122:6-1-06 Fund repayment requirements.

(A) Any use of housing trust fund monies by the eligible applicant in a manner which violates any terms or conditions of a grant or loan shall result in the administering body taking appropriate corrective action, including, but not limited to, immediate repayment and civil or criminal legal action.

(B) When repayment of a grant, loan, loan guarantee or loan subsidy funded with housing trust fund monies is directed by the administering body, a repayment plan may be negotiated with the administering body. All monies received by the administering body shall immediately be returned to the housing trust fund.

(C) When repayment of a grant, loan, loan guarantee or loan subsidy funded with housing trust fund monies is a condition of receipt of housing trust fund monies, all repayments received by the administering body shall immediately be returned to the housing trust fund.

Five Year Review (FYR) Dates: 06/16/2016 and 06/16/2021
Promulgated Under: 119.03
Statutory Authority: 174.03(D)
Rule Amplifies: 174.01, 174.02, 174.03 , 174.04, 174.05, 174.06, 174.07
Prior Effective Dates: 4/16/92(Emer), 6/26/92, 12/16/04, 8/16/09