§578.85. Timeliness standards.
24 C.F.R. § 578.85
In general. Recipients must initiate approved activities and projects promptly.
Construction activities. Recipients of funds for rehabilitation or new construction must meet the following standards:
Construction activities must begin within 9 months of the later of signing of the grant agreement or of signing an addendum to the grant agreement authorizing use of grant funds for the project.
Construction activities must be completed within 24 months of signing the grant agreement.
Activities that cannot begin until after construction activities are completed must begin within 3 months of the date that construction activities are completed.
Distribution. A recipient that receives funds through this part must:
Distribute the funds to subrecipients (in advance of expenditures by the subrecipients);
Distribute the appropriate portion of the funds to a subrecipient no later than 45 days after receiving an approvable request for such distribution from the subrecipient; and
Draw down funds at least once per quarter of the program year, after eligible activities commence.
Notes, amendments, and revision history
Authority
Authority: 12 U.S.C. 1701x, 1701 x-1; 42 U.S.C. 11381 et seq., 42 U.S.C. 3535(d).
Source
Source: 77 FR 45442, July 31, 2012, unless otherwise noted.