[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: 24CFR969.104]

[Page 531]
 
                 TITLE 24--HOUSING AND URBAN DEVELOPMENT
 
CHAPTER IX--OFFICE OF ASSISTANT SECRETARY FOR PUBLIC AND INDIAN HOUSING, 
               DEPARTMENT OF HOUSING AND URBAN DEVELOPMENT
 
PART 969--PHA-OWNED PROJ- ECTS--CONTINUED OPERATION AS LOW-INCOME HOUSING AFTER COMPLETION OF DEBT SERVICE--Table of Contents
 
Sec. 969.104  Continuing eligibility for operating subsidy.

    Until and after the Debt Service Completion Date for any project, 
HUD shall pay Operating Subsidy with respect to such project only in 
accordance with an ACC amendment providing for extension of the term of 
the ACC provisions related to project operation, pursuant to 
Sec. 969.105 or Sec. 969.106. The ACC amendment shall be in the form 
prescribed by HUD and shall specify the particular provisions of the ACC 
which relate to continued project operation and, therefore, remain in 
effect for the extended ACC term. These provisions shall include a 
requirement that the PHA execute and file for public record an 
appropriate document evidencing the PHA's covenant not to convey, 
encumber or make any other disposition of the project before the end of 
the project's ACC Expiration Date, without HUD approval.