CFR > Title 24 - Housing and Urban Development > SUBTITLE B—Regulations Relating to Housing and Urban Development > CHAPTER V—OFFICE OF ASSISTANT SECRETARY FOR COMMUNITY PLANNING AND DEVELOPMENT, DEPARTMENT OF HOUSING AND URBAN DEVELOPMENT (parts 500 to 599) > SUBCHAPTER C—COMMUNITY FACILITIES (parts 570 to 599) > PART 585—YOUTHBUILD PROGRAM > SUBPART E—Administration (§585.401 to §585.406) > 585.405—Obligation and deobligation of funds.

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 § 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.