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<br />. <br /> <br />. <br /> <br />'. <br /> <br />- <br /> <br />. <br /> <br />2.4. <br /> <br />B. <br /> <br />. <br /> <br />. <br /> <br />The not ice by BtJD to the PIlA shall state any <br />reduction, pursuant to section 2.3.1'. of the icc, in <br />the amount of the annual contributions payable'for any <br />project or for the Pcogc.., and shall state any <br />reduction in the amount of contract authority reserved <br />by nUD for a project. The notice aay specify a <br />revised unit distribution. BOD notice of reduction or <br />revision shall constitute an amendment of the ACC. <br />Dowever, BUD shall not reduce the amount of uaual <br />contributions payable by BUD foc any project or for <br />the Program, .and shall not reduce the aaaunt of <br />contract authocl ty rellerved by DUD for a project,. <br />below the amount, as deterained by BOD, neces.ary for <br />dwelling units under contracts for housing assistance <br />payaents with owners on the date when the PBA receives <br />the BUD notice. . <br /> <br />USE OF PROGRAM RECEIPTS. <br /> <br />A. <br /> <br />The POA shall use Program Receipts to provide decent, <br />safe and sanitary housing for eligible famll10 in <br />~o.pliance with tbe u.s. DOusing Act of 1937 and &11 <br />DOD requirements. Program Receipts aay only be used <br />to pay Program Expenditures. <br /> <br />The PHA shall not aake any prograa Expenditures except <br />in accordance witb the annual contribution estiaate <br />and supporting data for such estiaate as approved by <br />BOD. <br /> <br />B. <br /> <br />c. <br /> <br />The PHA shall maintain an Operating Reserve account <br />tbat shall be credited with the amount by which the <br />total of administrative fees earned and laterest <br />earned on the operating Reserve exceed PBA <br />administrative expenses during a piscal Year. In <br />subsequent years, the PBA aust use funds in the <br />operating ReserVe to pay administrative espense. in <br />excess of program Receipts. Notwithstanding tbe <br />provisions of section 2.4.1'., if there reaain funds in <br />the operating Reserve, the PDAaay use sucb funds for <br />other bousing purposes consistent with State and local <br />law. Dowever, BUD aay probibit use of funds in the <br />operating Reserve for other bousing purposes if tbe <br />PM is not adequately administer ing its Dousing <br />Certificate program or its Dousing Voucber prograa.or <br />has failed to coaply with any of its obligations under <br />the ACC. <br /> <br />, .. <br /> <br />, <br /> <br />Page J of 9 pages <br /> <br />HUD 52520B (June 1985) <br />