3-12 PHA Deadline to Obligate Fomula Recovery Funds :: The Construction Management Pro

3-12 PHA Deadline to Obligate Fomula Recovery Funds

The deadline for Public Housing Authorities to obligate formula Recovery Act Capital Funds is Wednesday, March 17.  Under the terms of the Recovery Act, PHAs have to obligate 100 percent of their formula-driven Recovery Act Capital Fund dollars by this Wednesday. If a PHA fails to obligation all their funds, any unobligated balance is to be recaptured and redistributed to PHAs that are in compliance. The deadline is statutory, and HUD has no flexibility to suspend or adjust it.

Under the Recovery Act, PHAs have one year from the date of award to obligate all Capital Funds.  Within two years, they must expend 60% of these funds, with the full amount expended within three years.  Capital Funds awarded competitively must be spent within three years, but the deadline is not yet approaching because they were awarded later than the formula-driven funds.

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