[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: 24CFR888.301]



[Page 171]

 

                 TITLE 24--HOUSING AND URBAN DEVELOPMENT

 

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

 

PART 888_SECTION 8 HOUSING ASSISTANCE PAYMENTS PROGRAM_FAIR MARKET 

RENTS AND CONTRACT RENT ANNUAL ADJUSTMENT FACTORS--Table of Contents

 

Subpart C_Retroactive Housing Assistance Payments for New Construction, 

 

Sec.  888.301  Purpose and scope.



Substantial Rehabilitation, State Finance Agencies, Section 515 Farmers 

  Home Administration, Section 202 Elderly or Handicapped, and Special 

                          Allocations Projects



    Source: 56 FR 20084, May 1, 1991, unless otherwise noted.





    (a) Purpose. This subpart describes the basic policies and 

procedures for the retroactive payment of Housing Assistance Payments to 

eligible project owners for the period from October 1, 1979 to May 31, 

1991 and for one-time Contract Rent determinations for such eligible 

project owners.

    (b) Applicability. This subpart applies to all project-based Section 

8 Housing Assistance Payments Contracts under New Construction (Part 

880); Substantial Rehabilitation (Part 881); State Finance Agencies 

(Part 883); and Section 515 Farmers Home Administration (Part 884). It 

also applies to those projects under Section 202 Elderly or Handicapped 

(Part 885) and Special Allocations (Part 886, Subparts A and C) whose 

Contract Rents are adjusted by use of the Annual Adjustment Factors 

(AAFs), as described in subpart B of this part.

    (c) Eligible project owners. Project owners may be eligible for 

retroactive payments if, during the period from October 1, 1979 to May 

31, 1991:

    (1) The use of a comparability study by HUD (or the Contract 

Administrator), which was conducted as an independent limitation on the 

amount of rent adjustment that would have resulted from use of the 

applicable AAF, resulted in the reduction of the maximum monthly 

Contract Rents for units covered by a Housing Assistance Payments (HAP) 

contract or resulted in less than the maximum increase for those units 

than would otherwise be permitted by the AAF; or

    (2) The HAP contract required a project owner to request annual rent 

adjustments, and the project owner certifies that a request was not made 

because of an anticipated reduction of the maximum monthly Contract 

Rents resulting from a comparability study.