Set-aside money unused for 24 months goes back for any eligible activity
What the document says“If any funds reserved under subsection (a) remain uninvested for a period of 24 months, the Secretary shall make such funds available to the participating jurisdiction for any eligible activities under this title without regard to whether a community housing development organization materially participates in the use of such funds.''.”
The section rewrites section 231(b) of the Cranston-Gonzalez National Affordable Housing Act so that money reserved for community housing development organizations and left uninvested for 24 months is made available to the participating jurisdiction for any eligible activity, whether or not such an organization takes part.
What the document actually says“If any funds reserved under subsection (a) remain uninvested for a period of 24 months, the Secretary shall make such funds available to the participating jurisdiction for any eligible activities under this title without regard to whether a community housing development organization materially participates in the use of such funds.''.”
Some money is held back for one kind of group. If it sits unused for 24 months, it is freed. The place may then use it for any allowed purpose.
A set-aside can go unspent if no group takes it up. Then the money would sit idle. This rule puts it back to work.
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