; and (B) as extended pursuant to subparagraph (A), may be extended for an additional period not to exceed 3 years if, before the expiration of such 2-year period under subparagraph (A), the Director of the Office of Management and Budget, upon a request by the Secretary, causes to be published in the Federal Register notification that such additional extension period is necessary to allow the grantee to complete all such activities. (3) Exemption for amounts for HUD IG Paragraphs (1) and (2) shall not apply to amounts made available to the Inspector General of the Department of Housing and Urban Development. 124. Community Development Block Grant Disaster Recovery Reserve Fund (a) Establishment There is established in the Treasury of the United States an account to be known as the Community Development Block Grant Disaster Recovery Reserve Fund (in this section referred to as the Fund ). (b) Amounts The Fund shall consist of any amounts appropriated to or credited to the Fund, including amounts credited to the Fund pursuant to section 123(n). (c) Use Amounts in the Fund shall be available only for providing assistance under section 123, but only to the extent provided in advance in appropriations Acts. . (b) Regulations (1) In general Not later than the expiration of the 12-month period beginning on the date of the enactment of this Act, the Secretary of Housing and Urban Development shall issue regulations to carry out sections 123 and 124 of the Housing and Community Development Act of 1974, as added by the amendment made by subsection (a) of this section. (2) Interim regulations (A) Applicability of CDBG entitlement community regulations Until the regulations issued pursuant to paragraph (1) take effect, the Secretary of Housing and Urban Development shall require each State grantee of assistance from community development block grant disaster recovery funds to comply with the requirements under part 570 of the Secretary’s regulations (24 C.F.R. 570) applicable to entitlement communities. (B) Waiver The