Agenda - 02-18-1986 - Laserfiche WebLink

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B. PHA Fiscal Year. The Fiscal Year fa the Program shall be the 12-month period ending December 31 of each calendar year. U sect the day and month used as the Fiscal Year ending date far other section 8 aseistance administered by the PHA harder an ACC with BUD.) 1.3. ANNUAL CONTRIBUTION. A. Payment. BUD shalt pay the PHA annual � al aocrs for the ,projects in the Program in accerdanoe with HUD regulatiors and requirements _ B. (Term. Payments on account of the annual contributions for each Tqc7rect may only be made during a term of five yeas, and shall not be made after the end of the five year term. The term for each —project begins when HUD makes the fib advance to the PHA on account of the annual contributions for the prajec . After HUD makes the first advance fa* a project. HUD may enter the fist and last dates of the ACC term fee the project on Exhibit'of this ACC Part I. The Exhibit I as revised by HUD shall constitute an a m end m ent of the ACC Part I, and the revised Exhibit I supersedes any previous Exhibit I for the Program. C. Amount and Purpose. The annual contribution for the Program far a Fiscal Year shall be the sum of the amounts paid on account of the annual oontdbut en for each of the projects in the Program. The annual contribution for the Program shall be in the amount approved by HUD far the Fiscal Year to cover: 1. The amount of h m sing asEistance payments by the PHA. 2. The amount of PHA costs far Program administration. The amount cf the annual aonttibutiors by HUD may be reduced, as determined by HUD, by the amount of Program Receipts (such as interest income) ether than annual contributions D. Maximum Annual Contribution Commitment for Project. Except far payments from the ACC reserve account as provided in section LIT' of this ACC, or for payments under seen 1.3.G, the annual contribution payment by HUD fcr a project far a Fiscal Year shall not be mare than the Maximum Annual Contribution Com mitm ent for the project Such Maximum Annual Contribution Commitment shall be available during the five Fiscal Years beginning with the Fiscal Year when HUD makes the first advance to the PHA on account cif the annual oontlitxrtions far the project. E. Reduction of Amount Payable_ HUD may reduce the amount of the annual contributions payable by HUD fear any project er for the Program, and may reduce the amount of the contract authority far 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 A CC Part I to reflect the Page 2 of 5 pages HUD 52520 D (June 1985)