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?
(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:
(1) For up to the earlier of one year or closing on the Restructuring Plan under § 401.407; or
(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.
Title 24 published on 14-Jun-2017 03:56
The following are ALL rules, proposed rules, and notices (chronologically) published in the Federal Register relating to 24 CFR Part 401 after this date.