HUD’s Office of Affordable Housing Programs has scheduled a webinar to explain the recently published interim rule (see Memo, 12/19/16) implementing a grant-specific method for determining compliance with the HOME Investment Partnerships Program’s (HOME) statutory 24-month deadline for committing funds. The webinar will be held January 12 at 2:00 pm ET.
Since 1997, HOME regulations used a cumulative method for determining compliance with the 24-month commitment requirement because HUD’s Integrated Disbursement and Information System (IDIS) committed and disbursed funds on a first-in, first-out basis. Participating Jurisdictions (PJs) did not have the ability to designate funds from a specific allocation when committing HOME funds to a project. The cumulative approach assessed whether the total amount committed by the PJ from all HOME grants received was equal to or greater than the PJ’s cumulative commitment requirement for all grants obligated for 24 months or longer.
The interim rule states that beginning with FY15 HOME grants, HUD will use a grant-specific method for determining compliance with the 24-month commitment deadline. That is, a PJ will select the grant year’s funds that will be committed to a specific project or activity. When a PJ requests a draw of grant funds, HUD will disburse the funds committed to the project or activity for which the funds are requested.
Register for the webinar by clicking HOME Commitment Interim Rule Webinar and select “Register Now” on the right side of the page.