HUD publishes new Section 8 Renewal Policy Guidebook that applies to all renewal and amend rent submissions post-marked on or after July 28, 2017
HUD publishes new Section 8 Renewal Policy Guidebook that applies to all renewal and amend rent submissions post-marked on or after July 28, 2017
The new Section 8 Renewal Policy Guidebook was issued by HUD on June 30, 2017 and is effective July 28, 2017. This means that all submissions post-marked on or after July 28, 2017 must follow these rules. For a full list of 27 changes made, refer to the transmittal. The more significant changes are listed below:
- Clarifies that an owner can renew under Option 3 for the lesser of 20 years or the remaining term of the use agreement. (Section 2-4. B.3.e.)
- Clarifies that an owner can terminate an existing Option 4 contract and renew the contract under Option Four. (Section 2-4. B.4)
- Clarifies that if an owner of a project with an existing Preservation Exhibit wishes to terminate the contract and renew early, the new Preservation Exhibit will replace the existing one and include only the number of years remaining on the contract being terminated. (Section 2-4. D)
- Clarifies that nonprofits meeting one of the three discretionary criteria can participate in Option 1B. (Note after Section 3-6. A.)
- Clarifies that projects currently renewed under Option 4, in addition to those currently renewed under Option 2, can reduce rents to market to qualify for renewal under Option 2. (Note after Section 4-1)
- Clarifies that for profit owners can renew under Option One or Option Two. (Section 15-1.)
- Directs users to Handbook 4350.1 for instructions on combining contracts but clarifies that contracts can only be combined if located in the same FMR area. (Section 2-10)