[Code of Federal Regulations]
[Title 24, Volume 3]
[Revised as of April 1, 2004]
From the U.S. Government Printing Office via GPO Access
[CITE: 24CFR585.405]

[Page 273-274]
 
                 TITLE 24--HOUSING AND URBAN DEVELOPMENT
 
  CHAPTER V--OFFICE OF ASSISTANT SECRETARY FOR COMMUNITY PLANNING AND 
        DEVELOPMENT, DEPARTMENT OF HOUSING AND URBAN DEVELOPMENT
 
PART 585_YOUTHBUILD PROGRAM--Table of Contents
 
                        Subpart E_Administration
 
Sec. 585.405  Obligation and deobligation of funds.

    (a) Obligation of funds. When HUD and the applicant execute a grant 
agreement, funds are obligated to carry out approved activities 
consistent with Sec. 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.

[[Page 274]]

    (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.