[Code of Federal Regulations]
[Title 24, Volume 3]
[Revised as of April 1, 2004]
From the U.S. Government Printing Office via GPO Access
[CITE: 24CFR570.710]

[Page 160]
 
                 TITLE 24--HOUSING AND URBAN DEVELOPMENT
 
  CHAPTER V--OFFICE OF ASSISTANT SECRETARY FOR COMMUNITY PLANNING AND 
        DEVELOPMENT, DEPARTMENT OF HOUSING AND URBAN DEVELOPMENT
 
PART 570_COMMUNITY DEVELOPMENT BLOCK GRANTS--Table of Contents
 
                        Subpart M_Loan Guarantees
 
Sec. 570.710  State responsibilities.

    The State is responsible for choosing public entities that it will 
assist under this subpart. States are free to develop procedures and 
requirements for determining which activities will be assisted, subject 
to the requirements of this subpart. Upon approval by HUD of an 
application from a State-assisted public entity, the State will be 
principally responsible, subject to HUD oversight under subpart I of 
this part, for ensuring that the public entity complies with all 
applicable requirements governing the use of the guaranteed loan funds. 
Notwithstanding the State's responsibilities described in this section, 
HUD may take any action necessary for ensuring compliance with 
requirements affecting the security interests of HUD with respect to the 
guaranteed loan.