WASHINGTON, DC – (RealEstateRama) — Recently, the House Transportation and Infrastructure Committee unanimously approved the bipartisan Public Buildings Reform and Savings Act of 2016 (https://www NULL.congress NULL.gov/114/bills/hr4487/BILLS-114hr4487ih NULL.pdf) (H.R. 4487). The bill includes language that authorizes the U.S. Economic Development Administration (EDA) to release the federal government’s interest in connection with a grant not less than seven years after final disbursement of the grant.
Currently, grant recipients are required to comply with extensive federal reporting and audit requirements forever, even if those funds were first capitalized in the 1970s. This reform is strongly supported by NADO because it will end burdensome and costly reporting requirements placed on local grant recipients.
H.R. 4487 has also been referred to the House Financial Services Committee which will need to take action before the bill can come to the House floor for a vote. NADO legislative staff will continue to monitor this bill closely. Click here to view a summary of H.R. 4487.