- (a) General. HUD will establish an HTF United States Treasury account (HTF Treasury account) for each grantee. Each grantee may use either a separate HTF local account or a subsidiary account within its general fund (or other appropriate fund) as the HTF local account.
- (b) HTF Treasury account. The HTF Treasury account includes the annual grant and funds reallocated to the State by formula.
(c) HTF local account.
- (1) The HTF local account includes deposits of HTF funds disbursed from the HTF Treasury account, any program income, and any repayments as required by § 93.403.
- (2) The HTF local account must be interest-bearing.
(d) Reductions. HUD will reduce or recapture funds in the HTF account by the amount of:
- (1) Any fiscal year grant funds in the HTF Treasury account that are not committed within 24 months after the date of HUD's execution of the HTF grant agreement;
- (2) Any fiscal year grant funds in the HTF local account that are not expended within 5 years after the date of HUD's execution of the HTF grant agreement;
- (3) Any amounts pursuant to § 93.453; and
- (4) Amounts that the grantee fails to obtain and that were required to be reimbursed or returned under § 93.450.