Common use of Uniform Administrative Requirements and Cost Principles Clause in Contracts

Uniform Administrative Requirements and Cost Principles. The Sub-Recipient and its agencies or assigns shall comply with the policies, guidelines, and requirements of OMB Circular 2 CFR 200 (implemented at 24 CFR Part 44), as applicable, as they relate to the acceptance and use of Federal funds under this part. The application sections of OMB Circular 2 CFR 200 are set forth at Section 570.502. S. STANDARDS APPLICABLE TO REAL PROPERTY ACQUIRED OR IMPROVED IN WHOLE OR IN PART WITH CDBG FUNDS The following standards apply to real property acquired or improved in whole or in part using CDBG funds that are within the control of the municipality: 1. The municipality must notify the county in a timely manner of any modifications or change in the use of real property from that planned at the time of acquisition of the improvement including disposition; 2. The municipality shall reimburse the county an amount equal to the current fair market value (less any portion thereof attributable to expenditures of non-CDBG funds) of property acquired or improved with CDBG funds that is sold or transferred for a use which does not qualify under CDBG regulations; and 3. Program income generated from disposition or transfer of property prior to or subsequent to close-out, change of status or termination of the cooperation agreement between the county and the municipality shall be paid to the county.