SECTION 8: Understand The Top 5 Changes To The Renewal Guide Book
Tuesday, June 19, 2012 03:15 am
Guide revisions rock your Section 8 renewal procedures
Section 8 renewals will never be the same -- you have a host of new and altered procedures and policies to follow when you're renewing your contract with the U.S. Department of Housing and Urban Development (HUD). In a May 18 transmittal, HUD issued several key changes to its Section 8 Renewal Policy Guide Book:
1. No More Renewal Extensions Under MAHRA Section 524
In Chapter 2, HUD has withdrawn the use of Attachment 20 "Project-Based Section 8 Housing Assistance Payments -- Extension of Contract Term."
Instead, you must execute a 20-year Renewal Contract with the "Preservation Exhibit," provided in Attachment 1 of Housing Notice 11-31. The Preservation Exhibit basically provides that when the Renewal Contract expires, the contract will renew for an additional term equal to the number of years remaining on the terminated Renewal Contract.
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