[Code of Federal Regulations]
[Title 24, Volume 1]
[Revised as of April 1, 2004]
From the U.S. Government Printing Office via GPO Access
[CITE: 24CFR92.454]

[Page 626]
 
                 TITLE 24--HOUSING AND URBAN DEVELOPMENT
 
PART 92_HOME INVESTMENT PARTNERSHIPS PROGRAM--Table of Contents
 
                         Subpart J_Reallocations
 
Sec. 92.454  Reallocations by formula.

    (a) HUD will reallocate under this section:
    (1) Any HOME funds remaining available for reallocation after HUD 
has made competitive reallocations under Sec. 92.451 and Sec. 92.452;
    (2) Any HOME funds available for reallocation because HUD reduced or 
recaptured funds from participating jurisdiction under Sec. 92.500(d) 
for failure to commit the funds within the time specified;
    (3) Any HOME funds withdrawn by HUD from a participating 
jurisdiction under 24 CFR 91.520(f) for failure to submit in a timely 
manner a performance report required by 24 CFR 91.520 that is 
satisfactory to HUD; and
    (4) Any HOME funds remitted to HUD under Sec. 92.503(b) when a 
jurisdiction ceases to be a participating jurisdiction.
    (b) Any reallocation of funds from a State must be made only among 
all participating States, and any reallocation of funds from units of 
general local government must be made only among all participating units 
of general local government, except those participating jurisdictions 
that HUD has removed from participating in reallocations under Sec. 
92.552.
    (c) A local participating jurisdiction's share of a reallocation is 
calculated by multiplying the amount available for reallocation to units 
of general local government by a factor that is that ratio of the 
participating jurisdiction's formula allocation provided under Sec. 
92.50 to the total of the formula allocations provided for all local 
participating jurisdictions sharing in the reallocation. A State 
participating jurisdiction's share is comparably determined using the 
amount available for reallocation to States.
    (d) HUD will make reallocations under this section quarterly, unless 
the amount available for such reallocation is insufficient to warrant 
making a reallocation. In any event, HUD will make a reallocation under 
this section at least once a year. The minimum amount of a reallocation 
is $1000.