24 CFR 401.100 - Which projects are eligible for a Restructuring Plan under this part?
(a) What are the requirements for eligibility? To be eligible for a Restructuring Plan under this part, a project must:
(2) Be covered in whole or in part by a contract for project-based assistance under -
(ii) The property disposition program under section 8(b) of the U.S. Housing Act of 1937;
(vi) The rent supplement program under section 101 of the Housing and Urban Development Act of 1965;
(3) Have current gross potential rent for the project-based assisted units that exceeds the gross potential rent for the project-based assisted units using comparable market rents;
(5) Not be a project that is described in section 514(h) of MAHRA; and
(6) Otherwise meet the definition of “eligible multifamily housing project” in section 512(2) of MAHRA or meet the following three criteria:
(i) The project is assisted pursuant to a contract for Section 8 assistance renewed under section 524 of MAHRA;
(ii) It has an owner that consents for the project to be treated as eligible; and
(iii) At the time of its initial renewal under section 524, it met the requirements of section 512(2)(A), (B), and (C) of MAHRA.
(b) When is eligibility determined? Eligibility for a Restructuring Plan under paragraph (a) of this section is determined by the status of a project on the earlier of the termination or expiration date of the project-based assistance contract, which includes a contract renewed under section 524 of MAHRA, or the date of the owner's request to HUD for a Restructuring Plan. Eligibility is not affected by a subsequent change in status, such as contract extension under § 401.600 or part 402 of this chapter.
Title 24 published on 2015-04-01
The following are ALL rules, proposed rules, and notices (chronologically) published in the Federal Register relating to 24 CFR Part 401 after this date.