San Jose Municipal Code Part 45 Home Investment Partnerships Program Trust Fund

There is hereby created and established the HOME Investment Partnerships Program trust fund.

(Ord. 24138.)

There shall be deposited in the HOME Investment Partnerships Program trust fund:

A. All moneys allocated to the City of San José by the United States Department of Housing and Urban Development pursuant to the HOME Investment Partnerships Act.

B. All matching contributions made pursuant to the requirements of the act and the regulations promulgated thereunder.

C. All repayments of HOME funds.

D. All interest payments or other return on investment of HOME funds.

E. Such other moneys as the city council may transfer from other funds.

(Ord. 24138.)

Moneys in the HOME Investment Partnerships Program trust fund shall be expended only in accordance with the HOME Investment Partnerships Act (42 U.S.C. 12741 et seq.) and the applicable regulations (Part 92 of Subtitle A of Title 24 of the Code of Federal Regulations), as amended from time to time.

(Ord. 24138.)

All interest payments and all other returns on investment of moneys in the HOME Investment trust fund shall be deposited in and credited to the fund and shall not be transferred to any other fund.

(Ord. 24138.)