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(1) Obligation of amounts
Except as provided in paragraph (4) and subject to paragraph (2), a public housing agency shall obligate any assistance received under this section not later than 24 months after, as applicable—
(A) the date on which the funds become available to the agency for obligation in the case of modernization; or
(B) the date on which the agency accumulates adequate funds to undertake modernization, substantial rehabilitation, or new construction of units.
The Secretary—
(A) may, extend the time period under paragraph (1) for a public housing agency, for such period as the Secretary determines to be necessary, if the Secretary determines that the failure of the agency to obligate assistance in a timely manner is attributable to— (i) litigation; (ii) obtaining approvals of the Federal Government or a State or local government; (iii) complying with environmental assessment and abatement requirements; (iv) relocating residents; (v) an event beyond the control of the public housing agency; or (vi) any other reason established by the Secretary by notice published in the Federal Register;
(B) shall disregard the requirements of paragraph (1) with respect to any unobligated amounts made available to a public housing agency, to the extent that the total of such amounts does not exceed 10 percent of the original amount made available to the public housing agency; and
(C) may, with the prior approval of the Secretary, extend the time period under paragraph (1), for an additional period not to exceed 12 months, based on— (i) the size of the public housing agency; (ii) the complexity of capital program of the public housing agency; (iii) any limitation on the ability of the public housing agency to obligate the amounts allocated for the agency from the Capital Fund in a timely manner as a result of State or local law; or (iv) such other factors as the Secretary determines to be relevant.
(A) Prohibition of new assistance A public housing agency shall not be awarded assistance under this section for any month during any fiscal year in which the public housing agency has funds unobligated in violation of paragraph (1) or (2).
(B) Withholding of assistance During any fiscal year described in subparagraph (A), the Secretary shall withhold all assistance that would otherwise be provided to the public housing agency. If the public housing agency cures its failure to comply during the year, it shall be provided with the share attributable to the months remaining in the year.
(C) Redistribution The total amount of any funds not provided public housing agencies by operation of this paragraph shall be allocated for agencies determined under section 1437d(j) of this title to be high-performing.
(A) In general Subject to subparagraph (B), if the Secretary has consented, before the effective date under section 503(a) of the Quality Housing and Work Responsibility Act of 1998, to an obligation period for any agency longer than provided under paragraph (1), a public housing agency that obligates its funds before the expiration of that period shall not be considered to be in violation of paragraph (1).
(B) Prior fiscal years Notwithstanding subparagraph (A), any funds appropriated to a public housing agency for fiscal year 1997 or prior fiscal years shall be fully obligated by the public housing agency not later than September 30, 1999 .
(A) In general A public housing agency shall spend any assistance received under this section not later than 4 years (plus the period of any extension approved by the Secretary under paragraph (2)) after the date on which funds become available to the agency for obligation.
(B) Enforcement The Secretary shall enforce the requirement of subparagraph (A) through default remedies up to and including withdrawal of the funding.