[Code of Federal Regulations]
[Title 24, Volume 4]
[Revised as of April 1, 2004]
From the U.S. Government Printing Office via GPO Access
[CITE: 24CFR990.405]

[Page 726-727]
 
                 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

[[Page 727]]

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.