Housing project budgets.

CFR · 2024-01-01 · US · Title 7

(a) (2) Budget projections regarding income, expenses, vacancies, and contingencies must be realistic given the housing project's history, current circumstances, and market conditions. (3) Borrowers must document that the operating expenses included in the budget accurately reflect reasonable and necessary costs to operate the housing project in a manner consistent with the objectives of the loan and in accordance with the applicable Agency requirements in this part. (4) Borrower must submit supporting documentation to justify housing project utility allowances. (5) Upon Agency request, borrowers must submit any additional documentation necessary to establish that applicable Agency requirements in this part have been met. (b) (1) (i) Housing project expenses must not duplicate expenses included in the management fee as defined in § 3560.102(i). (ii) Actual costs for direct personnel costs of permanent and part-time staff assigned directly to the project site. This includes managers, maintenance staff, and temporary help including their: (A) Gross salary; (B) Employer Federal Insurance Contributions Act (FICA) contribution; (C) Federal unemployment tax; (D) State unemployment tax; (E) Workers compensation insurance; (F) Health insurance premiums; (G) Cost of fidelity or comparable insurance; (H) Leasing, performance incentive, or annual bonuses that are clearly provided for by the site manager salary contract; (I) Direct costs of travel to off-site locations by on-site staff f

official document · source cfr-2024 · id 7:§ 3560.303