---
kind: "section"
citation: "24 C.F.R. § 401.474"
title: "24"
number: "401.474"
heading: "Project accounts."
url: "https://uscodex.org/cfr/24/401.474"
---

# §401.474. Project accounts.

- (a) **Accounts from other projects.** The accounts listed in [§ 401.472(a)(1)](/cfr/24/401.472.md?p=a-1) may be used for other eligible projects only if:
  - (1) The projects are included in a Consolidated Restructuring Plan under [§ 401.401](/cfr/24/401.401.md); and
  - (2) The funds are used for rehabilitation or to reduce a [section 541(b)](/cfr/24/541.md?p=b) claim paid by HUD under [§ 401.471](/cfr/24/401.471.md).
- (b) **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

### 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.