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(d) To facilitate the retrieval and as Secretary are identified in Project sembly of relevant data, statistics and Documents. In addition, the Developer information in a uniforma format for shall furnish to the Secretary any rethe purpose of:
ports or analyses reviewing or evaluat(1) Analyzing Project problems and ing any aspect of the Project underexperiences;
taken by, for or on behalf of the De(2) Evaluating program effectiveness veloper, any Federal, State or Local with respect to overall new community Public Body or any other Person as program goals and in conjunction with well as such other information with national urban growth policy;
respect to the Project as the Secretary (3) Making comparisons among Pro may from time to time request. jects; and
(e) Special notification require(4) Developing basic educational and
ments. The Developer shall ascertain training materials for Developers, in
and give immediate notice to the Secstitutions and others interested and
retary of any facts or conditions which involved in new community develop
may adversely and substantially affect ment.
or impede the implementation of the (e) To encourage evaluation and
Project, including: (1) Notice of litigamonitoring of the Project by the Developer, independent of Federal re
tion affecting (i) the status or powers quirements, pursuant to sound man
of, or ownership interests in the Develagement practices.
oper or any Restricted Affiliate, (ii)
outstanding debt obligations, (iii) Proj. 8 720.62 Inspection.
ect property or (iv) Project require
ments; (2) changes in laws, ordinances The Secretary shall be afforded
or official plans related to the Project; access to the Project site and to the records of the Developer and Subsid
(3) major damage to Project property; iaries at all reasonable times for pur
(4) work stoppages for longer than five poses of inspection and monitoring of
business days on any part of the ProjProject development.
ect; (5) defaults on contracts or sub
contracts covering Project activities $ 720.63 Reporting requirements.
and (6) changes in financial condition (a) General requirement. To ensure
of any shareholder, principal or partthat the Project is being executed in a
ner of the Developer. manner consistent with the objectives of the Act and as provided in the Proj
$ 720.64 Internal monitoring and evalua
tion. ect Documents, the Developer shall be required to submit periodic financial (a) Internal reporting and monitorand non-financial reports and projec ing. The Developer shall develop an tions on Project execution.
internal reporting and monitoring (b) Financial reports. Financial re system to meet its own management ports shall be prepared and submitted needs which is compatible with reaccording to requirements of quirements and guidelines established $ 720.32(p) except that Projects receiv by the Secretary. ing a Determination of Eligibility shall (b) Developer's evaluation. The Defollow these requirements as adapted veloper shall undertake evaluation as by the Secretary to the organizational
an integral part of its monitoring acand financial structure of the Develop
tivities in order to provide a continuer and described in Project Docu
inz assessment of performance and dements.
velopment progress measured against (c) Non-financial reports. Non-financial reports, consisting of statistical
approved goals and projections. and narrative information in a format
(c) Secretary's evaluation. The Secspecified by the Secretary, will be pre
retary may contract with outside expared and submitted as set forth in
perts, undertake field surveys, and the Project Documents.
make use of other Federal agencies for (d) Other reports. Other reports and
the purpose of evaluating approved studies specifically required by the
8 720.65 Amendments and waivers.
Development Plans, financial requirements and all other terms and conditions in the Project Agreement, Indenture and cther Project Documents that do not specifically require the consent of all or a portion of the holders of the guaranteed debt obligations that were initially approved by the Secretary, may be amended or waived. All proposals by the Developer for amendments or waivers shall be submitted to the Secretary for approval. The Secretary may recommend or require such amendments, modifications or waivers as he shall deem necessary or desirable to ensure the financial viability of the Project, to protect the security interests of the United States or to otherwise preserve his ability to carry out the purposes of the Act.
$ 720.66 Remedies of the Secretary.
(a) General. The Secretary shall have the remedies set forth in the Project Documents, together with such other remedies as are availabie at law or equity.
(b) Foreclosure. (1) When an event occurs which, under the Project Documents, entitles the Secretary or the Trustee to foreclose against any of the real property subject to the lien of the Indenture, the Secretary or the Trustee may foreclose in full or in part, regardless of whether acceleration of maturity of any outstanding guaranteed debt obligations has occurred.
(2) The Secretary shall have no obligation to accelerate the maturity of any guaranteed debt obligations regardless of the amount realized from foreclosure.
(c) Extinguishment. (1) The authority to extinguish granted to the Secretary under 42 U.S.C. 4527(3) and under the Project Documents may be exercised by the Secretary to extinguish rights and equities of redemption.
(2) No compensation shall be payable to any party on account of the extinguishment of any of such party's rights.
(d) Deed in lieu of foreclosure. The Secretary may accept a deed-in-lieu-offoreclosure upon terms and conditions satisfactory to him.
Subpart E-Other Assistance
$ 720.70 Applicability of this Subpart.
This Subpart applies to assistance, other than guarantee assistance, available under the Act and other provisions of law to assist in carrying out Projects for which guarantee assistance has been provided under the Act or for which a Determination of Eligibility has been made.
8 720.71 Multiple forms of assistance.
The award of any form of assistance provided under this Subpart shall not in itself exclude the availability of any other forn of assistance under this Subpart. The availability of any form of assistance under this Subpart is not conditioned upon action taken with respect to any other form of assistance under this Subpart.
$ 720.72 Supplementary grants.
Following are the general requirements and procedures applicable to supplementary grants for public facilities as described in § 720.1(b)(2).
(a) Application for basic grant. The first step in applying for a supplementary grant is the submission of an application for a grant (referred to herein as the “basic grant") under one of the statutory authorities cited in 8 720.1(b)(2)(i). Such application and the subsequent processing and approve al thereof must be in accordance with the requirements of the Federal agency responsible for the administration of the basic grant program. No application for a supplementary grant shall be accepted by the General Manager unless an application for the corresponding basic grant has been made.
(b) Application for supplementary grant. An application for a supplementary grant, in a form prescribed by the General Manager, shall only be made to the General Manager at or subsequent to the time an application for the corresponding basic grant is made. A copy of the application for the basic grant shall accompany the application for the supplementary grant.
(c) Approval of supplementary grant. A supplementary grant shall be approved only if:
(1) The Secretary determincs that antee assistance or a Determination of the facility proposed to be assisted by Eligibility (8 720.44; 9 720.49). the supplementary grant is necessary (b) Commitment charge. A commitor desirable for carrying out a Project; ment charge equal to 0.5 percent of
(2) The related basic grant has been the principal amount of the guarantee approved by tne basic granting commitment by the Secretary up to agency; and
$30 million, and in addition, 0.1 per(3) A Project Agreement has been cent of the principal amount above entered into for the Project which the $30 million shall be paid by the Develfacility is intended to serve.
oper upon acceptance of an offer of
commitment (8720.46(c)) or at the § 720.73 Community development block
time a guarantee is made (§ 720.48), grants.
whichever occurs first. Should the Title I of the Housing and Commu- Project become impractical, infeasible, nity Development Act of 1974 (42 or impossible to undertake prior to isU.S.C. 301) authorizes grant assistance suance of a guarantee, the Secretary for certain community development may refund such portion of the comactivities, including such activities in mitment charge as he deems equitable. behalf of Projects under the Act and
(c) Reopening charge. A timely reunder the New Communities Act of
opening request (8 720.46(c)) shall be 1968 (42 U.S.C. 3901 et seq.). The poli accompanied by a charge of 0.05 percies and procedures applicable to this cent of the expired offer of commitprogram are contained in 24 CFR,
ment for guarantee assistance. An Part 570. Developers and others in
offer of commitment which has extending to apply for assistance under
pired because of the failure to pay the Title I in behalf of new communities
commitment charge may be reopened should consult with the General Man
and accepted only upon payment by ager.
the Developer of the commitment 8720.74 Federally-assisted housing.
charge and the reopening charge.
(d) Guarantee fee. A guarantee fee Section 8 of the United States Hous
equal to 3 percent of the principal ing Act of 1937, as amended (42 U.S.C.
amount of guaranteed debt obligations 1437(f), authorizes the making of
shall be paid by the Developer at the housing assistance payments on behalf
time of the issuance of such obligaof lower income families renting hous
tions, subject to waiver in whole or in ing pursuant to the United States
part at the discretion of the Secretary. Housing Act of 1937 (42 U.S.C. 1437 et
(e) Annual fee. An annual fee equal seq.), including such families renting
to 0.5 percent of the average principal such housing in new community Pro
amount of guaranteed debt obligations jects. The policies and procedures ap
and unused guarantee commitment, plicable to this program are contained
outstanding during the preceding in 24 CFR, Ch. II.
year, shall be paid on the first anniver
sary date of the guarantee, until the Subpart F-fee and Charge Schedule
seventh anniversary date. Thereafter
an annual fee of 1 percent of the aver$ 720.80 Applicability of this Subpart.
age principal amount of guaranteed This Subpart specifies the fees and debt obligations and unused guarantee charges which have been established commitment outstanding during the for payment to HUD in connection preceding year shall be paid on each with applications for and approval of subsequent anniversary date of the guarantees and other assistance.
initial guarantee until the total debt
obligation is paid in full. Annual fees $ 720.81 Fees and charges.
may, however, be waived in whole or (a) Application charge. A non-refun- in part at the discretion of the Secredable application charge of $10,000 tary. shall accompany the initial submission (f) Transfer charge. Upon applicaof all or part of an application by a tion for approval of a substitution of Public or Private Developer for guar- Developers (8720.21(d)), & transfer
CHAPTER VIII—LOW INCOME HOUSING, DEPARTMENT OF HOUSING AND URBAN
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Section 23 Housing Assistance Payments Pro
gram-New construction ............
gram-Existing housing ...............
agencies and related amendments .....
cupancy by single persons ..............
Occupancy of, Low Income Housing Owned by
Housing Agencies from Private Owners
gram-New construction .............
Existing Housing .....
gram-Housing Finance and Development Agen-
861 865 866 867
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