Note: This FAQ relates to HOME
Date Published: April 2017
Two receipt fund types have been implemented in IDIS give Participating Jurisdictions (PJs) better accounting of funds deposited into their HOME Investment Trust Fund local accounts: HP for recaptured homebuyer funds, and IU for repayments to the local account of funds used for ineligible activities or costs. Previously, PJs had to track recaptured funds and repayments to the local account outside of the system, even though they were all receipted as Program Income (PI) in IDIS. This was so the PJ did not set aside more than 10% of the program income in its local account for eligible administrative costs. The new receipt fund types allow the system to track HP and IU independently from PI.
HP receipts are to be entered in IDIS for funds that are returned to the PJ as part of a recapture agreement with a HOME-assisted homebuyer. Recaptured funds are generated when a HOME-assisted homebuyer sells their home during the period of affordability. The PJ must deposit the recaptured funds in its local account and record the deposit as an HP receipt in IDIS.
If the PJ is instructed by HUD to repay its local account for HOME funds that were used for ineligible costs or activities, then it must deposit the repayment in its local account and record the amount of the repayment as an IU receipt in IDIS. Once the funds have been repaid, the PJ should consult its local HUD Field Office to determine if the activities can be cancelled in the system.
More information about these receipt types is available in HOME FACTS Vol. 7, No. 1.