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HUD/CPD | RIN: 2506-AC42 | Publication ID: Spring 2022 |
Title: HOME Investment Partnerships Program: Updating Grant Accounting Requirements (FR-5792) | |
Abstract:
HUD's HOME Investment Partnerships Program (HOME program or HOME) provides formula grants to States and units of local government to fund a wide range of activities directed to producing or maintaining affordable housing, both homes and rental housing. This rule finalizes several changes to the HOME program regulations. HUD implemented the changes to the method of determining compliance with the 24-month commitment deadline beginning with fiscal year 2015 HOME grants. Under this approach, when committing funds to a HOME project, participating jurisdictions will select the grant year's funds that will be committed to a specific project. When the participating jurisdiction requests a draw of HOME funds forth at project, the Integrated Disbursement and Information System (IDIS) disburses the funds committed to that project rather than the oldest funds available as is currently the case. New requirements were established to ensure timely commitment and expenditure of program income, repaid funds, and recaptured funds and of funds committed for programs to be administered by State recipients and subrecipients. |
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Agency: Department of Housing and Urban Development(HUD) | Priority: Substantive, Nonsignificant |
RIN Status: Previously published in the Unified Agenda | Agenda Stage of Rulemaking: Final Rule Stage |
Major: No | Unfunded Mandates: No |
CFR Citation: 24 CFR 92 | |
Legal Authority: 42 U.S.C. 12701 to 12839 42 U.S.C. 3535(d) |
Legal Deadline:
None |
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Timetable:
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Regulatory Flexibility Analysis Required: No | Government Levels Affected: Local, State |
Small Entities Affected: No | Federalism: No |
Included in the Regulatory Plan: No | |
RIN Data Printed in the FR: No | |
Agency Contact: Virginia Sardone Director, Office of Affordable Housing Programs, Office of Community and Development Department of Housing and Urban Development Office of Community Planning and Development 451 7th Street SW, Washington, DC 20410 Phone:202 708-2684 |