[Code of Federal Regulations] [Title 24, Volume 4] [Revised as of April 1, 2005] From the U.S. Government Printing Office via GPO Access [CITE: 24CFR886.302] [Page 145-146] TITLE 24--HOUSING AND URBAN DEVELOPMENT CHAPTER VIII--OFFICE OF THE ASSISTANT SECRETARY FOR HOUSING-FEDERAL PART 886_SECTION 8 HOUSING ASSISTANCE PAYMENTS PROGRAM_SPECIAL ALLOCATIONS--Table of Contents Subpart C_Section 8 Housing Assistance Program for the Disposition of HUD-Owned Projects Sec. 886.302 Definitions. The terms Fair Market Rent (FMR), HUD, and Public Housing Agency (PHA) are defined in 24 CFR part 5. Act. The United States Housing Act of 1937. Agreement. An Agreement to Enter into a Housing Assistance Payments Contract. See Sec. 886.332. Annual income. As defined in part 5 of this title. Contract. (See Section 8 contract.) Contract rent. The rent payable to the owner under the contract, including the portion of the rent payable by the family. In the case of a cooperative, the term ``contract rent'' means charges under the occupancy agreements between the members and the cooperative. Decent, safe, and sanitary. Housing is decent, safe, and sanitary if it meets the physical condition requirements in 24 CFR part 5, subpart G. Eligible project or project. A multifamily housing project (see 24 CFR part 290): (1) For which the disposition in accordance with the provisions of 24 CFR part 290 involves sale with Section 8 housing assistance to enable the project to be used, in whole or in part, to provide housing for lower income families; and (2) The units of which are decent, safe, and sanitary. Family. As defined in part 5 of this title. HCD Act. The Housing and Community Development Act of 1974. Housing Assistance Payment. The payment made by the contract administrator to the Owner of an assisted unit as provided in the Contract. Where the unit is leased to an eligible Family, the payment is the difference between the Contract Rent and the Tenant Rent. A Housing Assistance Payment may be [[Page 146]] made to the Owner when a unit is vacant, in accordance with the terms of the Contract. An additional Housing Assistance Payment is made when the Utility Allowance is greater than the Total Tenant Payment. Lease. A written agreement between the owner and a family for leasing of decent, safe and sanitary dwelling unit to the family. Low-income family. As defined in part 5 of this title. Owner. The purchaser, including a cooperative entity or an agency of the Federal Government, under this subpart, of a HUD-owned project; or the purchaser, including a cooperative entity or an agency of the Federal Government, through a foreclosure sale of a project that was subject to a HUD-held mortgage. Project account. The account established and maintained in accordance with Sec. 886.308. Rehabilitation. The rehabilitation of an eligible project to upgrade the property to decent, safe, and sanitary condition to comply with the Housing Quality Standards described in Sec. 886.307 of this part, or other standards approved by HUD, from a condition below those standards and requiring repairs that may vary in degree from gutting and extensive reconstruction to the cure of deferred maintenance. Rehabilitation may exceed the requirements of Sec. 886.307 of this part. Section 8 contract (``Contract''). A written contract between the owner of an eligible project and HUD providing housing assistance payments to the owner on behalf of eligible families pursuant to this subpart. Tenant rent. As defined in part 5 of this title. Total tenant payment. As defined in part 5 of this title. Utility allowance. As defined in part 5 of this title. Utility reimbursement. As defined in part 5 of this title. Very low-income family. As defined in part 5 of this title. [44 FR 70365, Dec. 6, 1979, as amended at 49 FR 19949, May 10, 1984; 50 FR 9269, Mar. 7, 1985; 50 FR 38795, Sept. 25, 1985; 53 FR 3369, Feb. 5, 1988; 58 FR 43722, Aug. 17, 1993; 60 FR 11859, Mar. 2, 1995; 61 FR 5213, Feb. 9, 1996; 63 FR 46580, Sept. 1, 1998; 65 FR 16724, Mar. 29, 2000]