Money must be used within six years and unused amounts are recaptured
What the document says“A grantee under this section shall use an amount equal to the grant within 6 years beginning on the date on which the Secretary obligates the amounts to the grantee, as such period may be extended under paragraph (4).”
The new section 124 requires a grantee to spend an amount equal to the grant within six years of obligation, and requires the Secretary to recapture unused amounts to the Fund at the earlier of the grantee reporting that all planned activities are done or the end of that period. The Secretary must let a grantee keep what it needs to close out, and may let it keep up to 10 percent of what remains to keep minimal capacity for a future disaster and for pre-disaster planning. The six years may be extended by up to four, or six for mitigation, on documented exigent circumstances or a justification of complexity, with a written justification sent to four congressional committees.
What the document actually says“A grantee under this section shall use an amount equal to the grant within 6 years beginning on the date on which the Secretary obligates the amounts to the grantee, as such period may be extended under paragraph (4).”
The place must spend the grant within six years. The clock starts the day the housing agency commits the money. That period can be stretched.
Money not used goes back to the fund. A place may keep a little to close out the work. It may keep up to a tenth of the rest to stay ready.
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