The U.S. Department of Housing and Urban Development has published a rule that makes numerous changes to grant administration, procurement, and contracting requirements. The rule repeals the requirements found at Part 84 and Part 85 and replaces them with the Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards found at 2 CFR Part 200. These changes will directly affect state, local, and Indian tribal governments, as well as nonprofit organizations and public housing agencies that receive federal awards. Industry stakeholders including real estate developers, property management companies, and lenders should also take heed.
To read Ballard Spahr’s Legal Alert on the rule, click here. To read the rule in full, click here to for the Federal Register.