HUD Has Updated HOME FACTS Vol. 7 No. 1
HOME FACTS Vol. 7 No. 1: Receipt Fund Types in the HOME Investment Trust Fund Local Account: Program Income, Repayments, and Recaptured Funds has been updated to reflect changes to how Participating Jurisdictions (PJs) must commit funds in their HOME Investment Partnerships Program (HOME) Investment Trust Fund local accounts based on guidance in the HOME Program Commitment Requirement Interim Final Rule, published on December 2, 2016. Here are the five most significant changes:
- PJs must record the amount of funds deposited into their HOME local account in the Integrated Disbursement and Information System (IDIS) in intervals not to exceed 30 days.
- IDIS will automatically assign each local account receipt to the PJ's current program year.
- Revised HOME Regulations provide PJs with three options to commit local account funds:
- commit local account funds from the current program year to existing projects identified in the current Annual Action Plan (AAP);
- accumulate the local funds received during the current program year and including the total uncommitted amount in the following year's AAP; or
- any combination thereof.
- Beginning with FY 2016 HOME allocations, IDIS will no longer permit a PJ to fund activities with its current Treasury account funds until after all local account funds earned in the prior program year have been fully committed. For example, IDIS will not allow a PJ to fund an activity with its FY 2018 HOME Treasury funds until after all local account funds earned in 2017 have been committed.
- Please note this requirement does not apply to committing Community Housing Development Organization (CHDO) Reservation (CR) funds. Therefore, PJs may committed CR funds at any point in time prior to the expenditure deadline.
- Finally, if an activity is funded with both HOME Treasury account funds and local account funds, IDIS will require the local account funds to be fully disbursed before the Treasury account funds can be drawn down.