Today, HUD’s Financial Management Division (FMD), sent out an email to PHAs regarding the draw down of CARES Act Supplemental Operating Funds. PHAs should only draw down CARES Act Supplemental Operating Funds as needed to fund eligible, immediate needs to prepare for, prevent, and respond to coronavirus. Unlike regular Operating Funds, which can be drawn down all at once, CARES Act Supplemental Operating Funds can only be drawn down to pay for immediate needs and cannot be held as reserves. These funds are available to PHAs via a single obligation to a unique grant number, ending with the letter “C.” Any funds that have been drawn down other than to pay for immediate needs must be returned to HUD. Returned funds will be reapplied to the funds available under the Award Number/Project Number and will remain available through December 31, 2020 or at a later date if HUD deems an extension necessary. PHAs that have drawn down funds in excess of their immediate needs should contact their Field Office.