RAD PIH Notice 2012-32 (.pdf, 1 MB) - National Low Income ...

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Appendix I – 24 CFR Part 880 Regulation, Stricken for PBRA ConversionsUtility allowance. As defined in part 5 of this title.Utility reimbursement. As defined in part 5 of this title.Vacancy payment. The housing assistance payment made to the owner by the contractadministrator for a vacant assisted unit if certain conditions are fulfilled as provided in theContract. The amount of the vacancy payment varies with the length of the vacancy period and isless after the first 60 days of any vacancy.Very low income family. As defined in part 5 of this title.[44 FR 59410, Oct. 15, 1979, as amended at 45 FR 18923, Mar. 24, 1980; 48 FR 12703, Mar. 28,1983; 49 FR 6714, Feb. 23, 1984; 49 FR 17449, Apr. 24, 1984; 49 FR 19943, May 10, 1984; 61FR 5212, Feb. 9, 1996; 61 FR 13587, Mar. 27, 1996; 61 FR 47382, Sept. 6, 1996; 63 FR 46578,Sept. 1, 1998; 65 FR 16722, Mar. 29, 2000]§ 880.205 Limitation on distributions.(a) Non-profit owners are not entitled to distributions of project funds.(b) For the life of the Contract, project funds may only be distributed to profit-motivated ownersat the end of each fiscal year of project operation following the effective date of the Contractafter all project expenses have been paid, or funds have been set aside for payment, and allreserve requirements have been met. The first year's distribution may not be made until costcertification, where applicable, is completed. Distributions may not exceed the followingmaximum returns:(1) For projects for elderly families, the first year's distribution will be limited to 6 percent onequity. The Assistant Secretary may provide for increases in subsequent years' distributions onan annual or other basis so that the permitted return reflects a 6 percent return on the value insubsequent years, as determined by HUD, of the approved initial equity. Any such adjustmentwill be made by Notice in theFederal Register.(2) For projects for non-elderly families, the first year's distribution will be limited to 10 percenton equity. The Assistant Secretary may provide for increases in subsequent years' distributionson an annual or other basis so that the permitted return reflects a 10 percent return on the value insubsequent years, as determined by HUD, of the approved initial equity. Any such adjustmentwill be made by Notice in theFederal Register.(c) For the purpose of determining the allowable distribution, an owner's equity investment in aproject is deemed to be 10 percent of the replacement cost of the part of the project attributableto dwelling use accepted by HUD at cost certification (see §880.405) unless the owner justifies ahigher equity contribution by cost certification documentation in accordance with HUDmortgage insurance procedures.PIH-2012-32 (HA) Rental Assistance Demonstration – Final Implementation 152
Appendix I – 24 CFR Part 880 Regulation, Stricken for PBRA Conversions(d) Any short-fall in return may be made up from surplus project funds in future years.(e) If HUD determines at any time that project funds are more than the amount needed forproject operations, reserve requirements and permitted distribution, HUD may require the excessto be placed in an account to be used to reduce housing assistance payments or for other projectpurposes. Upon termination of the Contract, any excess funds must be remitted to HUD.(f) Owners of small projects or partially-assisted projects are exempt from the limitation ondistributions contained in paragraphs (b) through (d) of this section.(g) In the case of HUD-insured projects, the provisions of this section will apply instead of theotherwise applicable mortgage insurance program provisions.(h) HUD may permit increased distributions of surplus cash, in excess of the amounts otherwisepermitted, to profit-motivated owners who participate in a HUD-approved initiative or programto preserve below-market housing stock. The increased distributions will be limited to amaximum amount based on market rents and calculated according to HUD instructions. Fundsthat the owner is authorized to retain under section 236(g)(2) of the National Housing Act are notconsidered distributions to the owner.(i) Any State or local law or regulation that restricts distributions to an amount lower thanpermitted by this section or permitted by the Commissioner under this paragraph (i) is preemptedto the extent provided by section 524(f) of the Multifamily Assisted Housing Reform andAffordability Act of 1997.[44 FR 59410, Oct. 15, 1979, as amended at 45 FR 18923, Mar. 24, 1980; 49 FR 6714, Feb. 23,1984; 61 FR 5212, Feb. 9, 1996; 65 FR 61074, Oct. 13, 2000]§ 880.207 Property standards.Projects must comply with:(a) [Reserved](b) In the case of manufactured homes, the Federal Manufactured Home Construction and SafetyStandards, pursuant to Title VI of the Housing and Community Development Act of 1974, and24 CFR part 3280;(c) In the case of congregate or single room occupant housing, the appropriate HUD guidelinesand standards;(d) HUD requirements pursuant to section 209 of the Housing and Community DevelopmentAct of 1974 for projects for the elderly or handicapped;(e) HUD requirements pertaining to noise abatement and control; andPIH-2012-32 (HA) Rental Assistance Demonstration – Final Implementation 153
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Program InstructionsPIH-2012-32 (HA
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DefinitionsOwnership or Control. Ap
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Section I: Public Housing ProjectsS
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Attachment 1A - Conversion Document
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Attachment 1B - Resident Provisions
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Attachment 1C - Calculation of HAP
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Attachment 1C - Calculation of HAP
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Section II: Moderate Rehabilitation
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Page 145 and 146: Appendix I - 24 CFR Part 880 Regula
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