CFR > Title 24 - Housing and Urban Development > SUBTITLE B—Regulations Relating to Housing and Urban Development > CHAPTER IV—OFFICE OF HOUSING AND OFFICE OF MULTIFAMILY HOUSING ASSISTANCE RESTRUCTURING, DEPARTMENT OF HOUSING AND URBAN DEVELOPMENT (parts 401 to 403) > PART 401—MULTIFAMILY HOUSING MORTGAGE AND HOUSING ASSISTANCE RESTRUCTURING PROGRAM (MARK-TO-MARKET) > SUBPART C—Restructuring Plan (§401.400 to §401.503) > 401.474—Project accounts.

401.474—Project accounts.

(a) Accounts from other projects. The accounts listed in § 401.472(a)(1) may be used for other eligible projects only if:
(1) The projects are included in a Consolidated Restructuring Plan under § 401.401; and
(2) The funds are used for rehabilitation or to reduce a section 541(b) claim paid by HUD under § 401.471.
(b) Distribution to owner. The Restructuring Plan may provide for a one-time distribution to the owner, not to exceed 10 percent of the excess funds in project accounts, to be released after completion of the rehabilitation required by the Restructuring Plan.