(a) Where a State or local government is the eligible owner of a project, or is a contract administrator under Sec. 886.120, receiving financial assistance under this part, the audit requirements in 24 CFR part 44 shall apply.
(b) Where a nonprofit organization is the eligible owner of a project, receiving financial assistance under this part, the audit requirements of 24 CFR part 45 shall apply. [50 FR 39092, Sept. 27, 1985; 51 FR 30480, Aug. 27, 1986, as amended at 57 FR 33257, July 27, 1992]