24 Cfr 245-315

[Code of Federal Regulations]
[Title 24, Volume 2]
[Revised as of April 1, 2003]
From the U.S. Government Printing Office via GPO Access
[CITE: 24CFR245.315]

[Page 381]

TITLE 24--HOUSING AND URBAN DEVELOPMENT

CHAPTER II--OFFICE OF ASSISTANT SECRETARY FOR HOUSING--FEDERAL HOUSING
COMMISSIONER, DEPARTMENT OF HOUSING AND URBAN DEVELOPMENT

PART 245--TENANT PARTICIPATION IN MULTIFAMILY HOUSING PROJECTS--Table of Contents

Subpart D--Procedures for Requesting Approval of an Increase in Maximum
Permissible Rents

Sec. 245.315 Materials to be submitted to HUD.

When the notice referred to in Sec. 245.310 is served on the
tenants, the mortgagor must send to the local HUD office copies of the
following documents described in either paragraph (a) or (b) of this
section, as specified by the local HUD office:
(a) Documents to be submitted under profit and loss approach:
(1) A copy of the notice to tenants;
(2) An annual Statement of Profit and Loss, Form HUD-92410, covering
the project's most recently ended accounting year (this statement must
have been audited by an independent public accountant if the project is
required by HUD to prepare audited financial statements), and Form HUD-
92410 for the intervening period since the date of the last annual
statement if more than four months have elapsed since that date;
(3) A narrative statement of the reasons for the requested increase
in maximum permissible rents; and
(4) An estimate of the reasonably anticipated increases in project
operating costs that will occur within twelve months of the date of
submission of materials under this section.
(5) A status report on the project's implementation of its current
Energy Conservation Plan.
(b) Documents to be submitted under the forward-budget approach:
(1) A cover letter summarizing the reasons a rent increase is
needed;
(2) A copy of the notice to tenants;
(3) A rent increase worksheet providing an income and expense budget
for the 12 months following the anticipated effective date of the
proposed rent increase;
(4) A brief statement explaining the basis for the expense lines on
the rent increase worksheet;
(5) A partially completed Rent Schedule, Form HUD-92458;
(6) If the tenants receive utility allowances, the mortgagor's
recommended utility allowance for each unit type and brief statement
explaining the basis for the recommended increase; and
(7) A status report on the project's implementation of its current
Energy Conservation Plan.

(The information collection requirements in paragraph (a) of this
section were approved by the Office of Management and Budget under
control number 2502-0310 and the information collection requirements in
paragraph (b) were approved under control number 2502-0324)