§ 970.5. Definitions.

451 words·~2 min read·/us/cfr/t24/s§ 970.5

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ACC, or annual contributions contract, is defined in 24 CFR 5.403. Act means the United States Housing Act of 1937, 42 U.S.C. 1437 et seq. Appropriate government officials mean the Chief Executive Officer or officers of a unit of general local government. Assistant Secretary means the Assistant Secretary for Public and Indian Housing at HUD. Chief Executive Officer of a unit of general local government means the elected official or the legally designated official, who has the primary responsibility for the conduct of that entity's governmental affairs.

Examples of the chief executive officer of a unit of general local government are: the elected mayor of a municipality; the elected county executive of a county; the chairperson of a county commission or board in a county that has no elected county executive; and the official designated pursuant to law by the governing body of a unit of general local government. Demolition means the removal by razing or other means, in whole or in part, of one or more permanent buildings of a public housing development.

A demolition involves any four or more of the following:

(1)Envelope removal (roof, windows, exterior walls);

(2)Kitchen removal;

(3)Bathroom removal;

(4)Electrical system removal (unit service panels and distribution circuits); or

(5)Plumbing system removal (e.g., either the hot water heater or distribution piping in the unit, or both). Disposition means the conveyance or other transfer by the PHA, by sale or other transaction, of any interest in the real estate of a public housing development, subject to the exceptions stated in § 970.3. DOFA, or date of full availability, means the last day of the month in which substantially all (95 percent or more) of the units in a housing development are available for occupancy. Firm financial commitment means a commitment that obligates a creditable source, lender, or equity provider, to the lending or equity investment of a specific sum of funds to be made on or before a specific date(s) and may contain contingencies or conditions that must be satisfied by the borrower (or entity receiving equity investments) before the closing of the transaction. The condition of a firm commitment must be that it is enforceable by the borrower (or entity receiving the equity investment) upon the satisfaction of all contingencies or conditions. PHA Plan---Means the PHA's initial, annual, and 5-year submissions under section 5A of the U.S. Housing Act of 1937, 42 U.S.C. 1437c-1. Resident Advisory Board

(RAB)has the same meaning as in § 903.13(a) of this title. Resident Council means a resident organization, the role and requirements of which are as described in 24 CFR part 964. Total development cost has the same meaning as in 24 CFR 941.103.

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