Vacancies for longer than 60 days.
If an assisted unit continues to be vacant after the 60-day period specified in paragraph (b) or (c) of this section, the owner may apply to receive additional vacancy payments in an amount equal to the principal and interest payments required to amortize that portion of the debt service attributable to the vacant unit for up to 12 additional months for the unit if:
(1) The unit was in decent, safe and sanitary condition during the vacancy period for which payments are claimed;
(2) The owner has fulfilled and continues to fulfill the requirements specified in paragraph (b) or (c) of this section, as appropriate; and
(3) The owner has (for 24 CFR part 883 projects, the owner and the Agency have) demonstrated to the satisfaction of HUD that:
(i) For the period of vacancy, the project is not providing the owner with revenues at least equal to project expenses (exclusive of depreciation), and the amount of payments requested is not more than the portion of the deficiency attributable to the vacant unit, and
(ii) The project can achieve financial soundness within a reasonable time.
(e)
Prohibition of double compensation for vacancies.
The owner is not entitled to vacancy payments for vacant units
to the extent he can collect for the vacancy from other sources (such as security deposits, payments under § 880.608(f), and governmental payments under other programs).
[44 FR 59410, Oct. 15, 1979, as amended at 61 FR 13591, Mar. 27, 1996]