[Code of Federal Regulations]
[Title 24, Volume 4]
[Revised as of April 1, 2003]
From the U.S. Government Printing Office via GPO Access
[CITE: 24CFR906.17]

[Page 355]
 
                 TITLE 24--HOUSING AND URBAN DEVELOPMENT
 
CHAPTER IX--OFFICE OF ASSISTANT SECRETARY FOR PUBLIC AND INDIAN HOUSING, 
               DEPARTMENT OF HOUSING AND URBAN DEVELOPMENT
 
PART 906--SECTION 5(h) HOMEOWNERSHIP PROGRAM (Eff. until 4-10-03)--Table of Contents
 
Sec. 906.17  Records, reports, and audits.

    The PHA shall be responsible for the maintenance of records 
(including sale and financial records, which must include information on 
the racial and ethnic characteristics of the purchasers) for all 
activities incident to implementation of the HUD-approved homeownership 
plan. Until all planned sales of individual dwellings have been 
completed, the PHA shall submit to HUD annual sales reports, in a form 
prescribed by HUD. The receipt, retention, and expenditure of the sale 
proceeds shall be covered in the regular independent audits of the PHA's 
public housing operations, and any supplementary audits that HUD may 
find necessary for monitoring. Where another entity is responsible for 
sale of individual units, pursuant to Sec. 906.7(b), the PHA must ensure 
that the entity's responsibilities include proper recordkeeping and 
accountability to the PHA, sufficient to enable the PHA to monitor 
compliance with the approved homeownership plan, to prepare its reports 
to HUD, and to meet its audit responsibilities. All books and records 
shall be subject to inspection and audit by HUD and the General 
Accounting Office (GAO).

(Approved by the Office of Management and Budget under control number 
2577-0201)