[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: 24CFR884.105]



[Page 114-115]

 

                 TITLE 24--HOUSING AND URBAN DEVELOPMENT

 

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

 

PART 884_SECTION 8 HOUSING ASSISTANCE PAYMENTS PROGRAM, NEW CONSTRUCTION 

SET-ASIDE FOR SECTION 515 RURAL RENTAL HOUSING PROJECTS--Table of Contents

 

            Subpart A_Applicability, Scope and Basic Policies

 

Sec.  884.105  Maximum total ACC commitment and project account 

(private-owner/PHA projects).



    (a) Maximum total ACC commitment. The maximum total annual 

contribution that may be contracted for in the ACC for a project shall 

be the total of the Contract Rents plus any utility allowances for all 

the Contract units in the project, plus a fee for the regular costs of 

PHA administration. HUD-approved preliminary costs for administration 

(including administrative costs in connection with PHA activities 

related to relocation of occupants) shall be payable out of this total.

    (b) Project account. In order to assure that housing assistance 

payments will be increased on a timely basis to cover increases in 

Contract Rents or decreases in Family Incomes:

    (1) A Project Account shall be established and maintained, in an 

amount as determined by the Secretary consistent with his 

responsibilities under Section 8(c)(6) of the 1937 Act, out of amounts 

by which the maximum ACC commitment per year exceeds amounts paid under 

the ACC for any year. This account shall be established and maintained 

by HUD as a specifically identified and segregated account, and payment 

shall be made therefrom only for the purposes of (i) housing assistance 

payments and (ii) other costs specifically authorized or approved by the 

Secretary.

    (2) Whenever a HUD-approved estimate of required Annual Contribution 

exceeds the maximum ACC commitment then in effect, and would cause the 

amount in the Project Account to be less than an amount equal to 40 

percent of such maximum ACC commitment, HUD shall, within a reasonable 

period of time, take such additional steps authorized by Section 8(c)(6) 

of the 1937 Act as may be necessary to carry out this assurance, 

including (as provided in that section of the Act)



[[Page 115]]



``the reservation of annual contributions authority for the purpose of 

amending housing assistance contracts or the allocation of a portion of 

new authorizations for the purpose of amending housing assistance 

contracts.''



[41 FR 47168, Oct. 27, 1976, as amended at 61 FR 13593, Mar. 27, 1996; 

65 FR 16723, Mar. 29, 2000]