Common use of Project Account Clause in Contracts

Project Account. (1) A project ac- count will be established and main- tained by HUD as a specifically identi- fied and segregated account for each project. The account will be estab- lished out of the amounts by which the maximum annual commitment exceeds the amount actually paid out under the ACC each year. Payments will be made from this account for housing assist- ance payments (and fees for Agency admininstration, if appropriate) when needed to cover increases in contract rents or decreases in tenant rents and for other costs specifically approved by the Secretary. (2) Whenever a HUD-approved esti- mate of required payments under the ACC for a fiscal year exceeds the max- imum annual commitment and would cause the amount in the project ac- count to be less than 40 percent of the maximum, HUD will, within a reason- able period of time, take such addi- tional steps authorized by Section 8(c)(6) of the 1937 Act, as may be nec- xxxxxx, to assure that payments under the ACC will be adequate to cover in- creases in contract rents and decreases in tenant rents. [45 FR 6889, Jan. 30, 1980, as amended at 61 FR 13593, Mar. 27, 1996] The provisions of 24 CFR 880.504 apply to this section, including reference at 24 CFR 880.504(f) to the requirements of 24 CFR part 5, subpart L (Protection for Victims of Domestic Violence, Dat- ing Violence, Sexual Assault, or Stalk- ing), subject to the requirements of § 883.105. [81 FR 80813, Nov. 16, 2016] (a) The State Agency is responsible for administration of the Contract sub- ject to periodic review and audit by HUD. (b) The Agency is entitled to a rea- sonable fee, determined by HUD, for administering a Contract on newly constructed or substantially rehabili- xxxxx units provided there is no over- ride on the permanent loan granted by the Agency to the owner for a project containing assisted units.

Project Account. (1) A project ac- count will be established and main- tained by HUD as a specifically identi- fied and segregated account for each project. The account will be estab- lished out of the amounts by which the maximum annual commitment exceeds the amount actually paid out under the ACC each year. Payments will be made from this account for housing assist- ance payments (and fees for Agency admininstration, if appropriate) when needed to cover increases in contract rents or decreases in tenant rents and for other costs specifically approved by the Secretary. (2) Whenever a HUD-approved esti- mate of required payments under the ACC for a fiscal year exceeds the max- imum annual commitment and would cause the amount in the project ac- count to be less than 40 percent of the maximum, HUD will, within a reason- able period of time, take such addi- tional steps authorized by Section 8(c)(6) of the 1937 Act, as may be nec- xxxxxx, to assure that payments under the ACC will be adequate to cover in- creases in contract rents and decreases in tenant rents. [45 FR 6889, Jan. 30, 1980, as amended at 61 FR 13593, Mar. 27, 1996] The provisions of 24 CFR 880.504 apply to this section, including reference at 24 CFR 880.504(f) to the requirements of 24 CFR part 5, subpart L (Protection for Victims of Domestic Violence, Dat- ing Violence, Sexual Assault, or Stalk- ing), subject to the requirements of § 883.105. [81 FR 80813, Nov. 16, 2016] (a) The State Agency is responsible for administration of the Contract sub- ject to periodic review and audit by HUD. (b) The Agency is entitled to a rea- sonable fee, determined by HUD, for administering a Contract on newly constructed or substantially rehabili- xxxxx units provided there is no over- ride on the permanent loan granted by the Agency to the owner for a project containing assisted units. (a) Rights of O ner if Agency defaults under Agreement or Contract. The ACC, the Agreement and the Contract will provide that, in the event of failure of the Agency to comply with the Agree- ment or Contract with the owner, the owner will have the right, if he/she is not in default, to demand that HUD in- vestigate. HUD will first give the Agen- cy a reasonable opportunity to take corrective action. If HUD determines that a substantial default exists, HUD will assume the Agency’s rights and obligations under the Agreement or Contract and meet the obligations of the Agency under the Agreement or Contract including the obligation to enter into the Contract.

Project Account. (1) A project ac- count will be established and main- tained by HUD as a specifically identi- fied and segregated account for each project. The account will be estab- lished out of the amounts by which the maximum annual commitment exceeds the amount actually paid out under the ACC each year. Payments will be made from this account for housing assist- ance payments (and fees for Agency admininstration, if appropriate) when needed to cover increases in contract rents or decreases in tenant rents and for other costs specifically approved by the Secretary. (2) Whenever a HUD-approved esti- mate of required payments under the ACC for a fiscal year exceeds the max- imum annual commitment and would cause the amount in the project ac- count to be less than 40 percent of the maximum, HUD will, within a reason- able period of time, take such addi- tional steps authorized by Section 8(c)(6) of the 1937 Act, as may be nec- xxxxxx, to assure that payments under the ACC will be adequate to cover in- creases in contract rents and decreases in tenant rents. [45 FR 6889, Jan. 30, 1980, as amended at 61 FR 13593, Mar. 27, 1996] The provisions of 24 CFR 880.504 apply to this section880.504, including reference at 24 CFR 880.504(f) to the requirements in- cluding subpart L of 24 CFR part 5, subpart L (Protection for Victims 5 per- taining to the selection of Domestic Violence, Dat- ing Violence, Sexual Assaulttenants and occupancy requirements in cases where there is involved or claimed to be in- volved incidents of, or Stalk- ing)criminal activ- ity related to, domestic violence, dat- ing violence, or stalking apply, subject to the requirements of § 883.105. [81 75 FR 8081366261, Nov. 16Oct. 27, 20162010] (a) The State Agency is responsible for administration of the Contract sub- ject to periodic review and audit by HUD. (b) The Agency is entitled to a rea- sonable fee, determined by HUD, for administering a Contract on newly constructed or substantially rehabili- xxxxx units provided there is no over- ride on the permanent loan granted by the Agency to the owner for a project containing assisted units.