Common use of Project Account Clause in Contracts

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.

Project Account. (1) A HUD will es- tablish and maintain a specifically identified and segregated project ac- count for each project. The 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 an- nual commitment exceeds the amount actually paid out under the ACC HAP con- tract each year. Payments HUD will be made make pay- ments from this account for housing assist- ance assistance payments (and fees for Agency admininstration, if appropriate) when as needed to cover increases in contract rents or decreases in tenant rents income and other payments for other costs specifically approved by the Secretary.