[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: 24CFR990.290]

[Page 723]
 
                 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.