HUD Publishes PIH Notice: 24-02 - Shortfall Grant SF-425 Reporting Requirements

• By: admin
• On: 01/23/2024 11:58:16
• In: PIH Notices

 

Special Attention of: Public Housing Agencies Public Housing Hub Directors Public Housing Program Center Directors Regional and Field Office Directors                    Resident Management Corporations

Notice 2024-02pihn Issued: January 5, 2024 This notice remains in effect until amended, superseded, or rescinded. This notice amends Notice PIH-2020-16 and PIH-2021-12. Cross References: Notices: PIH-2020-16, PIH-2021-12, PIH-2022-17, PIH-2023-18 Regulations: 24 CFR Part 990; 2 CFR 200.328; 2 CFR 200.334(b) Statutes: 42 U.S.C.1437g(e); 44 U.S.C.3520; Public Law 106-107

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SUBJECT: Shortfall Grant SF-425 Reporting Requirements

I. PURPOSE

This notice provides clarification, additional information, or correct information to public housing agencies (PHAs) regarding the reporting requirements related to the Federal Financial Report (FFR), also known as the Standard Form (SF-425).

II. APPLICABILITY

This notice applies to all federal award program grantees of Shortfall Funding during FY 2020 through FY 2023. The SF-425 must be completed to capture disbursements, expenditures, obligations, and unliquidated obligations. PHAs can receive up to three grants, but a minimum of two grants of the Shortfall Funding. For example, Tier 1 would fund PHAs to raise their Months of Reserves (MOR) to zero. Tier 2 would support the amount needed to raise a PHA's MOR. Tier 2 funding is provided in two separate grants, known as Increment 1 and Increment 2. The PHA must submit a Federal Financial Report (FFR) SF-425 for each grant. The SF-425 must be submitted via HUD's Public Housing (PH) Portal.

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