24 C.F.R. § 585.405 Obligation and deobligation of funds.
Title 24 - Housing and Urban Development
(a) Obligation of funds. When HUD and the applicant execute a grant agreement, funds are obligated to carry out approved activities consistent with §585.205 or 585.305 of this part and in accordance with the grant agreement. (b) Increases. After the initial obligation of funds, HUD will not make revisions to increase the amount obligated. (c) Deobligation. (1) HUD may deobligate all or parts of grants if the grant amounts are not expended within the term of the grant or if there is a condition of default as defined in the grant agreement. (2) HUD may award deobligated funds to applications previously submitted in response to the most recently published NOFA, and in accordance with subpart B of this part.
Title 24: Housing and Urban Development
PART 585—YOUTHBUILD PROGRAM
Subpart E—Administration
§ 585.405 Obligation and deobligation of funds.
