[Code of Federal Regulations]
[Title 24, Volume 4]
[Revised as of April 1, 2003]
From the U.S. Government Printing Office via GPO Access
[CITE: 24CFR968.125]

[Page 508]
 
                 TITLE 24--HOUSING AND URBAN DEVELOPMENT
 
CHAPTER IX--OFFICE OF ASSISTANT SECRETARY FOR PUBLIC AND INDIAN HOUSING, 
               DEPARTMENT OF HOUSING AND URBAN DEVELOPMENT
 
PART 968--PUBLIC HOUSING MODERNIZATION--Table of Contents
 
                           Subpart A--General
 
Sec. 968.125  Initiation of modernization activities.

    After HUD has approved the modernization program and entered into an 
ACC amendment with the PHA, a PHA shall undertake the modernization 
activities and expenditures set forth in its approved CIAP budget or CGP 
Annual Statement/Five-Year Action Plan in a timely, efficient and 
economical manner. All approved funding must be obligated within two 
years of approval and expended within three years of approval unless HUD 
approves a longer time period in the PHA's implementation schedule, as 
set forth in the CIAP budget or CGP Annual Statement. HUD may approve a 
longer time period for such reasons as the large size of the grant or 
the complexity of the work.

[61 FR 8741, Mar. 5, 1996]