U.S. Department of Housing and Urban Development Community Planning Development OneCPD Mailing List
Developing Viable Communities through Housing, Services, & Economic Opportunities

HUD Directs NSP3 Grantees to Keep Programs Moving

By statute, NSP grantees are required to expend at least 50 percent of their initial allocation of NSP funds within 2 years of receipt of those funds. Several NSP3 grantees have failed to meet their 50% expenditure requirement by the deadline date. In these cases, HUD is making a finding of the statutory violation and allowing grantees thirty days to demonstrate compliance. Failure to demonstrate compliance will lead to an informal consultation between HUD and the grantee, after which HUD may decide to recapture funds from the grantee or provide for other corrective action(s) or sanction. If HUD recaptures funds as a corrective action, the maximum that would be subject to recapture is the difference between the grantee’s actual expenditures and 50% of the grant amount. In any event, grantees should continue to move ahead with their programs, rather than await the outcome of the informal consultation, to ensure that they can meet the statutory 100% expenditure requirement in 2014.

Visit the OneCPD Resource Exchange at https://www.onecpd.info
Forward to a Friend   Update Subscription   Unsubscribe from the List
This email was sent to <<Email Address>> by news@mail.onecpd.info
Update Profile/Email Address | Instant removal with SafeUnsubscribeTM | Privacy Policy
U.S. Department of Housing and Urban Development I 451 7th Street S.W. I Washington I D.C. I 20410