[Code of Federal Regulations]

[Title 24, Volume 4]

[Revised as of April 1, 2006]

From the U.S. Government Printing Office via GPO Access

[CITE: 24CFR882.807]



[Page 95-96]

 

                 TITLE 24--HOUSING AND URBAN DEVELOPMENT

 

  CHAPTER VIII--OFFICE OF THE ASSISTANT SECRETARY FOR HOUSING-FEDERAL 

 

PART 882_SECTION 8 MODERATE REHABILITATION PROGRAMS--Table of Contents

 

   Subpart H_Section 8 Moderate Rehabilitation Single Room Occupancy 

                    Program for Homeless Individuals

 

Sec.  882.807  Housing assistance payments contract.



    (a) Time of execution. Upon PHA acceptance of the unit(s) and 

certifications pursuant to Sec.  882.507, the Contract will be executed 

by the Owner and the PHA. The effective date must be no earlier than the 

PHA inspection which provides the basis for acceptance as specified in 

Sec.  882.507(e).

    (b) Term of contract. The contract for any unit rehabilitated in 

accordance with this program must be for a term of 10 years. The 

contract must give the HA the option to renew the contract for an 

additional 10 years.

    (c) Changes in contract rents from agreement. The contract rents may 

be higher or lower than those specified in the Agreement, in accordance 

with Sec.  882.805(d).

    (d) Unleased unit(s). At the time of execution of the Contract, the 

Owner will be required to submit a list of



[[Page 96]]



dwelling unit(s) leased and not leased as of the effective date of the 

Contract.

    (e) Contract rents at end of rehabilitation loan term. For a 

contract in which the initial contract rent was based upon a loan term 

shorter than 10 years, the contract must provide for reduction of the 

contract rent effective with the rent for the month following the end of 

the term of the rehabilitation loan. The amount of the reduction will be 

the monthly cost of amortization of the rehabilitation loan. This 

reduction should result in a new contract rent equal to the base rent 

plus all subsequent adjustments.



(Approved by the Office of Management and Budget under control number 

2502-0367)



[61 FR 48057, Sept. 11, 1996, as amended at 63 FR 23856, Apr. 30, 1998]