Amount of Grant-Percentage of Approved Allowable Costs

Section 661 Section 661.702  Amount of Grant-Percentage of Approved Allowable Costs a)         The commitment and obligation of the State of Illinois and the Agency to the grantee by this grant for the project is limited to and shall not exceed the total amount of the grant.  Nothing herein, including the provisions of Section 661.402, shall operate to commit or obligate the State of Illinois or the Agency to any increase in the total amount of percentage of the grant or of the grant offer. b)         The amount of the grant shall not exceed the State share of the approved allowable cost of the project as set forth in the grant offer and special conditions thereof.  In the event the actual allowable cost of the project, as determined by the Agency pursuant to audit under Subpart E, is less than the estimated allowable cost, such actual eligible cost shall be used to determine the amount of the grant and the grant shall be reduced as necessary to conform with the limitations hereinabove described.