[Code of Federal Regulations]
[Title 24, Volume 1]
[Revised as of April 1, 2004]
From the U.S. Government Printing Office via GPO Access
[CITE: 24CFR92.616]

[Page 641-642]
 
                 TITLE 24--HOUSING AND URBAN DEVELOPMENT
 
PART 92_HOME INVESTMENT PARTNERSHIPS PROGRAM--Table of Contents
 
             Subpart M_American Dream Downpayment Initiative
 
Sec. 92.616  Program administration.

    The following program administration requirements contained in 
subpart K of this part apply to the ADDI:
    (a) HOME Investment Trust Fund. The requirements regarding the HOME 
Investment Trust Fund contained in Sec. 92.500 apply to the ADDI, with 
the exception of paragraphs (c)(2) and (d)(1)(A).
    (b) HOME Investment Partnership Agreement. The requirements 
regarding HOME Investment Partnership Agreements contained in Sec. 
92.501 apply to the ADDI.
    (c) Program disbursement and information system. The requirements 
regarding program disbursement and information systems contained in 
Sec. 92.502 apply to the ADDI.
    (d) Program income, repayments and recaptured funds. The 
requirements regarding program income, repayments, and recaptured funds 
contained in Sec. 92.503 apply to the ADDI, except the program income 
and recaptured funds must be deposited in the participating 
jurisdiction's HOME investments trust fund local account and used in 
accordance with the HOME program requirements.
    (e) Participating jurisdiction responsibilities and written 
agreements. The requirements regarding participating jurisdiction 
responsibilities and written agreements contained in Sec. 92.504 apply 
to the ADDI, with the modification that the written agreement is not 
required to cover any HOME requirement that is not applicable to the 
ADDI.
    (f) Applicability of uniform administrative requirements. The 
uniform administrative requirements contained in Sec. 982.505 apply to 
the ADDI.
    (g) Audit. The audit requirements contained in Sec. 92.506 apply to 
the ADDI.
    (h) Closeout. The closeout requirements contained in Sec. 92.507 
apply to the ADDI.
    (i) Recordkeeping. The project records must include records 
demonstrating that the family qualifies as a first-time homebuyer. The 
recordkeeping requirements contained in Sec. 92.508 apply to the ADDI, 
with the exception of the following paragraphs:
    (1) Paragraph (a)(1);
    (2) Paragraphs (a)(2)(iv), (a)(2)(v), (a)(2)(vi), (a)(2)(xi), and 
(a)(2)(xii);
    (3) Paragraphs (a)(3)(vi), (a)(3)(vii), (a)(3)(viii), (a)(3)(ix), 
and (a)(3)(xiii);
    (4) Paragraph (a)(4);
    (5) Paragraphs (a)(7)(i)(B), (a)(7)(i)(C), (a)(7)(ii)(A), and 
(a)(7)(ix) (in addition, the requirements of paragraph (a)(7)(iv) apply 
to FY2003 ADDI funds only); and

[[Page 642]]

    (6) Paragraphs (c)(1) and (c)(3) (in addition, the requirements of 
paragraph (c)(5) apply to FY2003 ADDI funds only).
    (j) Performance reports. The requirements regarding performance 
reports contained in Sec. 92.509 apply to the ADDI.