[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: 24CFR941.302]



[Page 375-376]

 

                 TITLE 24--HOUSING AND URBAN DEVELOPMENT

 

CHAPTER IX--OFFICE OF ASSISTANT SECRETARY FOR PUBLIC AND INDIAN HOUSING, 

               DEPARTMENT OF HOUSING AND URBAN DEVELOPMENT

 

PART 941_PUBLIC HOUSING DEVELOPMENT--Table of Contents

 

                   Subpart C_Application and Proposal

 

Sec.  941.302  Annual contributions contract; drawdowns and advances.



    (a) A PHA wishing to develop public housing shall execute an ACC or 

ACC amendment covering the entire amount of reserved development funds 

or the amount of modernization funds (under section 14 of the Act, 42 

U.S.C. 1437l) it proposes to use in accordance with this part. This ACC 

or ACC amendment must be executed by both the PHA and HUD before funds 

can be provided to the PHA.

    (b) Until HUD has approved a PHA's full proposal, a PHA may only 

draw down funds under the ACC for pre-development costs for materials 

and services related to proposal preparation and submission. 

Expenditures for pre-development costs shall not exceed three percent of 

the total development cost stated in the executed ACC.

    (c) HUD may approve the following in writing:



[[Page 376]]



    (1) Amounts in excess of three percent of TDC for pre-development 

costs; and/or

    (2) Drawdown of funds to enable a PHA to acquire a site after 

approval by HUD of the PHA's site acquisition proposal, in accordance 

with Sec.  941.303.

    (d) After HUD approval of the full proposal, the PHA may draw down 

additional funds under the ACC to develop the public housing units in 

accordance with the approved full proposal.