Agenda - 06-16-1987 - Laserfiche WebLink

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1.4 Annual Contributions (s) Notwithstanding any other provisions of tbis ACC (other than paragraph (e) Of this Section) or nay provisions of any other contract between NM and the MA, BUD shall not be obligated to make any Annual Contributions or say other payment with respect to any Fiscal Year in excess oA the Maximum Annual Contribution Contract Camultment for each project specified in tzhibit 2. however, this amount shall be reduced cassensurately with any reduction is the number of Contract Wits or changes in nit sizes or Pursuant to any other provision of this ACC or the Contracts. ' (b) Subject to the maximum dollar limitation in paragraph (a) of this Section. HUD shall pay for each Fiscal Year an Annual Contribution ;o the PHA in respect to each Project is as amount equal to the suss of '.be following (subject to reduction by the amount of any Project teceip,..s other than Annual Contributions (such as interest inceae) which Lece..pts shall be available for Project Expenditures): (1) The amount of housing assistance payments payable durin;, each Fiscal Year (see Section 1.5) by the FHA pursuant to the ;`*ntracts, as authorised in Section 1.2. (2) The allowance, in the amount approved by RM. for prel: ainary costs of administration. (3) The allowance, in the amount approved by SM. for the T egular costs Of administration including costs of HUD required aud:_ts of Owners and the PEIA. (c) To. assure that housing assistance payments will be increases on a timely basis to cover increases in Contract tents or decreases In Gross Family Contributions: (1) A Project Account eball be established mad maSnta ".nod for eacb Project under this ACC, in am mount as determined by ED consistent with its responsibilities under Section 8(c)(6) of for Act,.out of amounts by w'hlcb the Maximum ACC Cosm;itment per year ex Beds amounts paid under the ACC for each Project for any year. This rccouat shall be established and maintained by No as a specifically 1= entified and segregated account. To the extent funds are avai able in this account, the Maximum Annual Contribution otherwise pa-able for any Fiscal Year may be increased by an amount, if nay, as as, be required for increases reflected in • the estimate of req -ired Annual Contribution applicable to the Fiscal Year as appro -ed by MW in accordance with Section 2.11. Any amount remaining 17 the secomt after payment of the last Annual Contribution witb respect to the Project Shall be applied by Wo in accordance ritb law. (2) iihenever time NMD approved estimate of the req trod Annual Contribution for any Project exceeds the Maximum ACC Catmitaent then In effect, causing the amount in the Project Account to be less than an amount equal to •O percent of the Mazlxm ACC Cosrmita -mt for the Pane 2 of