Section 8 Contract Renewal Options
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  1. Multifamily Housing - Section 8 Contract Renewal Options

    Section 8 Contract Renewal Options

    Welcome to the Section 8 Housing Assistance Payment Contract Renewal Options website. This resource contains descriptions of choices available to owners of Section 8 HAP-assisted residential or commercial properties who wish to restore their HAP agreements. The information supplied here is not thorough and rather is meant to help owners browse the options offered to them. For complete directions and requirements for renewal of a HAP agreement, please refer to the Section 8 Renewal Policy Guide.

    For specific concern about a job's eligibility to renew a HAP contract, please call your local HUD Multifamily Account Executive.

    Option 1: Increase to Market

    Eligibility: This option is offered to owners whose contract leas are listed below comparable market rents as figured out by a rent comparability study. An owner may ask for that their qualified current HAP agreement be terminated and restored under this choice.

    Term: Between 5 and twenty years.

    Renewal Rent Increase: At HAP renewal, rents are set at market similar levels, as figured out by an owner's RCS. Rents are topped at 150% of Fair Market Rents unless the owner meets certain criteria to qualify under the discretionary criteria described at Section 9-3.

    Forms and documents for Option 1:

    Worksheets for Mark-up-to-Market. Blank worksheets as PDF files


    Sample worksheets as PDF files


    Worksheets as Microsoft Excel files

    Option 2: Mark up to Budget

    Eligibility: This option is offered to owners whose agreement rents are below or equivalent to equivalent market rents. An owner might decrease their rents to market levels to participate under Option 2.

    Increase: At HAP renewal, leas are set at a level needed to support a HUD-approved task budget. These rents may not exceed market similar levels, as demonstrated by a rent comparability research study.

    Comparability Adjustment: At each 5th year anniversary of the HAP agreement renewal, the agreement rents are gotten used to current market levels. The owner must submit a rent comparability research study which is utilized to set the leas on the 5th, 10th, and 15th anniversaries of the HAP agreement.

    Forms and files for Option 2:


    Section 8 Renewal Policy Guidebook: Chapter 4, Chapter 9


    Option 3: Mark-to-Market

    Eligibility: This option is readily available to certain tasks whose leas surpass market equivalent levels as identified by a rent comparability study. Typically, this applies to projects whose mortgages are insured by the Federal Housing Administration. Congress granted HUD the authority to restructure an owner's mortgage so that debt service is reduced to a level that can be supported by market equivalent levels. If tasks can

    Term: twenty years.

    Annual Rent Increase: At HAP renewal, leas are decreased to a market comparable level as demonstrated by a rent comparability study.

    Mortgage Restructuring: The owner might ask for that their qualified mortgage be restructured into a primary mortgage and subordinate debt. The brand-new main mortgage will be sized so that market comparable rents suffice to support the debt service on that mortgage. Use restrictions will remain in location at the residential or commercial property so long as the secondary financial obligation balance remains. If the task can stay financially feasible despite a lease decrease to market levels, then no mortgage restructuring might be required.

    More Information for Option 3: Information about Option 3 can be found on the About Mark-to-Market website. All inquiries regarding a HAP renewal under Option 3 ought to be directed to m2minfo@hud.gov.

    Option 4: Exception Projects

    Eligibility: This choice is readily available to tasks which are exempt from reorganizing under MAHRA. This generally implies that the job is exempt to an FHA-insured mortgage, but rather has a standard mortgage or is tax-credit funded.

    Term: Between 1 and twenty years.

    Rent Increase: At HAP renewal, rents are either adjusted by the Operating expense Adjustment Factor or by a HUD-approved spending plan (topped by market leas as identified by a Lease Comparability Study), whichever is lower.

    Annual Rent Adjustment: The contract rents will be changed upward each year by the Operating Cost Adjustment Factor released for the region. This multiplicative rent modification is released by HUD in October of each year and works in February of the following year. The OCAF is based on a range of market signs and is meant to catch the results of inflation and other market aspects on the expense of operating rental housing.

    Forms and documents for Option 4:


    Section 8 Renewal Policy Guidebook, Chapter 6


    Option 5: Preservation Projects

    Eligibility: Certain tasks subject to a long-lasting HUD use arrangement are needed to renew under this Option. This usually consists of jobs with a Portfolio Reengineering Demonstration Use Agreement, an ELIHPA Use Agreement, or a LIHPRHA Use Agreement.

    Term: Varies depending upon HAP agreement requirements.

    Rent Increase at HAP Renewal: The leas upon HAP renewal depend upon each project's particular HAP contract, Use Agreement and, if relevant, Plan of Action. Please evaluate those files and call your HUD Account Executive with concerns regarding choices for your residential or commercial property.

    Annual Rent Adjustment: Which rent change systems are available to your task differ depending upon the HAP agreement, Use Agreement, and Plan of Action. Please examine those files and call your HUD Account Executive with questions concerning options for your residential or commercial property. Many Preservation projects might request a budget-based rent boost to help with unpredicted scenarios at a residential or commercial property or to address physical conditions requires.

    Forms and documents for Option 5:

    - The project's Use Agreement need to be reviewed to identify HAP renewal alternatives.
    HAP Renewal Request Form (HUD-9624)


    HUD Handbook 4350.1 Chapter 7: Processing Budgeted Rent Increases


    OCAF Adjustment Worksheet (HUD-9625)


    Section 8 Renewal Policy Guidebook, Chapter 7


    Option 6: Opt-out

    Eligibility: An owner might choose to not restore their HAP agreement upon expiration. This does not apply to owners subject to a contractual commitment to renew the HAP contract resulting from an Usage Agreement that is connected to the residential or commercial property.

    An owner needs to offer HUD and occupants notice of the opt-out one year prior to expiration of the HAP agreement. Upon expiration, eligible renters will be released boosted coupons pursuant to 42 U.S.C. § 1437f( t).

    Full HUD requirements for an owner who wishes to opt out of restoring their HAP contract can be found at Chapter 8 of the Section 8 Renewal Policy Guide. Please keep in mind that state and regional laws may impact an owner's ability to opt-out of restoring their HAP contract. These requirements would not appear in the Section 8 Renewal Policy Guide and HUD can not advise an owner of their obligations under these laws.

    If you are planning to pull out of HAP agreement renewal, please review the 8( bb) Preservation Tool. This program enables HUD to guarantee that cost effective housing stays offered in your community even if you do not wish to renew your HAP agreement.

    Forms and files for Option 6:

    HAP Renewal Request Form (HUD-9624)


    Enhanced Voucher Fact Sheet


    Section 8 Renewal Policy Guidebook, Chapter 8


    Section 8 Preservation Efforts

    Eligibility: An owner who is qualified to restore their HAP contract under Option 1 or 2 may likewise take part in the Section 8 Preservation Efforts programs explained in Chapter 15 of the Section 8 Renewal Policy Guide. The Transfer program offers rewards for the assignment of a HAP contract to a nonprofit, mission-oriented owner. The Capital Repairs program makes sure that the HAP renewal These programs supply a variety of advantages to owners who wish to make sure long-lasting preservation of the housing assistance at their residential or commercial property.