Agenda - 02-18-1986 - Laserfiche WebLink

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B. PEA Fiscal Year. The Fiscal Year far the Program shall be the 12-month period ending December 31 aE each calendar year. &t the day and month used as the Fiscal Year ending date for other section 8 assistance administered by the PHA under an ACC with HUD.) L3. ANNUAL CONTRIBUTION. A. P ym ent. BUD shall pay the PEA annual cortribut for s far the prcr�ects in the Program in acccrdanc a with HUD regulatiors and tequirem ents. _ B. Term. Payments an account cf the annual aontrib Liars for each proieCt may only be made during a term of five years, and shall not be made after the end of the five year term. The term for each project begins when HUD makes the first advance to the PHA an account of the annual cunt ik lions far the project. After BUD makes the first advance for a project, BUD may enter the first and last dates of the ACC term far the project an Exhibit I cf this A CC Part L The Exhibit I as revised by HUD shall aormtitute an amendment cf the ACC Part I, and the revised Exhibit I supersedes any previous Exhibit I far the Program. C. IA mount and Purpose. The annual contribution far the Program fcr a Fiscal Year shall be the sum cf the amounts paid an account cf the annual oar buticn far each of the projec*s in the Program. The annual contribution for the Program shall be in the amount approved by BUD for the Fiscal Year to cover: L The amount of housing ass ante payments by the PEA. 2 The amount of PHA costs for Program ad ra inistrati n. ,T re am ourt of the annual contributions by HUD may be reduced, as _ determined by HUD, by the amount of Program Receipts (such as interest income) other than annual contributions. D. Maximum Annual Cctrtdbuti n Coinmitment fcr Project Except for payments from the ACC reserve account as provided in section L 3.F of this ACC, or far payments under section L3.G, the annual contribution payment by BUD far a project for a Fiscal Year shall not be mare than the M axi m u m Annual Contribution Com m itm eat for the project Such Maximum Annual Contribution Com mitment I shall be available during the five Fiscal Years beginning with the Fiscal Year when BUD makes the first advance to the PHA on account cf the annual coons for the project. E. Reduction of Amount Payable. BUD may reduce the amount cf the annual woes payable by HUD fcr any project ar fox the Program, and may reduce the amount of the contract.authority fcr any project, by giving the PHA written notice of reduction in accordance with section 2.3 of this ACC. The notice by HUD may include a revision of Exhibit I of this ACC Part I to reflect the Page 2 of 5 pages BUD 52520 D (June 19E5)