Common use of Staged Projects Clause in Contracts

Staged Projects. If a project is com- pleted in stages, the term of the Con- tract must relate separately to the units in each stage unless the Agency and the owner agree that only the units in the first stage will be assisted for the maximum term of the Contract. The total Contract term, for the units in all stages, beginning with the effec- tive date of the Contract for the first stage, may not exceed the overall max- imum term allowable for any one unit under this section, plus two years. [45 FR 56327, Aug. 22, 1980, as amended at 48 FR 12710, Mar. 28, 1983; 49 FR 17449, Apr. 24, 1984] (a) Maximum annual commitment. The maximum annual contribution that may be contracted for in the ACC is the total of the contract rents and util- ity allowances for all assisted units in the project, plus the HUD-approved fees, if any, for State Agency adminis- tration of the Contract. (See § 883.606)