§401.474. Project accounts.
24 C.F.R. § 401.474
Accounts from other projects. The accounts listed in § 401.472(a)(1) may be used for other eligible projects only if:
The projects are included in a Consolidated Restructuring Plan under § 401.401; and
The funds are used for rehabilitation or to reduce a section 541(b) claim paid by HUD under § 401.471.
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.
Notes, amendments, and revision history
Authority
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
Source: 65 FR 15485, Mar. 22, 2000, unless otherwise noted.