Common use of Project Set Up Clause in Contracts

Project Set Up. (1) After the grant- ee executes the HTF grant agreement, submits the applicable banking and se- curity documents, and commits funds to a specific local project, the grantee shall identify (set up) specific activi- ties (i.e., projects) in the disbursement and information system. Investments that require the set-up of projects in the system are the acquisition, new construction, or rehabilitation of hous- ing, operating cost assistance, and op- erating cost assistance reserves. The grantee is required to enter complete project set-up information at the time of project set-up. (2) If the project set-up information is not completed within 20 calendar days of the date of the initial project set-up, the project may be canceled by the system. In addition, a project that has been committed in the system for 12 months without an initial disburse- ment of funds may be canceled by the system.