Current through September 30, 2024
Section 891.860 - Operating reserves(a) The mixed-finance owner shall maintain an operating reserve account in an amount sufficient to cover the operating expenses of the development for at least a three-month period.(b) Project income, project rental assistance, tenant rents, and tax credit equity may be used to fund the operating reserve account.(c) Amounts derived from Section 202 or 811 ( e.g. , project income, project rental assistance, and tenant rents) in operating reserve accounts may only be used for the operating expenses of the 202 or 811 units.