24 CFR 401.600 - Will a section 8 contract be extended if it would expire while an owner's request for a Restructuring Plan is pending?
§ 401.600
Will a section 8 contract be extended if it would expire while an owner's request for a Restructuring Plan is pending?
(a)
If a section 8 contract for an eligible project would expire before a Restructuring Plan is implemented, the contract may be extended at rents not exceeding current rents:
(2)
For such period of time beyond one year as HUD may approve, up to the closing of the Restructuring Plan.
(b)
Any extension of the contract beyond one year for a pending Restructuring Plan, other than an extension approved under this section, must be at comparable market rents or exception rents. An extension at comparable market rents will not affect a project's eligibility for the Mark-to-Market program once it has been established under this part.
(c)
HUD may terminate the contract earlier if the PAE or HUD determines that an owner is not cooperative under § 401.402 or if the owner's request is rejected under § 401.403 or § 401.405.
[71 FR 2121, Jan. 12, 2006]
Title 24 published on 2012-04-01
no entries appear in the Federal Register after this date.
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