[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: 24CFR888.420]



[Page 176]

 

                 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 D_Retroactive Housing Assistance Payments for Moderate 

                         Rehabilitation Projects

 

Sec.  888.420  One-time Contract Rent determination.



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

eligible for retroactive payments, as described in Sec.  888.401(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 

rent determinaton must be made when submitting a request for retroactive 

payments, as described in Sec.  888.415. If no claim for retroactive 

payments is made, an owner may submit only the request for a one-time 

rent determinaton, 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 the PHA; or

    (2) An amount equal to the Contract Rent as adjusted to May 31, 1991 

under Sec.  888.405(a).

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

the PHA is the Contract Rent stated in the most recent amendment to the 

HAP Contract signed by both the PHA and the owner.

    (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 

2502-0042)