24 CFR § 401.474 - Project accounts.

---
identifier: "/us/cfr/t24/s401.474"
source: "ecfr"
legal_status: "authoritative_unofficial"
title: "24 CFR § 401.474 - Project accounts."
title_number: 24
title_name: "Housing and Urban Development"
section_number: "401.474"
section_name: "Project accounts."
chapter_name: "OFFICE OF HOUSING AND OFFICE OF MULTIFAMILY HOUSING ASSISTANCE RESTRUCTURING, DEPARTMENT OF HOUSING AND URBAN DEVELOPMENT"
part_number: "401"
part_name: "MULTIFAMILY HOUSING MORTGAGE AND HOUSING ASSISTANCE RESTRUCTURING PROGRAM (MARK-TO-MARKET)"
positive_law: false
currency: "2026-04-05"
last_updated: "2026-04-05"
format_version: "1.1.0"
generator: "[email protected]"
authority: "12 U.S.C. 1715z-1 and 1735f-19(b); 42 U.S.C. 1437(c)(8), 1437f(t), 1437f note, and 3535(d)."
regulatory_source: "65 FR 15485, Mar. 22, 2000, unless otherwise noted."
cfr_part: "401"
---


# 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.