§ 401.474. Project accounts.
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/us/cfr/t24/s§ 401.474·A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
(a)Accounts from other projects. The accounts listed in § 401.472(a)(1) may be used for other eligible projects only if:
(1)The projects are included in a Consolidated Restructuring Plan under § 401.401; and
(2)The funds are used for rehabilitation or to reduce a section 541(b) claim paid by HUD under § 401.471.
(b)Distribution to owner. The Restructuring Plan may provide for a one-time distribution to the owner, not to exceed 10 percent of the excess funds in project accounts, to be released after completion of the rehabilitation required by the Restructuring Plan.