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Multifamily
Housing
Multifamily
Housing's Section 8 Renewal Policy Guide Book Attachments of Section 8 HAP Contracts The
contracts listed below are Mark-to-Market-specific Housing Assistance Payments
Contracts of the Section 8 Renewal Policy Guide Book. They are in Microsoft Word
format as fillable forms for the convenience of HUD authorized Contract Administrators
and HUD field staff. If you just wish to print out or view the new attachments
to the guide book, access the page
changes to the renewal guide revised 11/05/07 in PDF format. Each contract
is listed with the description of its use in the Mark-to-Market process.
- Basic
Renewal Contract (Att. 11) - MS
Word
The Basic Renewal Contract is used for all
short-term renewals, excluding those that receive short-term renewals using the
OAHP Interim Renewal Contracts listed below. The Basic Renewal Contract is also
used for OAHP Lites that have completed their rent restructurings. It should NOT
be used for Mark-Up-to-Market (Option One) renewals.
- Full Mark-to-Market Renewal Contract (Att. 16): MS
Word
November
30, 2006: M2M Full HAP Contract given to a project which completes debt restructuring
under M2M (Full Contract) and the Watch List Contract have been changed. Effective
December 1, 2006, the new forms of both contracts as attached herein must be used.
The Full Contract has been changed only with regard to exception rent projects.
Owners of projects receiving exception rents are now required to notify HUD of
the receipt of any post restructuring assistance such as tax credits or other
types of subsidies. Upon notificiation that the project has received post restructuring
assistance, HUD will review the underwriting for the project and determine if
such assistance will decrease overall project expenses. If overall project expenses
have decreased, HUD reserves the right to adjust contract rents accordingly. See
Section 6.b(2)(c). This
contract should be used by owners who previously entered one of the two Interim
Contracts discussed above and who have reached agreement with HUD on the terms
of the debt restructuring. (Option Three)
- Watch List Renewal Contract (Att.17): MS
Word
Guidance on Monitoring OAHP Watch List Properties, September 2001:
MS
Word / PDF
File
November 30, 2006: The Watch List Contract contained
language stating that the contract would expire 30 days prior to the expiration
of OAHP's restructuring authority under MAHRA. The revised Watch List Contract
removes this requirement. An OAHP contract for owners who: (i) previously
entered into one of the two Interim Contracts; (ii) chose not to restructure or
OAHP discontinued the restructuring process; and (iii) agree that they may need
to change their mind and opt back into the M2M program. In this scenario, the
Owner retains eligibility under the Mark-to-Market Program but they must make
an election to opt back into the program at a later date. Through the execution
of an Interim Full Renewal/Re-Entry contract, HUD and the Owner agree to simultaneously
terminate the Watch List Contract and agree to proceed in good faith to work out
the terms of and complete a Debt Restructuring.
- Interim Full Mark-to-Market Contract (Att. 14): MS
Word
The Interim (Full) Mark-to-Market Contract and the Renewal/Re-entry
contract (previously Attachment 14 and 14a) have been revised and combined. The
contract contains language making it suitable for replacement of as yet unexpired
524 Basic Renewal contract and original section 8 contracts when a binding commitment
is necessary to complete a restructuring after restructuring authority sunsets
in September 2006. An interim/short-term OAHP renewal contract that
should be used when owners are referred to OAHP for debt restructurings . Owners
can make their own initial determinations that they probably will agree to restructure
the debt (Option Three) or the PM/CA believe their rents are above market and
can refer the project for debt restructuring. For
owners initially were referred to OAHP for debt restructuring but who decide before
the process is completed not to follow through with the restructure.- or for projects
that OAHP has discontinued the restructuring process. The Renewal/Re-Entry contract
continues the property's eligibility for debt restructuring in the event the owner
decides to return to OAHP to complete the process.
- Interim-Lite Renewal Contract (Att. 15): MS
Word
An interim short-term OAHP renewal contract. This contract is
used when owners are referred to OAHP for rent restructurings. Owners can make
their own initial determination that they probably will agree to restructure rents
but not the debt. (Option Three) or the PM/CA believe their rents are above market
and can refer the project for rent restructuring. - Mod Rehab Contract
(Att. 18): MS
Word
All Full closings of previously Mod Rehab projects should use
this contract, unless it is an Out Year (OY ) deal. This HAP contract is significantly
different from the regular M2M full renewal HAPs, in that instead of modifying
certain provisions of the original (Mod Rehab) HAP contract, these projects will
have an entirely new HAP contract executed at closing. For OY deals, the original
HAP will remain in place and an OY Recapture Agreement will be signed. At maturity
of the OY contract, this contract will then be used. |
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