24 CFR 401.474

§ 401.474 Project accounts.

United States · 24 CFR — Housing and Urban Development · Status: effective

Cite this

Citation: 24 CFR 401.474, § 401.474 Project accounts, United States, version 1 as recorded 2026-07-09, yourstate.us, https://yourstate.us/provision/100709
Permanent ID: ys:prov:100709@1
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Full text

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

Legislative history

This is a federal regulation, adopted through agency rulemaking under the Administrative Procedure Act — not enacted by a recorded vote of Congress.