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.' . . . . . 1.3. -- . 8. PHA Fiscal Year. The Fiscal Year fa: the p~ogram shaJ1 be the rr-lIIonth pericx1 ending June 30 oct. ead! calendar year. ((lEert the day and month I.ISed as the Fisca1 Year ending date fa: cd1er section 8 assIstanœ administered by the PHA ~der an ACC with BUD.) ANNUAL CONTIUBUTION. A. paxment. H UD shaD. pay the PHA annual contl:ibJt:ior's fa: the projeCtS in the Program in acoxdance with HUD regu1adons and requirements. B. Term. Payments CI1 account ct. the annual co!'ltr:iJ:utiors fa: each prOject may only be made duDng a term of five years, and shaD. net be made after the end of the five year term. The term fa: eaål prOject begins when H UD makes the fic¡t advance to the PHA on aCQ)ll'lt ct. the annual cont:d.buticr's fa: the project. After H U D 1/1 akes the fiIst advance fa: a project, H U D may enter the first and 1ast dates ct. the A C C term fa: the project CI1 Exhibit I c:I. this A C C Part L The Exhibit I as revised by H U D shaD. constitute an am endm ent á. the A C C Part I, and the revised Exhibit I supersedes 'any previous Exhibit I fa: the program. C. A m~' The annual contribJtion fa: the program fa: ~shaD. be the sum c:I. the amounts paid CI1 account of the annual contributial fa: each of the projects in the pIOgram. The annual coJ"lt.t:ibuêon foe the Program shaD. be in the amount approved by H UD for the Fiscal Year to cover: 1. The amount ct. housing ..-C"".."ce payments by the PHA. 2. The amount á. PHA c:œts fa: program administration. D. The amount ct. the annual cont.d.but:ioæ by BUD may be reèluced, as determined by BUD, by the amount c:I. pIOgram Jl_IP'"" t;uch as interest income) other than annual c:ont1:Ibudons. Maximum Annual cont:riJ:;uti.cn Com mitment fa: p' Exce¡:C fa: payments om the ACC rserve account as ptO insec:t:kJn 1.3.F ct. this ACC, a: for payments under secticn 1.3.G, the annual contdbution payment by HUD fa: a project for a Fiscal Year shaD. not be ma:e than the Maximum Annual contJ:iblticn Com mitment for the project. Such Maximum Annual contribution Com mitment shaD. be aV"n"h1.. during the five Fiscal Years begi.nrIincJ with the Fiscal Year when HUD makes the first advance to the PHA on aCO)l.ll'lt ct. the annual cont:r:ibut::l.on> fa: the project. E. Reduction of A mount pa b1.e. H U D may reèluce the amount á. the annual contributions paya by H U D for any project a: for the program, and may reèluce the amount á. the contract authodty fa:. any prajec:t, by giving the PHA wdtten notiœ of reðuctb'l in acaxdance with sec:dcn 2.3 ct. this ACC. The notice by HUD I/Iay inc11J3e a revision of Exhibit I ct. this ACC Part I to reflect the Page 2 of 5 pages BUD 52520 D (June 1985)