Cancelled Loans: Cancelled loans are loans (or portions of loans) that were initially accepted, but for a variety of reasons, all or a portion of the loan amount was not disbursed and is no longer available to the applicant. The cancelled loan amount is the amount that is no longer available. The loan cancellation may be due to default of the borrower, agreement by both parties to cancel the undisbursed portion of the loan, or expiration of the term for which the loan was available for disbursement.
The following documentation is sufficient to demonstrate that any undisbursed portion of an accepted subsidized loan is cancelled and no longer available: (a) A written communication from the lender confirming that the loan has been cancelled and undisbursed amounts are no longer available to the applicant; or (b) a legally binding agreement between the CDBG–DR grantee (or local government or subrecipient administering the CDBG–DR assistance) and the applicant that indicates that the period of availability of the loan has passed and the applicant agrees not to take actions to reinstate the loan or draw any additional undisbursed loan amounts. The documentation described above must be maintained by the grantee. Without this documentation, any approved but undisbursed portion of a subsidized loan must be included in the grantee's calculation of the total assistance amount unless another exception applies.
For cancelled SBA loans, the grantee must notify the SBA that the applicant has agreed to not take any actions to reinstate the cancelled loan or draw any additional undisbursed loan amounts.
- Grantee = State Managing HUD CDBG-DR funds
- Aggregate amount = Total Dollar Amount
- Subsidized loans = SBA loans
Research based learning
"Providing resource supported answers."
FEMA Disaster Assistance for Individuals and Households Program which is provided for temporary repairs of your home so you are not dependent on other housing assistance and is not a Duplication of Benefits (DOB) to other assistance and HUD CDBG-DR Grants
State of Louisiana Restore LA Program managed by the OCD-DRU says it will not pay interest on SBA loans.
Multiple disasters occur in the same location, and the applicant has not recovered from the first disaster.
CDBG-DR Order of Assistance. When the Grantee takes CDBG-DR grants to pay for FEMA or Army Corps projects.
We have completed our Geotechnical soil analysis and have 3D home design plans completed. Now we need...
Do you all know Cunningham's Law?
"The best way to get the right answer on the internet is not to ask a question; it's to post the wrong answer."
Don't allow misleading or misinformation to cost you. Nearly all of the wrong answers come from not knowing where and how to search for the correct answers.
- Thu. Apr. 8, 2021
- Sun. Mar. 28, 2021
- Sun. Mar. 28, 2021