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(a) The Corporation will pay 95% of the grant funds for each eligible category described in 15 AAC 154.300 upon execution of the grant agreement and approval by the Corporation of the project work plan budget for that eligible category. The remaining five percent of the grant will be paid upon submittal to and approval by the Corporation of a certified final cost report and payment to the Corporation of all interest earned on grant money. The grant will not be closed until HUD's annual audit reflecting total project costs is approved by the Corporation. If there are any discrepancies between the certified final cost report and the official HUD audit, the housing authority shall remit to the Corporation any disallowed expenditures of grant money. The certified final cost report shall be signed by the housing authority's executive director or an authorized representative and is binding upon the housing authority as representing the true and complete expenditure of grant money for the project.
(b) In this section, "certified final cost report" means a certified report of all expenditures, costs, sources, and disposition of all project money; a statement of interest earned on grant money; and a certification that grant money was used in accordance with the grant agreement and that no money was used for administration or overhead costs of the regional housing authority.
History: Eff. 5/7/93, Register 130
Authority: AS 18.55.998
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Last modified 7/05/2006