§ 950.775 - Transition provisions.

(a) Treatment of units already under an approved modernization budget Vacant units to be rehabilitated under modernization budgets approved in FFY 1995 or prior are subject to the modernization implementation schedule, without extension, previously approved by HUD. It is the intent of HUD not to penalize IHAs that have longer construction schedules in an approved modernization budget.

(b) Treatment of Existing COPs. (1) An IHA operating under a Comprehensive Occupancy Plan (COP) approved by HUD under § 950.770, as that section existed immediately before April 1, 1996, may, until the expiration of its COP, continue to determine its PFS eligibility under the provisions of part 950 as that part existed immediately before April 1, 1996. If the IHA does not elect to continue to determine its PFS eligibility using its COP, the IHA's PFS eligibility will be calculated in accordance with this part.

(2) HUD will not approve any extensions of COPs.