[Code of Federal Regulations]

[Title 24, Volume 1]

[Revised as of April 1, 2006]

From the U.S. Government Printing Office via GPO Access

[CITE: 24CFR92.64]



[Page 598-599]

 

                 TITLE 24--HOUSING AND URBAN DEVELOPMENT

 

PART 92_HOME INVESTMENT PARTNERSHIPS PROGRAM--Table of Contents

 

                      Subpart B_Allocation Formula

 

Sec.  92.64  Applicability of requirements to insular areas.



    (a) Insular areas are subject to the same requirements in subpart E 

(Program Requirements), subpart F (Project Requirements), subpart K 

(Program Administration), and subpart L (Performance Reviews and 

Sanctions) of this part as participating jurisdictions, except for the 

following:

    (1) Subpart E (Program Requirements): Administrative costs, as 

described in Sec.  92.207, are eligible costs for insular areas in an 

amount not to exceed 15 percent of the HOME funds provided to the 

insular area. The matching contribution requirements in this part do not 

apply.

    (2) Subpart K (Program Administration):

    (i) Section 92.500 (The HOME Investment Trust Fund) does not apply. 

HUD



[[Page 599]]



will establish a HOME account in the United States Treasury for each 

insular area and the HOME funds must be used for approved activities. A 

local account must be established for program income. Each insular area 

may use either a separate local HOME account or a subsidiary account 

within its general fund (or other appropriate fund) as the local HOME 

account. HUD will recapture HOME funds in the HOME Treasury account by 

the amount of:

    (A) Any funds that are not committed within 24 months after the last 

day of the month in which HUD notifies the insular area of HUD's 

execution of the HOME Investment Partnership Agreement;

    (B) Any funds that are not expended within five years after the last 

day of the month in which HUD notifies the insular area of HUD's 

execution of the HOME Investment Partnership Agreement; and

    (C) Any penalties assessed by HUD under Sec.  92.552.

    (ii) Section 92.502 (Program disbursement and information system) 

applies, except that references to the HOME Investment Trust Fund mean 

HOME account. In addition, Sec.  92.502(c) does not apply, and instead 

compliance with Treasury Circular No. 1075 (31 CFR part 205) and 24 CFR 

85.21 is required.

    (iii) Section 92.503 (Program income, repayments, and recaptured 

funds) applies, except that the funds may be retained provided the funds 

are used for eligible activities in accordance with the requirements of 

this section.

    (3) Section 92.504 (Participating jurisdiction responsibilities; 

written agreements; on-site inspections) applies, except that the 

written agreement must ensure compliance with the requirements in this 

section.

    (4) Section 92.508 (Recordkeeping) applies with respect to the 

records that relate to the requirements of this section.

    (5) Section 92.509 (Performance reports) applies, except that a 

performance report is required for the fiscal year allocation only after 

completion of the approved projects funded by the allocation.

    (6) Subpart L (Performance Reviews and Sanctions): Section 92.552 

does not apply. Instead, Sec.  92.65 applies.

    (b) The requirements of subpart H (Other Federal Requirements) of 

this part apply as follows: Sec.  92.357 Executive Order 12372 applies 

as written, and the requirements of the remaining sections which apply 

to participating jurisdictions are applicable to the insular areas.

    (c) Subpart B (Allocation Formula), subpart C (Consortia; 

Designation and Revocation as a Participating Jurisdiction), subpart D 

(Submission Requirements), and subpart G (Community Housing Development 

Organizations) of this part do not apply.

    (d) Subpart A (General) applies, except that for the definitions of 

``commitment'', ``program income'', and ``subrecipient'', 

``participating jurisdiction'' means ``insular area.''