[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: 24CFR990.290]



[Page 725]

 

                 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 H_Asset Management

 

Sec.  990.290  Compliance with asset management requirements.



    (a) A PHA is considered in compliance with asset management 

requirements if it can demonstrate substantially, as described in 

paragraph (b) of this section, that it is managing according to this 

subpart.

    (b) Demonstration of compliance with asset management will be based 

on an independent assessment.

    (1) The assessment is to be conducted by a professional familiar 

with property management practices and costs in the region or state in 

which the PHA is located. This professional is to be procured by HUD.

    (2) The professional review and recommendation will then be 

forwarded to the Assistant Secretary for Public and Indian Housing (or 

designee) for final determination of compliance to asset management.

    (c) Upon HUD's determination of successful compliance with asset 

management, PHAs will then be funded based on this information pursuant 

to Sec.  990.165(i).

    (d) PHAs must be in compliance with the project-based accounting and 

budgeting requirements in this subpart by FY 2007. PHAs must be in 

compliance with the remainder of the components of asset management by 

FY 2011.