24 CFR 401.474 - Project accounts.

Regulations last checked for updates: May 18, 2024

Title 24 - Housing and Urban Development last revised: May 07, 2024

View all text of Subpart C [§ 401.400 - § 401.503]

§ 401.474 - Project accounts.

(a) Accounts from other projects. The accounts listed in § 401.472(a)(1) may be used for other eligible projects only if:

(1) The projects are included in a Consolidated Restructuring Plan under § 401.401; and

(2) The funds are used for rehabilitation or to reduce a section 541(b) claim paid by HUD under § 401.471.

(b) Distribution to owner. The Restructuring Plan may provide for a one-time distribution to the owner, not to exceed 10 percent of the excess funds in project accounts, to be released after completion of the rehabilitation required by the Restructuring Plan.

authority: 12 U.S.C. 1715z-1 and 1735f-19(b); 42 U.S.C. 1437(c)(8), 1437f(t), 1437f note, and 3535(d)

source: 65 FR 15485, Mar. 22, 2000, unless otherwise noted.

cite as: 24 CFR 401.474