[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: 24CFR990.205]



[Page 719]

 

                 TITLE 24--HOUSING AND URBAN DEVELOPMENT

 

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

               DEPARTMENT OF HOUSING AND URBAN DEVELOPMENT

 

PART 990_THE PUBLIC HOUSING OPERATING FUND PROGRAM--Table of Contents

 

        Subpart E_Determination and Payment of Operating Subsidy

 

Sec.  990.205  Fungibility of operating subsidy between projects.



    (a) General. Operating subsidy shall remain fully fungible between 

ACC projects until operating subsidy is calculated by HUD at a project 

level. After subsidy is calculated at a project level, operating subsidy 

can be transferred as the PHA determines during the PHA's fiscal year to 

another ACC project(s) if a project's financial information, as 

described more fully in Sec.  990.280, produces excess cash flow, and 

only in the amount up to those excess cash flows.

    (b) Notwithstanding the provisions of paragraph (a) of this section 

and subject to all of the other provisions of this part, the New York 

City Housing Authority's Development Grant Project Amendment Number 180, 

dated July 13, 1995, to Consolidated Annual Contributions Contract NY-

333, remains in effect.