((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.