[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: 24CFR888.320]



[Page 173-174]

 

                 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.  888.320  One-time Contract Rent determination.



    (a) Determining the amount of the new Contract Rent. Project owners 

eligible for retroactive payments, as described in Sec.  888.301(c), may 

request a one-time Contract Rent determination, to be effective as 

described in paragraph (c) of this section. The request for a one-time



[[Page 174]]



rent determination must be made when submitting a request for 

retroactive payments, as described in Sec.  888.315. If no claim for 

retroactive payments is made, an owner may submit only the request for a 

one-time rent determination, provided the owner is eligible for 

retroactive payments. The new Contract Rent under this provision will be 

the greater of:

    (1) The Contract Rent currently approved by HUD (or the Contract 

Administrator); or

    (2) An amount equal to the applicable AAF multipled by the Contract 

Rent minus debt service, calculated for each year from October 1, 1979, 

to May 31, 1991.

    (b) Currently approved rent. The Contract Rent currently approved by 

HUD (or the Contract Administrator) is the Contract Rent stated in the 

most recent amendment to the HAP Contract signed by both HUD (or the 

Contract Administrator) and the owner, or as shown on HUD Form 92458 

(Rental Schedule) if the most recent amendment to the HAP Contract 

cannot be located.

    (c) Effective date of new Contract Rent. The new Contract Rent, 

determined under paragraph (a) of this section, will be effective on May 

31, 1991.



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

2505-0042)