[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: 24CFR990.405]

[Page 710]
 
                 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 D--Resident Management Corporations Operating Subsidy
 
Sec. 990.405  Use of retained revenues.

    Any revenues retained by a resident management corporation under 
Sec. 990.404 of this subpart may only be used for purposes of improving 
the maintenance and operation of the project, establishing businesses 
enterprises that employ residents of public housing, or acquiring 
additional dwelling units for lower income families. Units acquired by 
the resident management corporation will not be eligible for payment of 
operating subsidy.