SECTION 330:40-13-2. General

  A Project will be funded only after the Recipient enters into a Grant Agreement with OHFA. Grant Agreements will have a term of one (1) year. OHFA will then turn over to the Recipient, in accordance with the final approved Budget for each approved Property, a sum equal to any Rehabilitation cost, initial utility deposits, if any, and utility and maintenance costs for the Property for the previous month of occupancy. Subsequent funding will be on a monthly or quarterly basis only, unless OHFA, in its sole discretion, approves additional funding. Due to possible future reductions in State or federal appropriations (or other funding), OHFA cannot guarantee the continued availability of funding. In the events funds obligated to finance the Pilot Program or any Grant Agreement become unavailable, either in total or in part, OHFA may reduce or deobligate all or a portion of any Grant.

[Source: Amended at 21 Ok Reg 2295, eff 7-12-04]