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RENEWAL WORKSHEET FOR OPTION THREE-A

RENEWAL WORKSHEET FOR OPTION THREE-A 2025

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The document outlines the procedures for renewing Section 8 contracts under the Mark-To-Market program, specifically detailing two options: Option 3A, which allows for a renewal at rents not exceeding comparable market rents without mortgage restructuring, and Option 3B, which involves restructuring the mortgage to reduce contract rents to market levels. It includes certifications required from the project owner regarding rent comparisons and eligibility, along with warnings about penalties for false statements.

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What is the option 2 hap contract?

Option Two is for Owners who request a renewal of their Section 8 contract where the RCS indicates that the contracts aggregate current rents are at or below comparable market rents, or the contracts aggregate current rents exceed comparable market rents, but the project is exempt from MTM restructuring and the owner

What is a hap adjustment?

Rent Increase: At HAP renewal, rents are either adjusted by the Operating Cost Adjustment Factor or by a HUD-approved budget (capped by market rents as determined by a Rent Comparability Study), whichever is lesser.

What happens when a hap contract expires?

A bilateral contract is a binding agreement between two parties where they both exchange promises to perform and fulfill one side of a bargain.

What is the option to renew a tenancy agreement?

Upon expiration, eligible tenants will be issued enhanced vouchers pursuant to 42 U.S.C. 1437f(t). Full HUD requirements for an owner who wishes to opt out of renewing their HAP contract can be found at Chapter 8 of the Section 8 Renewal Policy Guide.

What is the hap contract?

An option to renew confers on the tenant a right to continue to rent the property for a fresh term after the expiry of the current term, i.e. to renew the existing tenancy. With an option to renew, the tenant obtains another term of tenancy and the landlord is somewhat secured with rental income as agreed beforehand.