Timely Expenditure of Funds. In accordance with 24 CFR 85.43, if XxXxx Xxxxx fails to expend its grant funds in a timely manner, such failure shall constitute a material failure to comply with this Contract and invoke the suspension and termination provisions of ARTICLE X. For purposes of this Contract, timely expenditure of funds means XxXxx Xxxxx shall obligate and expend its funds as designated under ARTICLE II. (B).
Timely Expenditure of Funds. CDBG funds must be spent in a timely manner as referenced in Article V (Default and Termination for Non-Performance). Unless an alternative Expenditure Schedule, Exhibit “F”, has been approved in writing by AHS, funds must be expended at minimum in the following manner: 25% by March 31, 2017 50% by June 30, 2017 75% by September 30, 2017 100% by December 31, 2017 After J une 30, 2017, if the Subrecipient has not expended at least one-half of the awarded funding and achieved at least fifty percent (50%) of the performance measures, the County may request that the Subrecipient provide a detailed plan for expending the balance of CDBG Funds pursuant to this Agreement through the expiration date of the Agreement (Expenditure Plan). The Subrecipient shall provide the Expenditure Plan within ten (10) working days of receipt of the County’s written request. Upon review of the Subrecipient’s Expenditure Plan, the County, by and through the Affordable Housing Services, may elect to reduce the maximum amount of the CDBG Funds awarded pursuant to this Agreement. After reduction, the maximum amount of CDBG Funds awarded shall not be less than fifty percent (50%) of the maximum amount of the CDBG Funds awarded pursuant to this Agreement prior to the reduction. In no event shall the CDBG Funds be reduced below the amount necessary to compensate the Subrecipient for the services actually provided as of the date of the reduction. The election to reduce the CDBG Funds shall be solely in the discretion of the County by and through the Affordable Housing Services and shall be based upon the services or Units of Service provided by the Subrecipient as of the date of the County’s request for an Expenditure Plan, and the County’s review of the Expenditure Plan. The County shall notify the Subrecipient of its decision to reduce the maximum amount of the CDBG Funds awarded pursuant to this Agreement in writing and within ten (10) working days of receipt of the Expenditure Plan. A reduction in the maximum amount of CDBG Funds as set forth in this Section shall not require an amendment to the Agreement.
Timely Expenditure of Funds. In accordance with 24 CFR 85.43, if Habitat for Humanity fails to expend its grant funds in a timely manner, such failure shall constitute a material failure to comply with this Contract and invoke the suspension and termination provisions of ARTICLE X. For purposes of this Contract, timely expenditure of funds means Habitat for Humanity shall obligate and expend its funds as designated under ARTICLE II. (B).
Timely Expenditure of Funds. In accordance with 24 CFR 85.43, if Vetted Investments & Acquisition fails to expend its grant funds in a timely manner, such failure shall constitute a material failure to comply with this Contract and invoke the suspension and termination provisions of ARTICLE X. For purposes of this Contract, timely expenditure of funds means Vetted Investments & Acquisition shall obligate and expend its funds as designated under ARTICLE II. (B).
Timely Expenditure of Funds. In accordance with 24 CFR 85.43, if Antioch Ministries, Inc., Inc. fails to expend its grant funds in a timely manner, such failure shall constitute a material failure to comply with this Contract and invoke the suspension and termination provisions of ARTICLE X. For purposes of this Contract, timely expenditure of funds means Antioch Ministries, Inc., Inc. shall obligate and expend its funds as designated under ARTICLE II. (B).
Timely Expenditure of Funds. In accordance with 24 CFR 85.43, if Sand Hills Urban Development, Inc. fails to expend its grant funds in a timely manner, such failure shall constitute a material failure to comply with this Contract and invoke the suspension and termination provisions of ARTICLE X. For purposes of this Contract, timely expenditure of funds means Sand Hills Urban Development, Inc. shall obligate and expend its funds as designated under ARTICLE II. (B).
Timely Expenditure of Funds. Grantee agrees that all of the proceeds of the Grant will be expended in accordance with the approved Development Cost Budget attached hereto as Exhibit C-1, with the Sources of Funds and Financing Commitments statement attached hereto as Exhibit C-2, with the Disbursement Schedule attached hereto as Exhibit C-3, and with the Completion Schedule attached hereto as Exhibit D.
