          corpus_citation_path: us/statute/42/12748
          excerpt: not later than 15 days after funds are drawn
versions:
  - effective_from: '2024-01-01'
    formula: '15'

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binding_commitment_deadline_months_after_deposit_month42 USC § 12748 (g) · parameter

42 USC 12748(g)

name: binding_commitment_deadline_months_after_deposit_month
kind: parameter
dtype: Count
source: 42 USC 12748(g)
metadata:
  proof:
    atoms:
      - path: versions[0].formula
        kind: parameter
        source:
          corpus_citation_path: us/statute/42/12748
          excerpt: >-
            within 24 months after the last day of the month in which such funds
            are deposited
versions:
  - effective_from: '2024-01-01'
    formula: '24'

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home_trust_fund_investment_authorized42 USC § 12748 (a) · derived

42 USC 12748(a)

name: home_trust_fund_investment_authorized
kind: derived
entity: HomeInvestmentTrustFundInvestment
dtype: Judgment
period: Month
source: 42 USC 12748(a)
metadata:
  proof:
    atoms:
      - path: versions[0].formula
        kind: condition
        source:
          corpus_citation_path: us/statute/42/12748
          excerpt: >-
            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
versions:
  - effective_from: '2024-01-01'
    formula: >-
      investment_is_in_affordable_housing

      and (investment_is_within_participating_jurisdiction_boundaries or
      (investment_is_within_boundaries_of_contiguous_jurisdictions and
      investment_is_joint_project_serving_residents_from_both_jurisdictions))

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home_trust_fund_draw_permitted42 USC § 12748 (d) · derived

42 USC 12748(d)

name: home_trust_fund_draw_permitted
kind: derived
entity: ParticipatingJurisdiction
dtype: Judgment
period: Month
source: 42 USC 12748(d)
metadata:
  proof:
    atoms:
      - path: versions[0].formula
        kind: condition
        source:
          corpus_citation_path: us/statute/42/12748
          excerpt: >-
            may draw funds ... but not to exceed the remaining line of credit,
            only after providing certification
versions:
  - effective_from: '2024-01-01'
    formula: >-
      funds_certified_for_approved_housing_strategy

      and
      funds_certified_for_compliance_with_all_requirements_of_this_subchapter

      and amount_to_be_drawn_from_home_investment_trust_fund <=
      remaining_line_of_credit

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drawn_funds_timely_invested42 USC § 12748 (e) · derived

42 USC 12748(e)

name: drawn_funds_timely_invested
kind: derived
entity: ParticipatingJurisdiction
dtype: Judgment
period: Day
source: 42 USC 12748(e)
metadata:
  proof:
    atoms:
      - path: versions[0].formula
        kind: condition
        source:
          corpus_citation_path: us/statute/42/12748
          excerpt: >-
            not later than 15 days after funds are drawn ... invest such funds,
            together with any interest earned thereon
      - path: versions[0].formula
        kind: import
        import:
          target: us:statutes/42/12748#affordable_housing_investment_deadline_days
          output: affordable_housing_investment_deadline_days
          hash: sha256:local
versions:
  - effective_from: '2024-01-01'
    formula: >-
      days_after_funds_are_drawn <= affordable_housing_investment_deadline_days

      and
      drawn_funds_and_interest_earned_invested_in_affordable_housing_for_which_funds_were_withdrawn

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secretary_interest_or_fee_prohibited_for_home_trust_fund42 USC § 12748 (f) · derived

42 USC 12748(f)

name: secretary_interest_or_fee_prohibited_for_home_trust_fund
kind: derived
entity: HomeInvestmentTrustFund
dtype: Judgment
period: Month
source: 42 USC 12748(f)
metadata:
  proof:
    atoms:
      - path: versions[0].formula
        kind: predicate
        source:
          corpus_citation_path: us/statute/42/12748
          excerpt: >-
            The Secretary shall not charge any interest or levy any other fee
            with regard to funds in a HOME Investment Trust Fund.
versions:
  - effective_from: '2024-01-01'
    formula: 'true'

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right_to_draw_funds_expired42 USC § 12748 (g) · derived

42 USC 12748(g)

name: right_to_draw_funds_expired
kind: derived
entity: HomeInvestmentTrustFundDeposit
dtype: Judgment
period: Month
source: 42 USC 12748(g)
metadata:
  proof:
    atoms:
      - path: versions[0].formula
        kind: condition
        source:
          corpus_citation_path: us/statute/42/12748
          excerpt: >-
            not placed under binding commitment to affordable housing within 24
            months after the last day of the month in which such funds are
            deposited
      - path: versions[0].formula
        kind: import
        import:
          target: >-
            us:statutes/42/12748#binding_commitment_deadline_months_after_deposit_month
          output: binding_commitment_deadline_months_after_deposit_month
          hash: sha256:local
versions:
  - effective_from: '2024-01-01'
    formula: >-
      funds_not_placed_under_binding_commitment_to_affordable_housing

      and months_after_last_day_of_month_in_which_funds_are_deposited >
      binding_commitment_deadline_months_after_deposit_month

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▸rulespec code

Shown source

statutes/42/12748.yaml

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Rules

affordable_housing_investment_deadline_days

Parameter(e) in text ↖

source: 42 USC 12748(e)

- name: affordable_housing_investment_deadline_days
  kind: parameter
  dtype: Count
  source: 42 USC 12748(e)
  metadata:
    proof:
      atoms:
        - path: versions[0].formula
          kind: parameter
          source:
            corpus_citation_path: us/statute/42/12748
            excerpt: not later than 15 days after funds are drawn
  versions:
    - effective_from: '2024-01-01'
      formula: '15'

binding_commitment_deadline_months_after_deposit_month

Parameter(g) in text ↖

source: 42 USC 12748(g)

- name: binding_commitment_deadline_months_after_deposit_month
  kind: parameter
  dtype: Count
  source: 42 USC 12748(g)
  metadata:
    proof:
      atoms:
        - path: versions[0].formula
          kind: parameter
          source:
            corpus_citation_path: us/statute/42/12748
            excerpt: within 24 months after the last day of the month in which such funds are deposited
  versions:
    - effective_from: '2024-01-01'
      formula: '24'

home_trust_fund_investment_authorized

Derived(a) in text ↖

source: 42 USC 12748(a)

- name: home_trust_fund_investment_authorized
  kind: derived
  entity: HomeInvestmentTrustFundInvestment
  dtype: Judgment
  period: Month
  source: 42 USC 12748(a)
  metadata:
    proof:
      atoms:
        - path: versions[0].formula
          kind: condition
          source:
            corpus_citation_path: us/statute/42/12748
            excerpt: >-
              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
  versions:
    - effective_from: '2024-01-01'
      formula: >-
        investment_is_in_affordable_housing

        and (investment_is_within_participating_jurisdiction_boundaries or
        (investment_is_within_boundaries_of_contiguous_jurisdictions and
        investment_is_joint_project_serving_residents_from_both_jurisdictions))

home_trust_fund_draw_permitted

Derived(d) in text ↖

source: 42 USC 12748(d)

- name: home_trust_fund_draw_permitted
  kind: derived
  entity: ParticipatingJurisdiction
  dtype: Judgment
  period: Month
  source: 42 USC 12748(d)
  metadata:
    proof:
      atoms:
        - path: versions[0].formula
          kind: condition
          source:
            corpus_citation_path: us/statute/42/12748
            excerpt: >-
              may draw funds ... but not to exceed the remaining line of credit, only after
              providing certification
  versions:
    - effective_from: '2024-01-01'
      formula: |-
        funds_certified_for_approved_housing_strategy
        and funds_certified_for_compliance_with_all_requirements_of_this_subchapter
        and amount_to_be_drawn_from_home_investment_trust_fund <= remaining_line_of_credit

drawn_funds_timely_invested

Derived(e) in text ↖

source: 42 USC 12748(e)

- name: drawn_funds_timely_invested
  kind: derived
  entity: ParticipatingJurisdiction
  dtype: Judgment
  period: Day
  source: 42 USC 12748(e)
  metadata:
    proof:
      atoms:
        - path: versions[0].formula
          kind: condition
          source:
            corpus_citation_path: us/statute/42/12748
            excerpt: >-
              not later than 15 days after funds are drawn ... invest such funds, together with any
              interest earned thereon
        - path: versions[0].formula
          kind: import
          import:
            target: us:statutes/42/12748#affordable_housing_investment_deadline_days
            output: affordable_housing_investment_deadline_days
            hash: sha256:local
  versions:
    - effective_from: '2024-01-01'
      formula: >-
        days_after_funds_are_drawn <= affordable_housing_investment_deadline_days

        and
        drawn_funds_and_interest_earned_invested_in_affordable_housing_for_which_funds_were_withdrawn

secretary_interest_or_fee_prohibited_for_home_trust_fund

Derived(f) in text ↖

source: 42 USC 12748(f)

- name: secretary_interest_or_fee_prohibited_for_home_trust_fund
  kind: derived
  entity: HomeInvestmentTrustFund
  dtype: Judgment
  period: Month
  source: 42 USC 12748(f)
  metadata:
    proof:
      atoms:
        - path: versions[0].formula
          kind: predicate
          source:
            corpus_citation_path: us/statute/42/12748
            excerpt: >-
              The Secretary shall not charge any interest or levy any other fee with regard to funds
              in a HOME Investment Trust Fund.
  versions:
    - effective_from: '2024-01-01'
      formula: 'true'

right_to_draw_funds_expired

Derived(g) in text ↖

source: 42 USC 12748(g)

- name: right_to_draw_funds_expired
  kind: derived
  entity: HomeInvestmentTrustFundDeposit
  dtype: Judgment
  period: Month
  source: 42 USC 12748(g)
  metadata:
    proof:
      atoms:
        - path: versions[0].formula
          kind: condition
          source:
            corpus_citation_path: us/statute/42/12748
            excerpt: >-
              not placed under binding commitment to affordable housing within 24 months after the
              last day of the month in which such funds are deposited
        - path: versions[0].formula
          kind: import
          import:
            target: us:statutes/42/12748#binding_commitment_deadline_months_after_deposit_month
            output: binding_commitment_deadline_months_after_deposit_month
            hash: sha256:local
  versions:
    - effective_from: '2024-01-01'
      formula: >-
        funds_not_placed_under_binding_commitment_to_affordable_housing

        and months_after_last_day_of_month_in_which_funds_are_deposited >
        binding_commitment_deadline_months_after_deposit_month

▸citations (5)

References

This rule cites 5 other rules.

42 USC § 12749 (c)inferredUS Federal › Statutes › Title 42 › § 12749 › (c)
42 USC § 12747inferredUS Federal › Statutes › Title 42 › § 12747
42 USC § 12749inferredUS Federal › Statutes › Title 42 › § 12749
42 USC § 12754inferredUS Federal › Statutes › Title 42 › § 12754
42 USC § 12747 (d)inferredUS Federal › Statutes › Title 42 › § 12747 › (d)