((a)) ** In general** Subject to and an applicable housing plan approved under , the Director shall have—

((1)) the discretion to use grant amounts for affordable housing activities through the use of—

((A)) equity investments;

((B)) interest-bearing loans or advances;

((C)) noninterest-bearing loans or advances;

((D)) interest subsidies;

((E)) the leveraging of private investments; or

((F)) any other form of assistance that the Secretary determines to be consistent with the purposes of this subchapter; and

((2)) the right to establish the terms of assistance provided with funds referred to in paragraph (1).

((b)) ** Investments** The Director may invest grant amounts for the purposes of carrying out affordable housing activities in investment securities and other obligations, as approved by the Secretary.