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Ofc, of Asst. Secy., Comm . Planning, Develop., HUD § 583 . 1 <br /> ( b ) Approval . Approval for such changes is <br /> contingent upon the application ranking <br /> remaining high enough to have beery <br /> competitively selected for funding in the year <br /> the application was selected . <br /> § 582 . 410 Obligation and deobiigation <br /> of funds. <br /> ( a ) Obligation of funds . When HUD and the <br /> applicant execute a grant agreement, HUD will <br /> obligate funds to cover the amount of the <br /> approved grant. The recipient will be expected <br /> to carry out the activities as proposed in the <br /> application . After the initial obligation of funds, <br /> HUD is under no obligation to make any upward <br /> revisions to the grant amount for any approved <br /> assistance. <br /> ( b ) Deobligation . ( 1 ) HUD may deobligate <br /> all or a portion of the approved grant amount if <br /> such amount is not expended in a timely <br /> manner, or the proposed housing for which <br /> funding was approved or the supportive services <br /> proposed in the application are not provided in <br /> accordance with the approved application , the <br /> requirements of this part, and other applicable <br /> HUD regulations . The grant agreement may set <br /> forth other circumstances under which funds <br /> may be deobligated, and other sanctions may <br /> be imposed . <br /> ( 2 ) HUD may readvertise, in a notice of <br /> fund availability, the availability of funds that <br /> have been deobligated, or may reconsider <br /> applications that were submitted in response to <br /> the most recently published notice of fund <br /> availability and select applications for funding <br /> with the deobligated funds . Such selections <br /> would be made in accordance with the selection <br /> process described in § 582 . 220 of this part. Any <br /> selections made using deobligated funds will be <br /> subject to applicable appropriation act <br /> requirements governing the use of deobligated <br /> funding authority . <br /> (Approved by the Office of Management and Budget under control <br /> number 2506-0118 ) <br /> www . hud . gov espanol . hud. &;ov Page 18 <br />