[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: 24CFR969.105]



[Page 530-531]

 

                 TITLE 24--HOUSING AND URBAN DEVELOPMENT

 

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

               DEPARTMENT OF HOUSING AND URBAN DEVELOPMENT

 

PART 969_PHA-OWNED PROJ- ECTS_CONTINUED OPERATION AS LOW-INCOME HOUSING 

AFTER COMPLETION OF DEBT SERVICE--Table of Contents

 

Sec.  969.105  Extension of ACC upon payment of operating subsidy.



    (a) ACC amendment. As a condition for the first HUD approval for 

payment of Operating Subsidy with respect to the projects under a 

particular ACC for a PHA fiscal year beginning after the effective date 

of this part, the PHA and HUD shall enter into an amendment to the ACC 

for all projects under the ACC. This ACC amendment shall provide that 

the ACC provisions related to project operation shall continue in effect 

with respect to each project under the ACC for a period of 10 years 

after the end of the last PHA fiscal year for which Operating Subsidy is 

paid with respect to the project.

    (b) Consolidated ACC. Where a single ACC covers more than one 

project (Consolidated ACC), each annual Operating Subsidy payable under 

that ACC is a lump-sum amount, which is not divided into discrete 

amounts for the individual projects which are subject to the 

Consolidated ACC (see 24 CFR part 990). Accordingly, if a PHA, before 

submitting a request for Operating Subsidy pursuant to paragraph (a) of 

this section, determines that any project(s) under the Consolidated ACC 

will not require Operating Subsidy and should not be subject to the 

provisions of paragraph (a), of this section the PHA shall accompany its 

request with a resolution certifying that no Operating Subsidy shall be 

utilized with respect to such project(s) after the effective date of 

this rule and that all financial records and accounts shall be kept 

separately for such project(s). In such case, the removal of the 

project(s) from the request for Operating Subsidy shall be reflected by 

the exclusion of that number of unit months available for the project(s) 

when making the calculations, under 24 CFR part 990, for determination 

of the total amount of



[[Page 531]]



Operating Subsidy payable under the Consolidated ACC. In any event, no 

Operating Subsidy payable under a Consolidated ACC or otherwise shall be 

used to pay, directly or indirectly, any costs attributable to a project 

which is ineligible or otherwise excluded from Operating Subsidy under 

Sec.  969.104. Even if no Operating Subsidy is received with respect to 

a project, the PHA remains obligated to maintain and operate the project 

in accordance with the provisions of the ACC related to project 

operation so long as those ACC provisions remain in effect.