[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: 24CFR969.106]

[Page 531-532]
 
                 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. 969.106  ACC extension in absence of current operating subsidy.

    Where Operating Subsidy under an ACC is not approved for payment 
during a time period which results in extension of the term of the ACC 
provisions related to project operation, with respect to a particular 
project, pursuant to Sec. 969.105, the PHA shall, at least one year 
before the anticipated ACC Expiration Date for the project, notify HUD 
as to whether or not the PHA desires to maintain a basis for receiving 
Operating Subsidy with respect to the project after the anticipated ACC 
Expiration Date. This notification shall be submitted to the appropriate 
HUD Field Office in the form of a resolution of the PHA's Board of 
Commissioners. If the PHA does not desire to maintain a basis for 
Operating Subsidy payments with respect to the project after the 
anticipated ACC Expiration Date, the

[[Page 532]]

resolution shall certify that no Operating Subsidy shall be utilized 
with respect to the project after the effective date of this rule and 
that all financial records and accounts for such a project shall be kept 
separately. If the PHA does desire to maintain a basis for such 
Operating Subsidy payments, the resolution shall include the PHA's 
request for extension of the term of the ACC provisions related to 
project operation, for a period of not less than one nor more than 10 
years. Upon HUD's receipt of the request, HUD and the PHA shall enter 
into an ACC amendment effecting the extension for the period requested 
by the PHA, unless HUD finds that continued operation of the project 
cannot be justified under the standards set forth in 24 CFR part 970 
(HUD's regulation on demolition or disposition of public housing).