SECTION .0300 - THRESHOLD FOR DIRECT HUD PARTICIPATION
04 NCAC 19S .0301 PARTICIPATION THRESHOLD AMOUNT
During the initial HOME program year, if a unit of general local government has a formula allocation under 24 CFR 92.50 that is equal to or greater than five hundred thousand dollars ($500,000) and less than seven hundred and fifty thousand dollars ($750,000) then the State will authorize HUD to transfer an amount of State HOME funds such that the sum of the amounts transferred or made available are equal to or greater than the difference between the unit of general local government's formula allocation and seven hundred and fifty thousand dollars ($750,000). The State may require that the unit of general local government financially participate in providing the amount of funds necessary to ensure that the unit becomes a HUD participating jurisdiction.
History Note: Authority G.S. 143B‑10; 143B‑431; 24 C.F.R. Part 92;
Eff. November 2, 1992.