PRP.9.8.020 Initial Payment

Treasury will make initial payments from the HAF Program available to eligible entities that are approved to participate in the HAF Program, in an amount equal to 10% of the total amount allocated to the eligible entity. In order to receive this initial payment, The Tribe must (1) enter into the financial assistance agreement with Treasury described above, and (2) commit to use the funds only for qualified expenses other than subsection (9) of the "Qualified Expenses" section above. Treasury will make payments to the Tribe, or an agency of the eligible entity identified on the eligible entity's notice of funds request. No more than 50% of the initial payment may be used for planning, community engagement, needs assessment, and administrative expenses described in subsection (10) of the "Qualified Expenses" section above. An eligible entity that elects not to receive this initial payment may receive its allocated funds after Treasury approves its HAF plan. Treasury encourages HAF participants to use these initial payments to create or fund pilot programs to serve targeted populations, and to focus on programs that are most likely to deliver resources most quickly to targeted populations, such as mortgage reinstatement programs.