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071 <br /> 1. Housing assistance payments have been made in <br /> accordance with contracts in the fora prescribed <br /> by BUD and in accordance with HUD requirements; <br /> and <br /> 2. Units have been inspected by the PHA <br /> in accordance with BUD requirements. <br /> C. If BUD determines that payments by BUD to the PHA for <br /> a Fiscal Year exceed the amount of the annual <br /> contribution approved by HUD for the Fiscal Year, the <br /> excess shall be applied as determined by BUD. Such <br /> applications determined by BUD may include, but are <br /> not limited to, application of the excess payment <br /> against the amount of the annual contribution for a <br /> subsequent Fiscal Year. The PHA shall take any <br /> actions required by BUD respecting the excess payment, <br /> and shall, upon demand by BUD, promptly remit the <br /> excess payment to BUD. <br /> 2.3. REDUCTION IN ANNUAL CONTRIBUTIONS PAYABLE BY BUD. <br /> • <br /> A. Upon written notice by HUD to the PHA, BUD may reduce <br /> to an amount determined by BUD the amount of the <br /> annual contributions payable for any project or for <br /> the Program, and may reduce to an amount determined by <br /> BUD the contract authority reserved by BUD for any <br /> project included in the Program: <br /> 1. If HUD determines that the PHA has failed to <br /> comply with any obligations under the ACC, or <br /> 2. In the case of amounts provided for use in <br /> connection with a rental rehabilitation grant <br /> under the Rental Rehabilitation Program <br /> authorized by section 17 of the D.S. Housing Act <br /> of 1937, if BUD deobligates rental <br /> rehabilitation grant amounts. If BUD <br /> deobligates rental rehabilitation grant amounts, <br /> BUD may reduce the annual contributions payable <br /> and the contract authority reserved whether or <br /> not the PHA has failed to comply with any <br /> obligations under the ACC. <br /> Page 2 of 9 pages HUD 52520 E (June 1985) <br />