---
kind: "section"
citation: "24 C.F.R. § 982.156"
title: "24"
number: "982.156"
heading: "Depositary for program funds."
url: "https://uscodex.org/cfr/24/982.156"
---

# §982.156. Depositary for program funds.

- (a) Unless otherwise required or permitted by HUD, all program receipts must be promptly deposited with a financial institution selected as depositary by the PHA in accordance with HUD requirements.
- (b) The PHA may only withdraw deposited program receipts for use in connection with the program in accordance with HUD requirements.
- (c) The PHA must enter into an agreement with the depositary in the form required by HUD.
- (d)
  - (1) If required under a written freeze notice from HUD to the depositary:
    - (i) The depositary may not permit any withdrawal by the PHA of funds held under the depositary agreement unless expressly authorized by written notice from HUD to the depositary; and
    - (ii) The depositary must permit withdrawals of such funds by HUD.
  - (2) HUD must send the PHA a copy of the freeze notice from HUD to the depositary.

## Notes

### Amendments

[60 FR 34695, July 3, 1995, as amended at 60 FR 45661, Sept. 1, 1995]

### Source

Source: 60 FR 34695, July 3, 1995, unless otherwise noted.

### Authority

Authority: 42 U.S.C. 1437f and 3535(d).

### Source

Source: 59 FR 36682, July 18, 1994, unless otherwise noted.

### Amendments

[60 FR 34695, July 3, 1995, as amended at 60 FR 45661, Sept. 1, 1995]