Final Rule Affects Contract Renewals Outside Mark-to-Market; Rule Proposed on One-Year Notice

摘要

HUD issued a final rule effective February 13 which adopts some statutory changes and clarifications concerning the renewal of Section 8 contracts outside of the mark-to-market process as authorized by the Multifamily Assisted Housing Reform and Affordability Act of 1997 (MAHRAA). The rule was published in the January 12 Federal Register. A proposed rule was also issued January 12 providing that an owner who has given the one-year notice of contract termination and who later decides not to undergo mortgage restructuring or whose restructuring plan is rejected would not be required to give a new 12-month notice. Comments are due March 13.