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. Effective: August 16, 2009 Promulgated Under: 119.03 Supplemental Information Authorized By: 174.03 (D) Amplifies: 174.01 - 174.07 Five Year Review Date: 6/16/2021 Prior Effective Dates: 12/16/2004