Source: https://www.law.cornell.edu/uscode/text/42/12750?qt-us_code_tabs=2
Timestamp: 2016-02-10 05:36:11
Document Index: 378983047

Matched Legal Cases: ['§ 12750', '§ 12750', '§ 12750', '§\u202f12750', '§\u202f220', '§\u202f207', '§\u202f204', '§\u202f5121', '§\u202f210', '§\u202f210', '§\u202f210', '§\u202f210', '§\u202f207', '§\u202f207', '§\u202f210', '§\u202f207', '§\u202f210', '§\u202f207', '§\u202f207', '§\u202f210', '§\u202f210', '§\u202f210']

42 U.S. Code § 12750 - Matching requirements | US Law | LII / Legal Information Institute
U.S. Code › Title 42 › Chapter 130 › Subchapter II › Part A › § 12750 42 U.S. Code § 12750 - Matching requirements
§ 12750.
Each participating jurisdiction shall make contributions to housing that qualifies as affordable housing under this subchapter that total, throughout a fiscal year, not less than 25 percent of the funds drawn from the jurisdiction’s HOME Investment Trust Fund in such fiscal year. Such contributions shall be in addition to any amounts made available under section 12746(3)(A)(ii) of this title.
(1) In generalA contribution shall be recognized for purposes of subsection (a) of this section only if it—
is made with respect to housing that qualifies as affordable housing under section 12745 of this title; or
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.
Contributions for administrative expenses may not be recognized for purposes of subsection (a) of this section.
(c) FormSuch contributions may be in the form of—
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;
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;
the value of land or other real property as appraised according to procedures acceptable to the Secretary;
the value of investment in on-site and off-site infrastructure directly required for affordable housing assisted under this subchapter;
Redesignated (4)
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
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) of this section may be derived from these sources;
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
such other contributions to affordable housing as the Secretary considers appropriate.
(1) In generalThe Secretary shall reduce the matching requirement under subsection (a) of this section with respect to any funds drawn from a jurisdiction’s HOME Investment Trust Fund Account during a fiscal year by—
50 percent for a jurisdiction that certifies that it is in fiscal distress; and
100 percent for a jurisdiction that certifies that it is in severe fiscal distress.
(2) DefinitionsFor purposes of this section—
“fiscal distress” means a jurisdiction other than a State that satisfies 1 of the distress criteria set forth in paragraph (3); and
“severe fiscal distress” means a jurisdiction other than a State that satisfies both of the distress criteria set forth in paragraph (3).
(3) Distress criteriaFor purposes of a jurisdiction other than a State certifying that it is distressed, the following criteria shall apply:
In determining the degree to which a jurisdiction that is a State is distressed, the Secretary shall take into consideration the State’s fiscal capacity and expenditure needs as determined by a national organization which compiles the relevant data.
If a participating jurisdiction is located in an area in which a declaration of a disaster pursuant to the Robert T. Stafford Disaster Relief and Emergency Assistance Act [42 U.S.C. 5121 et seq.] is in effect for any part of a fiscal year, the Secretary may reduce the matching requirement for that fiscal year under subsection (a) of this section with respect to any funds drawn from a jurisdiction’s HOME Investment Trust Fund Account during that fiscal year by up to 100 percent.
(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.)
The Robert T. Stafford Disaster Relief and Emergency Assistance Act, referred to in subsec. (d)(5), is Pub. L. 93–288, May 22, 1974, 88 Stat. 143, as amended, which is classified principally to chapter 68 (§ 5121 et seq.) of this title. For complete classification of this Act to the Code, see Short Title note set out under section 5121 of this title and Tables.
1994—Subsec. (a). Pub. L. 103–233 amended heading and text of subsec. (a) generally. Prior to amendment, text read as follows: “Each participating jurisdiction shall make contributions to housing that qualifies as affordable housing under this subchapter that total, throughout a fiscal year, not less than—
“(1) 25 percent of the total funds drawn from the jurisdiction’s HOME Investment Trust Fund in that fiscal year with respect to rental assistance, housing rehabilitation and substantial rehabilitation; and
“(2) 30 percent of the total funds drawn from the jurisdiction’s HOME Investment Trust Fund in that fiscal year with respect to new construction.
Such contributions shall be in addition to any amounts made available under section 12746(3)(A)(ii) of this title.”
1992—Subsec. (a). Pub. L. 102–550, § 210(a)(4), substituted “housing that qualifies as affordable housing under this subchapter” for “affordable housing assisted under this subchapter” in introductory provisions.
Subsec. (a)(1). Pub. L. 102–550, § 210(a)(1), substituted “, housing rehabilitation and substantial rehabilitation; and” for “and housing rehabilitation;”.
Subsec. (a)(2). Pub. L. 102–550, § 210(a)(2), substituted “30” for “33” and “new construction.” for “substantial rehabilitation; and”.
Subsec. (a)(3). Pub. L. 102–550, § 210(a)(3), struck out par. (3) which read as follows: “50 percent of the total funds drawn from the jurisdiction’s HOME Investment Trust Fund in that fiscal year with respect to new construction.”
Subsec. (b)(2). Pub. L. 102–550, § 207(c)(1), substituted “may not be recognized for purposes of subsection (a) of this section” for “shall be recognized only up to an amount equal to 7 percent of funds provided for investment under this subchapter”.
Subsec. (c)(2). Pub. L. 102–550, § 207(c)(2), redesignated par. (3) as (2) and struck out former par. (2) which read as follows: “payment of administrative expenses, as defined by the Secretary, from non-Federal resources, which may include funds from a grant made under section 5306(b) or section 5306(d) of this title;”.
Subsec. (c)(3). Pub. L. 102–550, § 210(b)(1), which directed the striking of “and” at end of par. (4), was executed by striking “and” at end of par. (3) to reflect the probable intent of Congress and the redesignation of par. (4) as (3). See below.
Pub. L. 102–550, § 207(c)(2)(B), redesignated par. (4) as (3). Former par. (3) redesignated (2).
Subsec. (c)(4). Pub. L. 102–550, § 210(b)(2), which directed the substitution of a semicolon for the period at end of par. (5), was executed by making the substitution at end of par. (4) to reflect the probable intent of Congress and the redesignation of par. (5) as (4). See below.
Pub. L. 102–550, § 207(c)(2)(B), redesignated par. (5) as (4). Former par. (4) redesignated (3).
Subsec. (c)(5). Pub. L. 102–550, § 207(c)(2)(B), redesignated par. (5) as (4).
Subsec. (c)(6) to (8). Pub. L. 102–550, § 210(b)(3), added pars. (6) to (8).
Subsec. (d). Pub. L. 102–550, § 210(c), added subsec. (d) and struck out former subsec. (d) which read as follows: “If a jurisdiction demonstrates to the satisfaction of the Secretary that a reduction of the matching requirement specified in subsection (a) of this section is necessary to permit the jurisdiction to carry out the purposes of this subchapter, the Secretary may reduce the matching requirement during a period not to exceed 3 years after the jurisdiction is first designated as a participating jurisdiction. Such reduction shall be not more than 75 percent in the first year, not more than 50 percent in the second year, and not more than 25 percent in the third year.”
Pub. L. 102–550, title II, § 210(d), Oct. 28, 1992, 106 Stat. 3756, provided that: “The amendments made by this section [amending this section] shall apply with respect to fiscal year 1993 and each fiscal year thereafter.”