Source: http://www.law.cornell.edu/cfr/text/24/888.315
Timestamp: 2014-12-26 19:20:56
Document Index: 175178372

Matched Legal Cases: ['art 888', '§ 888', '§ 1437', '§ 1437', '§ 1437', '§ 3535']

24 CFR 888.315 - Restrictions on retroactive payments. | LII / Legal Information Institute
CFR › Title 24 › Chapter VIII › Part 888 › Subpart C › Section 888.315 24 CFR 888.315 - Restrictions on retroactive payments.
§ 888.315
Restrictions on retroactive payments.
Restrictions on distribution of surplus cash.
Retroactive payments for HUD-insured projects and other projects subject to limitations on the distribution of surplus cash will be deposited, in the manner of Housing Assistance Payments, into the appropriate project account. The payments will be subject to HUD rules and procedures (or rules and procedures of other agencies, as appropriate), described in the applicable regulations and the HAP contracts, for distribution of surplus cash to project owners.
Replacement reserve.
Projects required by HUD regulations to maintain a reserve for replacement account and to adjust the annual payment to the account each year by the amount of the annual rent adjustment must deposit into the account the proportionate share of any retroactive payment received, in accordance with HUD regulations and the HAP contract.
Physical condition of HUD-insured or State-financed projects.
If the most recent physical inspection report of a HUD-insured project, completed by the mortgagee, or by HUD or the Contract Administrator if a mortgagee inspection is not present, shows significant deficiencies that have not been addressed to the satisfaction of HUD by the date the retroactive payment is deposited into the project account, the payment will not be made available for surplus cash distribution until the deficiencies are resolved or a plan for their resolution has been approved by HUD.
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§ 1437c - Contributions for low-income housing projects§ 1437f - Low-income housing assistance§ 1437f note - Low-income housing assistance§ 3535 - Administrative provisions