[Code of Federal Regulations]

[Title 24, Volume 4]

[Revised as of April 1, 2006]

From the U.S. Government Printing Office via GPO Access

[CITE: 24CFR811.104]



[Page 38-39]

 

                 TITLE 24--HOUSING AND URBAN DEVELOPMENT

 

  CHAPTER VIII--OFFICE OF THE ASSISTANT SECRETARY FOR HOUSING-FEDERAL 

 

PART 811_TAX EXEMPTION OF OBLIGATIONS OF PUBLIC HOUSING AGENCIES AND 

RELATED AMENDMENTS--Table of Contents

 

Sec.  811.104  Approval of Public Housing Agencies (other than agency 

or instrumentality PHAS).



    (a)(1) An application to the field office for approval as a Public 

Housing Agency, other than an agency or instrumentality PHA, for 

purposes of this subpart shall be supported by evidence satisfactory to 

HUD to establish that:

    (i) The applicant is a PHA as defined in this subpart, and has the 

legal authority to meet the requirements of this subpart and applicable 

Section 8 regulations, as described in its application. This evidence 

shall be supported by the opinion of counsel for the applicant.

    (ii) The applicant has or will have the administrative capability to 

carry out the responsibilities described in its application.

    (2) The evidence shall include any facts or documents relevant to 

the determinations required by paragraph (a)(1) of this section, 

including identification of any pending application the applicant has 

submitted under the Act. In the absence of evidence indicating the 

applicant may not be qualified, the



[[Page 39]]



field office may accept as satisfactory evidence:

    (i) Identification of any previous HUD approval of the applicant as 

a PHA pursuant to this section;

    (ii) Identification of any prior ACC with the applicant under the 

Act; or

    (iii) A statement, where applicable, that the applicant is an 

approved participating agency under 24 CFR Part 883 (State Housing 

Finance and Development Agencies).

    (b) The applicant shall receive no compensation in connection with 

the financing of a project, except for its expenses. Such expenses shall 

be subject to approval by HUD in determining the development cost, cost 

of issuance and servicing fee, as appropriate. Should the applicant 

receive any compensation in excess of such expenses, the excess is to be 

placed in the debt service reserve.

    (c) Where the applicant acts as the financing agency, the applicant 

shall be required to furnish to HUD an audit by an independent public 

accountant of its books and records in connection with the financing of 

the project within 90 days after the execution of the contract or final 

endorsement and at least biennially thereafter.

    (d) Any subsequent amendments to the documents submitted to HUD 

pursuant to this section must be approved by HUD.