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Benefits of 20 Year HAP Contracts

Tuesday, November 06, 2012

BENEFITS OF 20-YEAR CONTRACTS

MOST PROPERTIES ARE ELIGIBLE TO APPLY FOR 20-YEAR HAP  

If you are interested in applying, let your Project Manager know and submit renewal materials to your PBCA or, if a HUD administered contract, to your HUD Project Manager. 

NOTE Effective May 18, 2012, the Department is no longer allowing Section 8 contract extensions under Section 524 of MAHRA.  If there is a need for a long term contract on the Section 8 assisted property, for which the original Section 8 HAP contract has already been renewed under MAHRA, the Hub Director or designee may allow the early termination of the existing Renewal Contract and the renewal of the contract under any option for which the property is eligible at the time.  The owner and the Contract Administator may mutually agree to terminate the ecisting Renewal Contract, provided that the Owner and Contract Administrator execute a 20-year Renewal Contract, which includes the “Preservation Exhibit” that is provided in Attachment 1 of Housing Notice 11-31. 

For additional details check the Section 8 Renewal Guide which can be found at: 

http://portal.hud.gov/hudportal/documents/huddoc?id=Sec_8_Renewal_Policy_Guide.pdf

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