[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: 24CFR891.140]



[Page 182-183]

 

                 TITLE 24--HOUSING AND URBAN DEVELOPMENT

 

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

 

PART 891_SUPPORTIVE HOUSING FOR THE ELDERLY AND PERSONS WITH DISABILITIES

--Table of Contents

 

                 Subpart A_General Program Requirements

 

Sec.  891.140  Development cost limits.



    (a) HUD shall use the development cost limits, established by Notice 

in the Federal Register and adjusted by locality, to calculate the fund 

reservation amount of the capital advance to be made available to 

individual Owners. Owners that incur actual development costs that are 

less than the amount of the initial fund reservation shall be entitled 

to retain 50 percent of the savings in a Replacement Reserve Account. 

Such percentage shall be increased to 75 percent for Owners that add 

energy efficiency features.

    (b) The Replacement Reserve Account established under paragraph (a)



[[Page 183]]



of this section may only be used for repairs, replacements, and capital 

improvements to the project.