§ 401.474 Project accounts.
Current through Aug 20, 2026 · Read all of Part 401
(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.