Common use of Drawdowns Clause in Contracts

Drawdowns. (1) Without HUD approval, the Grantee may draw down HOPE VI Grant funds for a Budget Line Item (BLI) in an amount up to 110 percent of the amount of that BLI that HUD has approved and made available for drawdown. (2) With HUD approval, the Grantee may request funds that exceed 110 percent of a BLI, provided that any such change does not cause, or result from, a revision to the scope or objectives of the Revitalization Plan and that: (a) HUD's total grant obligation will not be increased; (b) the average per unit hard costs for units to be reconstructed or rehabilitated will not exceed 100 percent of the Total Development Cost Limits ("TDC Limits") and the Housing Construction Cost Limits ("HCC Limits"); and (c) the Grantee will comply with the requirements of Article IX(B), relating to the percentage of funding that may be expended for community and supportive service activities. (3) Notwithstanding sections (C)(1) and (C)(2) above, the Grantee may not request more than 100 percent of the amount authorized for BLIs 1408 (Management Improvements/Community and Supportive Services) and 1410 (Administration). (4) Any request for funds in excess of 5 percent of the entire grant amount in any month must be approved by HUD.

Drawdowns. (1) Without HUD approval, the Grantee may draw down HOPE VI Grant funds for a Budget Line Item (BLI) in an amount up to 110 percent of the amount of that BLI that HUD has approved and made available for drawdown. (2) With HUD approval, the Grantee may request funds that exceed 110 percent of a BLIBLI , provided that any such change does not cause, or result from, a revision to the scope or objectives of the Revitalization Plan and that: (a) HUD's total grant obligation will not be increased; (b) the average per unit hard costs for units to be reconstructed or rehabilitated will not exceed 100 percent of the Total Development Cost Limits ("TDC Limits") and the Housing Construction Cost Limits ("HCC Limits"); and (c) the Grantee will comply with the requirements of Article IX(B), relating to the percentage of funding that may be expended for community and supportive service activities. (3) Notwithstanding sections (C)(1) and (C)(2) above, the Grantee may not request more than 100 percent of the amount authorized for BLIs 1408 (Management Improvements/Community and Supportive Services) and 1410 (Administration). (4) Any request for funds in excess of 5 percent of the entire grant amount in any month must be approved by HUD.