Section 92.221 - Match credit(a)When credit is given. Contributions are credited on a fiscal year basis at the time the contribution is made, as follows: (1) A cash contribution is credited when the funds are expended.(2) The grant equivalent of a below-market interest rate loan is credited at the time of the loan closing.(3) The value of state or local taxes, fees, or other charges that are normally and customarily imposed but are waived, foregone, or deferred is credited at the time the state or local government or other public or private entity officially waives, forgoes, or defers the taxes, fees, or other charges and notifies the project owner.(4) The value of donated land or other real property is credited at the time ownership of the property is transferred to the HOME project (or affordable housing) owner.(5) The cost of investment in infrastructure directly required for HOME-assisted projects is credited at the time funds are expended for the infrastructure or at the time the HOME funds are committed to the project if the infrastructure was completed before the commitment of HOME funds.(6) The value of donated material is credited as match at the time it is used for affordable housing.(7) The value of the donate use of site preparation or construction equipment is credited as match at the time the equipment is used for affordable housing.(8) The value of donated or voluntary labor or professional services is credited at the time the work is performed.(9) A loan made from bond proceeds under § 92.220(a)(5) is credited at the time of the loan closing.(10) The direct cost of social services provided to residents of HOME-assisted units is credited at the time that the social services are provided during the period of affordability.(11) The direct cost of homebuyer counseling services provided to families that purchase HOME-assisted units is credited at the time that the homebuyer purchases the unit or for post-purchase counseling services, at the time the counseling services are provided.(b)Excess match. Contributions made in a fiscal year that exceed the participating jurisdiction's match liability for the fiscal year in which they were made may be carried over and applied to future fiscal years' match liability. Loans made from bond proceeds in excess of 25 percent of a participating jurisdiction's total annual match contribution may be carried over to subsequent fiscal years as excess match, subject to the annual 25 percent limitation.(c) Credit for match contributions shall be assigned as follows: (1) For HOME-assisted projects involving more than one participating jurisdiction, the participating jurisdiction that makes the match contribution may decide to retain the match credit or permit the other participating jurisdiction to claim the credit.(2) For HOME match contributions to affordable housing that is not HOME-assisted (match pursuant to § 92.219(b) ) involving more than one participating jurisdiction, the participating jurisdiction that makes the match contribution receives the match credit.(3) A State that provides non-Federal funds to a local participating jurisdiction to be used for a contribution to affordable housing, whether or not HOME-assisted, may take the match credit for itself or may permit the local participating jurisdiction to receive the match credit.(d) Match credit for the development of affordable homeownership housing for sale to homebuyers. Contributions to the development of homeownership housing may be credited as a match only to the extent that the sales price of the housing is reduced by the amount of the contribution or, if the development costs exceed the fair market value of the housing, the contribution may be credited to the extent that the contributions enable the housing to be sold for less than the cost of development.61 FR 48750, Sept. 16, 1996, as amended at 78 FR 44670 , July 24, 2013