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County seeks administrative change to separate revolving loan funds for home improvement program
Summary
Neighborhood and Housing Development staff requested and the committee approved an administrative accounting change to separate revolving loan funds from entitlement grants so funds can be expended at the start of HUD’s program year.
Oakland County Neighborhood and Housing Development staff asked the committee to approve an administrative change to how community development block grant (CDBG) revolving loan funds are accounted for so the county can expend those funds at the start of HUD’s program year (July 1).
Staff explained that revolving loan funds from home improvement loans are received over time and, under current practice, are administratively tied to the entitlement grant account. Because HUD grant acceptance letters often arrive several months after the July 1 program-year start, staff said the accounting linkage has delayed use of revolving loan funds for the county’s Home Improvement Program. Separating the revolving loan account would make those funds available on July 1 of the program year without waiting for HUD’s acceptance letter.
Staff said the change is an administrative accounting action required under HUD regulations and that it would improve the county’s ability to meet demand for home improvement loans and related expenditures.
The committee approved the administrative request as presented.
