Source: http://www.law.cornell.edu/cfr/text/24/811.108?quicktabs_7=1
Timestamp: 2014-08-21 08:23:27
Document Index: 283372144

Matched Legal Cases: ['art 811', '§ 811', '§ 1437', '§ 1437', '§ 1437', '§ 1437', '§ 3535']

24 CFR 811.108 - Debt service reserve. | LII / Legal Information Institute
CFR › Title 24 › Chapter VIII › Part 811 › Section 811.108 24 CFR 811.108 - Debt service reserve.
§ 811.108
Debt service reserve.
FHA-Insured projects.
The debt service reserve shall be invested and the income used to pay principal and interest on that portion of the obligations which is attributable to the funding of the debt service reserve. Any excess investment income shall be added to the debt service reserve. In the event such investment income is insufficient, surplus cash or residual receipts, to the extent approved by the field office, may be used to pay such principal and interest costs.
The debt service reserve and its investment income shall be available only for the purpose of paying principal or interest on the obligations. The use of the debt service reserve for this purpose shall not be a cure for any failure by the owner to make required payments.
Upon full payment of the principal and interest on the obligations (including that portion of the obligations attributable to the funding of the debt service reserve), any funds remaining in the debt service reserve shall be remitted to HUD.
Non-FHA-insured projects.
Investment income from the debt service reserve, up to the amount required for debt service on the bonds attributable to the debt service reserve, shall be credited toward the owner's debt service payment. Any excess investment income shall be added to and become part of the debt service reserve.
The debt service reserve and investment income thereon shall be available only for the purpose of paying principal or interest on the obligations. The use of the debt service reserve for this purpose shall not be a cure for any failure by the owner to make required payments.
[61 FR 14461, Apr. 1, 1996]
Title 24 published on 2013-04-01no entries appear in the Federal Register after this date.
This is a list of United States Code sections, Statutes at Large, Public Laws, and Presidential Documents, which provide rulemaking authority for this CFR Part.This list is taken from the Parallel Table of Authorities and Rules provided by GPO [Government Printing Office].It is not guaranteed to be accurate or up-to-date, though we do refresh the database weekly. More limitations on accuracy are described at the GPO site.United States CodeU.S. Code: Title 42 - THE PUBLIC HEALTH AND WELFARE§ 1437 - Declaration of policy and public housing agency organization§ 1437a - Rental payments§ 1437c - Contributions for low-income housing projects§ 1437f - Low-income housing assistance§ 3535 - Administrative provisions