Subrecipients are required to submit monthly reports each year until all CDBG funds are fully expended plus an additional five years unless CDBG funds have been used to purchase real property.
EXAMPLE ONE: CDBG Funds as Operating Costs
Agency XYZ receives funds in 2007 for operating costs for their tutoring program for low-to-moderate income school children. XYZ will submit monthly reports and is reimbursed for incurred operating expenses. Reporting requirements for XYZ would expire in 2012.
EXAMPLE TWO: CDBG Funds to Purchase Real Property
Agency ABC receives CDBG funds to purchase a building that will function as a homeless shelter. ABC is required to submit monthly reports for as long as Cobb County receives CDBG funding plus five years after the last allotment is granted to the County. Owners of real property purchased with CDBG funds may sell or transfer ownership of property to another entity; however, sale or transfer may discontinue the eligible activity. With the sale of real property purchased with CDBG funds, the County requires repayment of fair market value less depreciation.