From Les Sparks:

HUD is silent on who can get the IPF. The payment was intended to go to the owner as an incentive for operating efficiently. It should not be paid tothe management agent as their fees are limited by the management agent certification and generally do not include amounts paid as incentives unless the management agreement addresses some sort of payment. Then it must also be in accordance with HUD guidelines in form 9839. IN general HUD assumes payment to owner. The only problem we have is among partners or whether it should to the managing GP.

Here is an example of HUD’s language.

1. Q: If earned, when can I take distribution of CRP and IPF payments, and must I wait for permission from HUD to do so?
CRP is made in monthly payments from property funds to the owner as earned, assuming all preconditions are met, including that “all Project expenses are paid.” IPF is payable to the owner at the end of the accounting year, assuming all preconditions have been met. None of these payments require explicit permission in advance from HUD. However, by submitting an AFS reflecting that IPF was earned, or that CRPs were paid, the owner is certifying that those preconditions were met. (See also the 2004 Q&A for clarification of CRP and IPF preconditions and calculation.) Improper CRP/IPF payments are violations of the Regulatory Agreement (Rider) and can result in enforcement remedies including acceleration of the MRN/CRN. Additionally, improper payment may result in the issuance by HUD of an audit or management finding that, until resolved, would prohibit payment of future CRP and IPF.