Agenda - 07-07-1986 - Laserfiche WebLink

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07q C. As required by HUD, PHA funds in excess of current needs shall be promptly remitted to BUD or shall be invested in accordance with HUD requirements. Interest on the investment of Program Receipts shall constitute Program Receipts. D. The Depositary Agreement shall provide that the provisions of the Depositary Agreement nay not be terminated or changed without written consent by IUD, and that if required under a written notice from BUD to the Depositary, (1) the Depositary shall not permit any withdrawal by the PHA of funds held under the Depositary Agreement unless withdrawals by the PHA are expressly authorized by written notice from BUD to the Depositary, and (2) the Depositary shall permit withdrawals of such funds by HUD. E. If approved by BUD, the PHA may deposit under the Depositary Agreement monies received or held by the PHA in connection with any contract between the PHA and HUD. 2.7. DEFAULT BY PHA. A. Upon written notice to the PHA, BUD may take possession of all or any PHA property, rights or interests in connection with the Program, including funds held under the Depositary Agreement, Program Receipts, and rights or interests under a contract for housing assistance payments with an owner, if HUD determines that: 1. The PHA has failed to comply with any obligations under this ACC, or 2. The PEA has failed to comply with obligations under a contract for housing assistance payments with an owner, or has failed to take appropriate action, to HUD's satisfaction or as directed by HUD, for enforcement of the PHAA's rights under a contract for housing assistance payments (including requiring actions by the owner to cure a default, termination or reduction of housing assistance payments, termination of the contract for housing assistance payments, or recovery of overpayments) , or Page 5 of 9 pages HUD 52520 E (June 1985)