§ 950.634 - Budget revisions.

(a) An IHA shall not incur any modernization cost in excess of the total HUD-approved CIAP budget. An IHA shall submit a budget revision, in a form prescribed by HUD, if the IHA plans to deviate from the originally approved modernization program, as it was competitively funded, by deleting or substantially revising approved work items or adding new work items that are unrelated to the originally approved modernization program.

(b) In addition to the provisions of paragraph (a) of this section, an IHA shall comply with the following requirements:

(1) An IHA is not required to obtain prior HUD approval if, in order to complete the originally approved modernization program, the IHA needs to delete or revise approved work items or add new related work items consistent with the original modernization program. In such case, an IHA shall certify that the revisions are necessary to carry out the approved work and do not result in substantial changes to the competitively funded modernization program.

(2) An IHA shall not incur any modernization cost on behalf of any development that is not covered by the original CIAP application.

(3) Where there are funds leftover after completion of the originally approved modernization program, an IHA may, without prior HUD approval, use the remaining funds to carry out other eligible modernization activities at developments covered by the original CIAP application.