[Code of Federal Regulations]
[Title 24, Volume 4]
[Revised as of April 1, 2008]
From the U.S. Government Printing Office via GPO Access
[CITE: 24CFR990.205]

[Page 717]
 
                 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.