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Code of Federal Regulations (Last Updated: November 8, 2024) |
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Title 24 - Housing and Urban Development |
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Subtitle B - Regulations Relating to Housing and Urban Development |
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Chapter V - Office of Assistant Secretary for Community Planning and Development, Department of Housing and Urban Development |
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SubChapter C - Community Facilities |
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Part 570 - Community Development Block Grants |
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Subpart I - State Community Development Block Grant Program |
§ 570.494 - Timely distribution of funds by states.
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§ 570.494 Timely distribution of funds by states.
(a) States are encouraged to adopt and achieve a goal of obligating and announcing 95 percent of funds to units of general local government within 12 months of the state signing its grant agreement with HUD.
(b) HUD will review each state to determine if the state has distributed CDBG funds in a timely manner. The state's distribution of CDBG funds is timely if:
(1) All of the state's annual grant (excluding state administration) has been obligated and announced to units of general local government within 15 months of the state signing its grant agreement with HUD; and
(2) Recaptured funds and program income received by the state are expeditiously obligated and announced to units of general local government.
(c) HUD may collect necessary information from states to determine whether CDBG funds have been distributed in a timely manner.