Project Account Clause Samples

Project Account. (1) A project ac- count will be established and main- tained by HUD as a specifically identi- fied and segregated account for each project. The account will be estab- lished out of the amounts by which the maximum annual commitment exceeds the amount actually paid out under the ACC each year. Payments will be made from this account for housing assist- ance payments (and fees for Agency admininstration, if appropriate) when needed to cover increases in contract rents or decreases in tenant rents and for other costs specifically approved by the Secretary. (2) Whenever a HUD-approved esti- mate of required payments under the ACC for a fiscal year exceeds the max- imum annual commitment and would cause the amount in the project ac- count to be less than 40 percent of the maximum, HUD will, within a reason- able period of time, take such addi- tional steps authorized by Section 8(c)(6) of the 1937 Act, as may be nec- ▇▇▇▇▇▇, to assure that payments under the ACC will be adequate to cover in- creases in contract rents and decreases in tenant rents. [45 FR 6889, Jan. 30, 1980, as amended at 61 FR 13593, Mar. 27, 1996] The provisions of 24 CFR 880.504 apply to this section, including reference at 24 CFR 880.504(f) to the requirements of 24 CFR part 5, subpart L (Protection for Victims of Domestic Violence, Dat- ing Violence, Sexual Assault, or Stalk- ing), subject to the requirements of § 883.105. [81 FR 80813, Nov. 16, 2016] (a) The State Agency is responsible for administration of the Contract sub- ject to periodic review and audit by HUD. (b) The Agency is entitled to a rea- sonable fee, determined by HUD, for administering a Contract on newly constructed or substantially rehabili- ▇▇▇▇▇ units provided there is no over- ride on the permanent loan granted by the Agency to the owner for a project containing assisted units.

Project Account. 26.1.1 The Concessionaire shall, prior to the Appointed Date, open and establish an Project Account with a Bank (the “Project Account Bank”) in accordance with this Agreement read with the Project Account Agreement. 26.1.2 The nature and scope of the Project Account are fully described in the agreement (the “Project Account Agreement”) to be entered into amongst the Concessionaire, the Authority, the Project Account Bank and the Senior Lenders through the Lenders’ Representative, which shall be substantially in the form set forth in Schedule M.

Project Account. (1) HUD will es- tablish and maintain a specifically identified and segregated project ac- count for each project. The project ac- count will be established out of the amounts by which the maximum an- nual commitment exceeds the amount actually paid out under the HAP con- tract each year. HUD will make pay- ments from this account for housing assistance payments as needed to cover increases in contract rents or decreases in tenant income and other payments for costs specifically approved by the Secretary. (2) If the HUD-approved estimate of required annual payments under the HAP contract for a fiscal year exceeds the maximum annual commitment for that fiscal year plus the current bal- ance in the project account, HUD will, within a reasonable time, take such steps authorized by section 8(c)(6) of the United States Housing Act of 1937 (42 U.S.C. 1437f note), as may be nec- ▇▇▇▇▇▇, to assure that payments under the HAP contract will be adequate to cover increases in contract rents and decreases in tenant income.

Project Account. In order to assure that housing assistance payments will be increased on a timely basis to cover increases in Contract Rents or de- creases in Family Incomes: (1) A Project Account shall be estab- lished and maintained in an amount as determined by the Secretary consistent with his responsibilities under Section 8(c)(6) of the Act, out of amounts by which the maximum annual Contract commitment per year exceeds amounts paid under the Contract for any year. This account shall be established and maintained by HUD as a specifically identified and segregated account, and payment shall be made therefrom only for the purposes of (i) housing assist- ance payments, and (ii) other costs spe- cifically authorized or approved by the Secretary. (2) Whenever a HUD-approved esti- mate of required housing assistance payments for a fiscal year exceeds the maximum annual Contract commit- ment, and would cause the amount in the Project Account to be less than an amount equal to 40 percent of such maximum annual Contract commit- ment, HUD shall, within a reasonable period of time, take such additional steps authorized by Section 8(c)(6) of the Act as may be necessary to carry out this assurance, including (as pro- vided in that section of the Act) ‘‘the reservation of annual contributions au- thority for the purpose of amending housing assistance contracts or the al- location of a portion of new authoriza- tions for the purpose of amending hous- ing assistance contracts.’’ (a) Maximum total ACC commitment. The maximum total annual contribu- tion that may be contracted for in the ACC for a project shall be the total of the Contract Rents plus any utility al- lowances for all the Contract units in the project, plus a fee for the regular costs of PHA administration. HUD-ap- proved preliminary costs for adminis- tration (including administrative costs in connection with PHA activities re- lated to relocation of occupants) shall be payable out of this total.

Project Account. 4.1 The Operator will maintain a separate Project Account that records all income and Eligible Expenditure relating to this Agreement. 4.2 A Project Account for the period to which the Regular Report relates as well as a Project Account for the Contract Year to date will be compiled and sent to the Authority to accompany the Regular Report. 4.3 A consolidated Project Account will be compiled for each Contract Year of this Agreement and delivered to the Authority as part of the Regular Report submitted following the end of the relevant Contract Year.

Project Account. On behalf of the Sponsored Organization, the Fiscal Sponsor shall establish and operate for the use of the Project a designated account (“Account”) segregated on the Fiscal Sponsor’s books. All amounts deposited into a Project’s Account shall be used in its support, less administrative charges, if any, and subject to the conditions set forth in this agreement.

Project Account. (1) The Grantee is not required to establish and maintain separate depository accounts for funds received pursuant to this Contract. However, the Grantee must be able to account for the receipt, obligation and expenditure of funds received pursuant to this Contract through some sort of accounting system (the “Project Account”). (2 CFR 200.305(b)(7)(i)). The Grantee shall charge to the Project Account all approved costs of the Project. All such costs, including activities contributed by the Grantee or others and charged to the Project Account, shall be supported by properly executed vouchers or other records indicating in proper detail the nature and propriety of the charge. (2) If the Grantee receives an advance payment of funds pursuant to this Contract, the Grantee must deposit and maintain the advance payment of funds received pursuant to this Contract in insured accounts whenever possible. (2 CFR 200.305(b)(7)(ii)).

Project Account. In order to assure that housing assistance payments will be increased on a timely basis to cover increases in Contract Rents or de- creases in Family Incomes: (1) A Project Account shall be estab- lished and maintained, in an amount as determined by the Secretary consistent with his responsibilities under Section 8(c)(6) of the 1937 Act, out of amounts by which the maximum ACC commit- ment per year exceeds amounts paid under the ACC for any year. This ac- count shall be established and main- tained by HUD as a specifically identi- fied and segregated account, and pay- ment shall be made therefrom only for the purposes of (i) housing assistance payments and (ii) other costs specifi- cally authorized or approved by the Secretary. (2) Whenever a HUD-approved esti- mate of required Annual Contribution exceeds the maximum ACC commit- ment then in effect, and would cause the amount in the Project Account to be less than an amount equal to 40 per- cent of such maximum ACC commit- ment, HUD shall, within a reasonable period of time, take such additional steps authorized by Section 8(c)(6) of the 1937 Act as may be necessary to carry out this assurance, including (as provided in that section of the Act) ‘‘the reservation of annual contribu- tions authority for the purpose of amending housing assistance contracts or the allocation of a portion of new authorizations for the purpose of amending housing assistance con- tracts.’’ [41 FR 47168, Oct. 27, 1976, as amended at 61 FR 13593, Mar. 27, 1996; 65 FR 16723, Mar. 29, 2000] (a) General. Housing Assistance Pay- ments shall be paid to Owners for units under lease by eligible families, in ac- cordance with the Contract and as pro- vided in this section. These Housing Assistance Payments will cover the dif- ▇▇▇▇▇▇▇ between the Contract Rent and the Tenant Rent. Where applicable, the Utility Reimbursement will be paid to the Family as an additional Housing Assistance Payment. The Contract will provide that the Owner will make this payment on behalf of the contract ad- ministrator. Funds will be paid to the Owner in trust solely for the purpose of making this additional payment. If the Family and the utility company con- sent, the Owner may pay the utility re- imbursement jointly to the Family and the utility company or directly to the utility company. No Section 8 assist- ance may be provided for any unit oc- cupied by an Owner; however, coopera- tives are considered rental housing, rather than Owner-occupied housing, for...

Project Account. (1) A p r ojec t a c- co un t will be es t a blis h ed a n d m a i n- t a i n ed b y HUD a s a specific a ll y ide n t i- fied a n d seg r eg a t ed a cco un t fo r e a c h p r ojec t . T h e a cco un t will co n t a i n t h e s u m of t h e a m o un t s b y w h ic h t h e m a xi- ▇ ▇ ▇ ▇ nnu a l co mm i t m e n t exceeds t h e a m o un t a c t u a ll y p a id o u t fo r t h e p r ojec t un de r t h e ACC e a c h y e a r . P a y- m e n t s will be m a de f r o m t h i s a cco un t w h e n n eeded t o cove r i n c r e a ses i n Co n- t r a c t R e n t s o r dec r e a ses i n G r oss F a m - il y Co n t r ib u t io n s fo r ( i) h o u s i n g a ssis t - a n ce ( i n cl u di n g v a c a n c y) p a y m e n t s, ( ii) t h e a m o un t of t h e fee fo r P HA cos t s of a d m i n i s t r a t io n , a n d ( iii) o t h e r cos t s specific a ll y a pp r oved b y t h e S ▇▇ ▇ ▇ ▇ ▇ ry .