24 CFR 1000.239 - May a recipient establish and maintain reserve accounts for administration and planning?

§ 1000.239 May a recipient establish and maintain reserve accounts for administration and planning?

Yes. In addition to the amounts established for planning and administrative expenses under §§ 1000.236 and 1000.238, a recipient may establish and maintain separate reserve accounts only for the purpose of accumulating amounts for administration and planning relating to affordable housing activities. These amounts may be invested in accordance with § 1000.58(c). Interest earned on reserves is not program income and shall not be included in calculating the maximum amount of reserves. The maximum amount of reserves, whether in one or more accounts, that a recipient may have available at any one time is calculated as follows:

(a) Determine the 5-year average of administration and planning amounts, not including reserve amounts, expended in a tribal program year.

(b) Establish 1/4 of that amount for the total eligible reserve.

[ 77 FR 71527, Dec. 3, 2012]

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United States Code

Title 24 published on 14-Jun-2017 03:56

The following are ALL rules, proposed rules, and notices (chronologically) published in the Federal Register relating to 24 CFR Part 1000 after this date.

  • 2016-11-22; vol. 81 # 225 - Tuesday, November 22, 2016
    1. 81 FR 83674 - Native American Housing Assistance and Self-Determination Act; Revisions to the Indian Housing Block Grant Program Formula
      GPO FDSys XML | Text
      DEPARTMENT OF HOUSING AND URBAN DEVELOPMENT, HUD, Office of the Assistant Secretary for Public and Indian Housing
      Final rule.
      Effective Date: December 22, 2016.
      24 CFR Part 1000