Page:United States Statutes at Large Volume 110 Part 1.djvu/868

 110 STAT. 844 PUBLIC LAW 104-120—MAR. 28, 1996 0) FULFILLMENT OF GRANT AGREEMENT.—I f the Secretary determines that an organization or consortia awarded a grant under this section has not, within 24 months after grant amounts are first made available to the organization or consortia, substantially fulfilled the obligations under the grant agreement, including development of the appropriate number of dwellings under the agreement, the Secretary shall use any such undisbursed amounts remaining from such grant for other grants in accordance with this section. (k) RECORDS AND AUDITS. — During the period beginning upon the making of a grant under this section and ending upon closeout of the grant under subsection (1)— (1) the organization awarded the grant under subsection (a)(1) or (a)(2) shall keep such records and adopt such administrative practices as the Secretary may require to ensure compliance with the provisions of this section and the grant agreement; and (2) the Secretary and the Comptroller General of the United States, and any of their duly authorized representatives, shall have access for the purpose of audit and examination to any books, documents, papers, and records of the grantee organization or consortia and its affiliates that are pertinent to the grant made under this section. (1) CLOSE-OUT. — The Secretary shall close out a grant made under this section upon determining that the aggregate amount of any assistance provided from the fund established under subsection (e)(1) by the grantee organization or consortium exceeds the amount of the grant. For purposes of this paragraph, any interest, fees, and other earnings of the fund shall be excluded from the amount of the grant. (m) ENVIRONMENTAL REVIEW.— ^A grant under this section shall be considered to be funds for a special project for purposes of section 305(c) of the Multifamily Housing Property Disposition Reform Act of 1994. (n) REPORT TO CONGRESS.— Not later than 90 days after closeout of all grants under this section is completed, the Secretary shall submit a report to the applicable Committees describing the grants made under this section, the grantees, the housing developed in connection with the grant amounts, and the purposes for which the grant amounts were used. (o) DEFINITIONS. —For purposes of this section, the following definitions shall apply: (1) APPLICABLE COMMITTEES.— The term "applicable Committees" means the Committee on Banking and Financial Services of the House of Representatives and the Committee on Banking, Housing, and Urban Affairs of the Senate. (2) SECRETARY. —The term "Secretary" means the Secretary of Housing and Urban Development. (3) UNITED STATES. —The term "United States" includes the States of the United States, the District of Columbia, the Commonwealth of Puerto Rico, the Commonwealth of the Northern Mariana Islands, Guam, the Virgin Islands, American Samoa, and any other territory or possession of the United States. Federal Register, (p) REGULATIONS.—The Secretary shall issue any final regulapublication. tions necessary to carry out this section not later than 30 days after the date of the enactment of this Act. The regulations shall

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