The State CDBG Program rules are out of compliance with federal statute and regulations. For this reason, the Housing and Community Development (HCD) Department held meetings and discussions to implement new policy to be in compliance with the Program Income (PI) and Revolving Loan Account (RLA) rules and procedures. The changes are significant, and range from changes in policy, to fully restructuring CDBG PI accounting and reporting practices. These changes will impact all grantees in varying degrees, those with large PI balances most significantly.
The Management Memo can be accessed here. Please contact your CDBG representative with any follow-up questions. Contact information for all CDBG representatives can be accessed here.