[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: 24CFR990.112]

[Page 704]
 
                 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 A--The Operating Fund Formula
 
Sec. 990.112  Payments procedure for operating subsidy under the Operating Fund Formula.

    (a) General. Subject to the availability of funds, payments of 
operating subsidy under the Operating Fund Formula shall be made 
generally by electronic funds transfers, based on a schedule submitted 
by the PHA and approved by HUD. The schedule may provide for several 
payments per month. If a PHA has an unanticipated, immediate need for 
disbursement of approved operating subsidy, it may make an informal 
request to HUD to revise the approved schedule. (Requests by telephone 
are acceptable.)
    (b) Payments procedure. In the event that the amount of operating 
subsidy has not been determined by HUD as of the beginning of a PHA's 
budget year under this part, annual or monthly or quarterly payments of 
operating subsidy shall be made, as provided in paragraph (a) of this 
section, based upon the amount of the PHA's operating subsidy for the 
previous budget year or such other amount as HUD may determine to be 
appropriate.
    (c) Availability of funds. In the event that insufficient funds are 
available to make payments approvable under the Operating Fund Formula 
for operating subsidy payable by HUD, HUD shall have complete discretion 
to revise, on a pro rata basis or other basis established by HUD, the 
amounts of operating subsidy to be paid to PHAs.