Virginia Administrative Code › Title 13 - HOUSING › Agency 10 - VIRGINIA HOUSING DEVELOPMENT AUTHORITY › Chapter 90 - RULES AND REGULATIONS FOR VIRGINIA RENTAL REHABILITATION PROGRAM › Section 13VAC10-90-60 - Grant administration

Current through Register Vol. 40, No. 24, July 15, 2024
A.
				Responsibility for grant administration. Grantees are responsible for ensuring
				that rental rehabilitation grants are administered in accordance with the
				requirements of these rules and regulations, all applicable sections of 24 CFR
				Part 511 and other applicable state and federal laws.
B. Records to be maintained. Each grantee
				must maintain records specified by the authority that clearly document its
				performance under each requirement of these rules and regulations. Required
				records must be retained for a period of three years from the date of final
				close-out of the rental rehabilitation grant. Public disclosure of records and
				documents must comply with the requirements of
				24 CFR
				511.73(c).
C. Grant management and audit. Each grantee
				must comply with the policies, guidelines and requirements of
				24 CFR
				511.11(c) in the acceptance
				and use of rental rehabilitation grant funds. Access to grantee records and
				files must be provided in accordance with the requirements of
				24 CFR
				511.74. The financial management systems used
				by grantees must conform to the requirements of
				24 CFR
				511.75.
D. Disbursement of funds/cash management
				systems. Grant monies will be disbursed to grantees for payment of eligible
				program costs in accordance with the following procedures:
1. Project accounts. Grantees must identify
				to the authority each project for which they wish to provide rental
				rehabilitation funds and the amount of grant monies to be committed to each
				project. Upon receipt of all necessary project information, the authority will
				establish a project account with HUD.
2. Disbursement of funds. Grant monies will
				be disbursed on a project-by-project basis by electronic funds transfer to a
				designated depository institution in accordance with HUD procedures and
				guidelines. The authority will designate a depository institution and make all
				requests to HUD for funds transfer, unless such authority is formally delegated
				to a grantee by the authority. Grantees will notify the authority of the need
				for grant funds to pay eligible rehabilitation costs. the authority will in
				turn request HUD to transfer funds to the authority. Upon receipt of such
				monies, the authority will disburse grant funds to the grantee or, at the
				authority's option, the authority may, prior to receiving the grant funds
				requested from HUD, disburse to the grantee its own funds in an amount equal to
				such requested grant funds and reimburse itself with the HUD funds upon receipt
				thereof.
3. Conditions for
				requesting draw-downs of funds. Grantees must not request draw-downs of funds
				until such funds are actually needed for payment of eligible costs. A request
				for funds for payment of a contractor may only be made after the work has been
				inspected and found to be satisfactory. Grant funds must be drawn down at no
				greater proportion than the amount of rental rehabilitation funds in the
				project. For example, if on a $10,000 rehabilitation project, $5,000 of rental
				rehabilitation grant funds were provided and the construction was 50% complete,
				no more than $2,500 in rental rehabilitation grant funds could be drawn down
				for the project. Disbursement of any grant funds is conditioned on the
				submission of satisfactory information by the grantee about the project and
				compliance with other procedures established by the authority and
				HUD.