for each factor is based on the latest census data available. The percentage for each factor is multiplied by the weight assigned and summed to arrive at a State factor. The State factor is multiplied by the total amount available for allocation nationally, minus the national office reserve (approximately 5 percent). This program has no cost-sharing arrangement or matching requirements although priorities under the project selection criteria include extent of leveraging of funds to complement the housing preservation grant. Length and Time Phasing of Assistance: Grants are made for a 12 to 24 month period. POST ASSISTANCE REQUIREMENTS: Reports: Quarterly financial and project performance reports are to be made to the Rural Development office receiving the grant. Audits: Periodic audits should be made as part of the recipient's system of financial management and internal control to meet terms and conditions of grants and other agreements. In accordance with the provisions of 7 CFR Part 3052, "Audits of States, Local Governments, and Non-Profit Organizations," which implement OMB Circular A-133 (Revised, June 24, 1997), "Audits of States, Local Governments, and Non-Profit Organizations," nonfederal entities that receive financial assistance of $300,000 or more in Federal awards will have a single or a program- specific audit conducted for that year. Nonfederal entities that expend less than $300,000 a year in Federal
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