[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: 24CFR969.106]



[Page 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.  969.106  ACC extension in absence of current operating subsidy.



    Where Operating Subsidy under an ACC is not approved for payment 

during a time period which results in extension of the term of the ACC 

provisions related to project operation, with respect to a particular 

project, pursuant to Sec.  969.105, the PHA shall, at least one year 

before the anticipated ACC Expiration Date for the project, notify HUD 

as to whether or not the PHA desires to maintain a basis for receiving 

Operating Subsidy with respect to the project after the anticipated ACC 

Expiration Date. This notification shall be submitted to the appropriate 

HUD Field Office in the form of a resolution of the PHA's Board of 

Commissioners. If the PHA does not desire to maintain a basis for 

Operating Subsidy payments with respect to the project after the 

anticipated ACC Expiration Date, the resolution shall certify that no 

Operating Subsidy shall be utilized with respect to the project after 

the effective date of this rule and that all financial records and 

accounts for such a project shall be kept separately. If the PHA does 

desire to maintain a basis for such Operating Subsidy payments, the 

resolution shall include the PHA's request for extension of the term of 

the ACC provisions related to project operation, for a period of not 

less than one nor more than 10 years. Upon HUD's receipt of the request, 

HUD and the PHA shall enter into an ACC amendment effecting the 

extension for the period requested by the PHA, unless HUD finds that 

continued operation of the project cannot be justified under the 

standards set forth in 24 CFR part 970 (HUD's regulation on demolition 

or disposition of public housing).