Housing project management.

CFR · 2024-01-01 · US · Title 7

(a) (b) (c) (1) Borrowers must submit an updated management plan to the Agency if operations change or are no longer consistent with the management plan on file with the Agency. (2) When there are no changes in operations, borrowers must submit a certification to the Agency every 3 years stating that operations are consistent with the management plan and the plan is adequate to assure compliance with the loan and grant documents and Agency requirements or applicable local, state and Federal laws. (3) If the Agency determines that operations are in compliance with Agency requirements, loan or grant agreements, or applicable local, state, and Federal laws, but are not consistent with the management plan, the Agency will require the borrower to: (i) Revise the management plan to accurately reflect housing operations; (ii) Take actions to ensure the management plan is followed; or (iii) Advise the Agency in writing of the action taken. (4) When a housing project is being transferred from one borrower to another, the transferee must submit a management plan that addresses the required items identified in paragraph (b)(1) of this section in sufficient detail to enable the Agency to give final approval of the transfer. (d) (1) Revisions to the management plan establishing the changes in housing operations that will be made to restore compliance; (2) If the borrower determines the compliance violations were due to a failure to follow the management plan, the borrower must certify to

official document · source cfr-2024 · id 7:§ 3560.102