32.1—Timing of disbursements.
(a)
State housing credit agencies that receive
funds under section 1602 of Division B of the
American Recovery and Reinvestment Tax Act of 2009
must make subawards to subawardees to finance the
construction or acquisition and rehabilitation of
low-income housing no later than December 31,
2010. Any funds that are not used to make
subawards by December 31, 2010, must be returned
to the Treasury by January 1, 2011.
(b)
The requirement in subsection (a) above
does not prevent State housing credit agencies
from continuing to disburse funds to subawardees
after December 31, 2010 provided:
(2)
The subawardee has, by the close of 2010,
paid or incurred at least 30 percent of the
subawardee's total adjusted basis in land and
depreciable property that is reasonably expected
to be part of the low-income housing project;
and
(3)
Any funds not disbursed to the subawardee
by December 31, 2011, must be returned to the
Treasury by January 1, 2012.