Section 380.411  Reconciliations

Each LAA shall perform a Reconciliation every six months during the term of its Commitment and, if the Reconciliation indicates that the LAA has received funds in excess of the amount required for Rental Assistance payments, the LAA shall return all excess funds to its funding Agency; provided, however, that an LAA created by a Municipality must use the excess funds to provide Rental Assistance for additional Units.  The funding Agency may reduce the amount of subsequent quarterly payments to the LAA under the Commitment to offset Reconciliation amounts owing to, but not forwarded to, the Agency.