SEE HUD

HUD has promulgated a very specific timeframe for the expenditure of awarded Section 202 and Section 811 Capital Advance and PRAC funds. A project that does not achieve the HUD requirement within the mandated timeframe stated in each fund resevation letter will be subject to the recapture of unexpended funds. Successful sponsors who have received a fund reservation letter from HUD to develop a project must immediately turn to the next task: to prepare a complete application for a firm commitment.