Title 24

SECTION 594.15

594.15 Allocation amounts.

§ 594.15 Allocation amounts.

(a) Amounts and match requirement. HUD will make grants, in the form of matching funds, to eligible neighborhood development organizations. HUD reserves the right to make grants for less than the maximum amount established by statute, and to limit the number of times a previous grantee can receive funding. A Federal matching ratio will be established for each grantee in accordance with the statutory requirement that the highest ratios be established for neighborhoods having the greatest degree of economic distress or the smallest number of households.

(b) Administrative costs. The Secretary may use no more than 5 percent of the funds appropriated for the program for administrative or other expenses in connection with the program.