24 CFR 990.115 - Definitions.
The following definitions apply to the Operating Fund program:
Annual contributions contract (ACC) is a contract prescribed by HUD for loans and contributions, which may be in the form of operating subsidy, whereby HUD agrees to provide financial assistance and the PHA agrees to comply with HUD requirements for the development and operation of its public housing projects.
Asset management is a management model that emphasizes project-based management, as well as long-term and strategic planning.
Eligible unit months (EUM) are the actual number of PHA units in eligible categories expressed in months for a specified time frame and for which a PHA receives operating subsidy.
Formula expense is an estimate of a PHA's operating expense used in the Operating Fund Formula.
Formula income is an estimate of a PHA's non-operating subsidy revenue used in the Operating Fund Formula.
Operating Fund Formula (or Formula) means the data and calculations used under this part to determine a PHA's amount of operating subsidy for a given period.
Other operating costs (add-ons) means PHA expenses that are recognized as formula expenses but are not included either in the project expense level or in the utility expense level.
Project means each PHA project under an ACC to which the Operating Fund Formula is applicable. However, for purposes of asset management, as described in subpart H of this part, projects may be as identified under the ACC or may be a reasonable grouping of projects or portions of a project or projects under the ACC.
Project-based management is the provision of property management services that is tailored to the unique needs of each property, given the resources available to that property.
Rolling base consumption level (RBCL) is the average of the yearly consumption levels for the 36-month period ending on the June 30th that is 18 months prior to the beginning of the applicable funding period.
Unit months are the total number of project units in a PHA's inventory expressed in months for a specified time frame.
Utilities means electricity, gas, heating fuel, water, and sewerage service.
Utility rate (rate) means the actual average rate for any given utility for the most recent 12-month period that ended the June 30th prior to the beginning of the applicable funding period.
Yearly consumption level is the actual amount of each utility consumed at a project during a 12-month period ending June 30th.