[Code of Federal Regulations]
[Title 24, Volume 4]
[Revised as of April 1, 2001]
From the U.S. Government Printing Office via GPO Access
[CITE: 24CFR990.301]

[Page 697]
 
                 TITLE 24--HOUSING AND URBAN DEVELOPMENT
 
CHAPTER IX--OFFICE OF ASSISTANT SECRETARY FOR PUBLIC AND INDIAN HOUSING, 
               DEPARTMENT OF HOUSING AND URBAN DEVELOPMENT
 
PART 990--THE PUBLIC HOUSING OPERATING FUND PROGRAM--Table of Contents
 
                   Subpart C--Project-Based Accounting
 
Sec. 990.301  Applicability.

    Source: 57 FR 61231, Dec. 23, 1992, unless otherwise noted.


    (a) The provisions of this subpart C are applicable to all PHAs that 
receive operating subsidies pursuant to section 9 of the U.S. Housing 
Act of 1937 (the Act), both PFS-eligible PHAs and PHAs outside the 48 
adjacent states for which operating subsidy eligibility is not 
calculated in accordance with the PFS.
    (b) PHAs that own and operate 250 or more dwelling rental units 
under title I of the Act, exclusive of section 8 units, are required to 
develop and maintain project-based accounting systems consistent with 
Sec. 990.310. Where a portion of a PHA's rental inventory is separately 
managed (by a resident management corporation, for example), the 250-
unit threshold shall apply to the total number of PHA-owned dwelling 
rental units, including those separately managed.
    (c) PHAs that do not receive operating subsidies or that have fewer 
than 250 rental units may, but are not required to, develop and use 
project-based accounting systems consistent with the specifications of 
this subpart.