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<br />(b) Term of Leasc and Contract. Thc tcrm of cach Leasc shall be for not less than one ycar nor more
<br />than three years, but the Lease may contain a provision permitting termination upon 30 days advance written
<br />notice by either party. The term of each Contract shall be for thderm of the Lease. provided that if a Family
<br />continues in occupancy after the expiration of thc term on thc same tcrms and conditions as the original Lease
<br />(or changes thereto which have been approved by thc PHA and incorporJted in the Contract where apprL'priate),
<br />the Contract shall continue in effeci for the duration of sucJdenancy subject to the limitation in the next
<br />sentence. Any renewal of the Contract and Lease term. and any continuation .01' tenanay beyond the term. shall
<br />in no case extend beyond thè term of this ACC. -
<br />
<br />1.4 Annual Contribution.
<br />
<br />(a) Notwithstanding any other provisions of this ACC (other than paragraph (c) of this Section) or
<br />any provisions of any other contract between the Government and the PIIA. thc Government shall not be
<br />.
<br />obligated to make any Annual Çontribution or any other payment with respect to any Fiscal Year in excess of
<br />the amount stated in Section 1.l(c). .
<br />
<br />(b) Subject to the maximum dollar limitation in paragraph (a) of this Section, the Government shall
<br />pay for each Fiscal Year an Annual Contribution to the PHA in respect to the Program in an amount equal to
<br />the sum of the following (subject to reduction by the amount of any Program Receipts other than Annual Con-
<br />tributions, which Receipts shall be available for Program Expenditures):
<br />
<br />(I) The amount of housing assistance payments payable during the Fiscal Year (see Section 1.5)
<br />by the PHA pursuant to the Contract. as authorized in Section 1.2,
<br />
<br />(2) The allowance, in the amount approved by the Government, for preliminary costs of ad-
<br />
<br />mirustration.
<br />
<br />(3) The allowance, in the amount approved by the Government, for regular costs of administra- ,
<br />tion, including costs of Government-required audits of Owners and the PHA, '
<br />
<br />(c) (I) An ACC reserve account will be established and maintained by the Government, as a specifi-
<br />cally identified and segregated account, in an amount as determined by the Government consistent with its
<br />responsibilities under section 8(c)(6) of the Act. To the extent funds are availa1}le ill said account, the Annual
<br />Contribution for any Fiscal Year may exceed the maximum amount stated in paragraph (a) of this Section by
<br />such amount, if any, as may be required for increases reflected in the estimates of required Annual Contribution
<br />applicable to such Fiscal Year as approved by the Government in accordance with Section 2.11 below.
<br />
<br />(2) The Government will take such additional steps authorized by section 8(c)(6) of the Act as
<br />may be necessary to assure availability of funds to cover increases in housing assistance payments on a timely
<br />basis as a result of increases in Contract Rents or decreases in Family Incomes,
<br />
<br />.
<br />
<br />(d) The Government will make periodic payments on account cf each Annual Contribution upon
<br />, requisition therefor by the PHA in the form prescribed by the Government. Each requisition shall include certi-
<br />fications by the PHA that housing assistance payments have been or will be made only:
<br />
<br />(I) , In accordance with the provisions of the Contracts; and
<br />
<br />(2) With respect to units which the PHA has inspected or caused to be inspected, pursuant to
<br />Section 2.4 of Part II of this ACC, within one year prior to the making of such housing assistance payments,
<br />
<br />. (e) Following the end of each Fiscal Year, the PHA shall promptly pay to the Government, unless
<br />other disposition is approved by the Government, the amount, if any, by which the total amount of the periodic
<br />payments during the Fiscal Year exceeds the total amount of the Annual Contribution payable for such Fiscal
<br />Year in accordance with this Section. . .
<br />
<br />1.5 Fiscal Year, The Fiscal Year for the Program shall be the Fiscal Year established by Section 0.3 of
<br />this ACC; Provided. however. that the first Fiscal Year for thc Project shall be the period beginning with the
<br />effective date of this ACC Part I and ending on the last day of said estahlish,'d Fiscal YC:lr which is not less than
<br />12 months after such effective date, If the first Fiscal Year exceeds 12 months, tI'e maximum Annual C,,,,: .¡.,,-
<br />. tion in Section I. He) may be adjusted by the addition of the pro rata amount applicable to the period of'opera-
<br />lion in excess of 12 months,
<br />
<br />I.b Periodic Adjustment of Contract Rents, Each Contmct may provide for periodic adjustments in the
<br />Contr:'ct Rents clmr[!""ÞIc by thL' Owner and commcnsur:lte incrc:oses in "mounts of housing assistance paym,'nts .
<br />in accordance with applicable Goven~ment regulations.
<br />
<br />1.7 Equal Opportunity Housing Plan, The PHA shall comply with all provisions of its nUD."pproved '
<br />equal opportunity housing plan.
<br />
<br />1.8 Expcditious Carrying Ol!t of Program, The PHA shall procecd expeditiously with the Program. If the
<br />PHA fails to proceed expeditiously, the Government, by notice to the I'IIA. may reduce its oblig"tion hercunder
<br />with respect to the Program to thc number and size of dwellillg units under COlllraets with Owners as of thc date
<br />oll"f,,'ù'i;,t pr '\lh:h n¡)ti..~. hylhl' ItIlA. with a l'l\tl\"SpCHU.IíIl~ n..'liudiun in lh~' m~l:\imtlm :tlununt 01" thl" .-\I1Bual
<br />Contribution Sl','cill':', ". ::.' ,', ':' I. lie).
<br />
<br />HUþ.12520B
<br />t5-76)
<br />
<br />"811 2 0' 3 P.ger.
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