When Does It Cost More To NOT Spend Money?

Prince George's County loses millions in grants for not spending the money

By Andy Salsman
|  Sunday, Jan 17, 2010  |  Updated 10:00 AM EDT
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When Does It Cost More To NOT Spend Money?

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What would you do if someone gave you $2 million and said you had to spend it? You probably wouldn’t have much trouble. Then again, you aren’t Prince George’s County.

The Department of Housing and Urban Development is taking back more than $2 million in grants it gave the county, according to The Washington Post. Why? It seems the county didn’t spend the money within a five-year deadline. The grants were supposed to go toward affordable housing projects.

This will be the most money HUD has ever taken back from a jurisdiction for this reason. And if you think this was just an isolated incident, consider this: Prince George’s County almost lost more than $5 million in funds because of a deadline just months ago.

Saving money is commendable – especially in this down economy. But in this case, spending money would save the county some embarrassment.
 

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