Preservation Projects – Primarily consist of Section 236 and 221d3 BMIR projects whose Owners entered into long-term use agreements with HUD under the Preservation Program. Contracts must be at least 1-year, while Mark Up to Market (MUTM) contracts must be at least 5 yearsWhen a HAP contract has expired, an owner generally has six different options:They agree to a 20-year contract renewal under one of the first 4 options stated earlier in the articleA study remains valid of 5 years after certification by the owner’s appraiserBefore the end of the 5-year period, HUD account executives are required to let owners know that a new RCS is required, as the old one will expire (new RCS is needed for contract renewals and rent adjustments)In certain situations, for-profit HUD Section 8 owners may receive surplus cash distributions. To verify signature authorization, we ask for a legal document in which someone has signed as the Owner/Entity. Project funds may be used to obtain this new RCS.Even though your contract was renewed for five years, funding is obligated on an annual basis.
So, how well do you understand the contract renewal options consistent with HUD Section 8 Renewal Policy? You need to submit your Amend Rents request at least 120 days before the anniversary date of your contract to ensure funds are obligated for the next year of your contract.The debt service is calculated byThe Owner or someone authorized to sign for the Owner/Entity should sign rent adjustment/renewal paperwork, Rent Schedules, and HAP Contracts. renewal options available to owners of projects with “old reg” State Agency HAP contracts (generally, the November 1975 version of the HUD-52645A). This meant that, while some rents needed to be reduced, other rents needed to be raised. Rent adjustment methods are determined by the approved Plan of Action (POA).
To ensure contract rents are adjusted to comparables at the expiration of each 5-year period, the Owner must submit an RCS. Discusses early contract termination, rent comparability studies and which contracts to use by chosen option. Such fifth year adjustments may result in a negative (decrease) or positive (increase) of contract rents for one or more unit sizes. This distributions may be allowed in situations including:If expiring contract rents are less than market, or:Most Section 8 owners will be dealing with Options 1,2,3, or 6, as Options 4 and 5 involve very specific HUD programs. Years two through five of the contract term are considered Amend Rents years. Operating Cost Adjustment Factor (OCAF) Rent Adjustments. *The Lesser of Test is required for all Option 4 Renewals. Provides six options available to owners with expiring Section 8 HAP contracts. the HAP contract.
The Owner/Agent needs to be aware of when the Housing Assistance Payment (HAP) Contract expires for the project and take steps as the expiration date approaches. Outlines various ways a contract can be renewed. You should explain why the increase occurred (e.g.
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