Annual Contributions Contract [HUD] Law and Legal Definition

Pursuant to 24 CFR 135.5 [Title 24 Housing and Urban Development; Subtitle B Regulations Relating to Housing and Urban Development; Chapter I Office of Assistant Secretary for Equal Opportunity, Department of Housing and Urban Development; Subchapter B Employment and Business Opportunity; Part 135 Economic Opportunities for Low and Very Low-Income Persons; Subpart A General Provisions], the term Annual Contributions Contract (ACC) means “the contract under the U.S. Housing Act of 1937 (1937 Act) between HUD and the PHA, or between HUD and the IHA, that contains the terms and conditions under which HUD assists the PHA or the IHA in providing decent, safe, and sanitary housing for low income families. The ACC must be in a form prescribed by HUD under which HUD agrees to provide assistance in the development, modernization and/or operation of a low income housing project under the 1937 Act, and the PHA or IHA agrees to develop, modernize and operate the project in compliance with all provisions of the ACC and the 1937 Act, and all HUD regulations and implementing requirements and procedures. (The ACC is not a form of procurement contract.)”