[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: 24CFR941.404]



[Page 381]

 

                 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 D_Project Development

 

Sec.  941.404  Completion of development.



    (a) When all development has been completed and paid for, but not 

later than 12 months after the end of the initial operating period 

unless a longer period is approved by HUD, the PHA shall submit a 

statement of the actual development cost. For this purpose, the initial 

operating period with respect to each project is the period commencing 

with the date of initiation of the project and ending with the earliest 

of the following three dates: the end of the calendar quarter in which 

ninety-five percent of the dwelling units in the project are occupied; 

the end of the calendar quarter that is six, seven, or eight months 

after the date of full availability of the project; or the end of the 

calendar quarter next preceding the date of physical completion of the 

project.

    (b) HUD shall review the statement and establish the actual 

development cost of the project, which becomes the maximum total 

development cost for purposes of the ACC.



    Effective Date Note: At 61 FR 38021, July 22, 1996, Sec.  941.404 

was revised. This section contains information collection and 

recordkeeping requirements and will not become effective until approval 

has been given by the Office of Management and Budget.