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Also, in certain cases a Pre-MAHRA property may have to … Chapters Eight and Eleven of the Section 8 Renewal Policy have complete guidance regarding Option 6. Direct Deposit Form 5. Such as: A project that is not subject to a HUD-held or insured mortgage. HUD renews Section 8 project-based housing assistance payments (“HAP”) contracts with owners of multifamily rental housing. The project-based rental assistance makes up the difference between what an extremely low-, low-, or very low-income household can afford and the approved rent for an adequate housing unit in a multifamily project. Chapter Four of the Section 8 Renewal Policy has complete guidance regarding Option 2. OPTION 1B – Discretionary . Nan McKay & Associates is the only training company currently offering this type of training. Education and preparation are the two key components to ensure a timely and effective contract renewal. Chapter Seven of the Section 8 Renewal Policy has complete guidance regarding Option 5. 3. 1124 South IH 35, Drivers License 4. See sample Notices of Intent: Depending on which renewal option you choose, you may be eligible to submit a Rent Adjustment request. Each of these options have different requirements and should be considered closely. OR the contract's current rents exceed comparable market rents but the project is exempt from OAHP restructuring and the owner is willing to cut the rents to comparable market rents. Contract Unit Enter address of unit, including apartment number, if any. When the family breaks up and IHFA determines that the family members Contact the plan for more information. For owners choosing to Opt Out: At least 14 months prior to the HUD expiration date, owner must provide a notice to PHFA stating that they intend to opt out of a new contract. Rent Comparability Study (RCS): Since an RCS is good for five years, this will only be required every fifth year. Early planning and preparation will provide a seamless and timely submission and review, and will secure a renewed contract without interruption in payments of HAP. Does your expiring contract qualify for renewal under the Mark-Up-to-Market (MUTM) option? Provides instructions for processing either OCAF or budget based rent adjustment requests. Section 8 Multifamily Contract Administration, Real Estate Assessment Center Physical Inspection Oversight, Procedures in the Event of Severe Weather - Property Damage and/or Resident Displacement, Option 4: Request Renewal for Projects Exempted From Restructuring, Section 8 Contract Renewal Policy Handbook, Operating Cost Adjustment Factor (OCAF) Rent Adjustments, Budget Based Rent Increase (BBRI) Rent Adjustments, Executed copy of Owner’s Certification Regarding Purchase Practices and Reasonableness of Expenses, Annual Adjustment Factor (AAF) Rent Adjustments, Option Information: Learn more about the 6 renewal options, Forms: Find the forms you need to submit your request under. Section 3. Eligibility. I missed the 12 pm time slot, so I had to wait until 2 pm. Option 2 is for owners who request a renewal of their Section 8 contract where the RCS indicates that the contract's current rents are at or below comparable market rents. Section 8 contracts executed under this Notice, give nonprofit owners the option of submitting a BUDGET - BASED RENT INCREASE FOR CAPITAL REPAIRS. This would include the absence of any restrictions placed on the property that are outlined in chapter eight of the, The owner must have provided an acceptable. Owners selecting Option 6 will be made aware of all available options, including Mark-up-to-Market. The Housing Assistance Payment (HAP) Contract ... Option 3a OCAF or M2C Option 3b OCAF only Option 4 OCAF or BBRA Option 5 Check POA and/or Use Agreement . And annual rent adjustments can be either OCAF rent increase for Section 8 property Medicare... Expiring, please contact us for more information went upstairs, watched a video about some about... 4350.1, Chapter 7 sections: Recitals 3B ( Full ): Since an RCS the waiting room waiting be. Termination, rent comparability studies and which contracts to use by chosen Option, track anniversary and dates! 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