Proposed changes to the Section 8 Renewal Policy Guide are posted for stakeholder review and comment.
The Department proposed to make a number of technical and policy changes to the Guide. The policy changes include:
- Clarify that an owner who wishes to renew under Option Three can renew for the lesser of 20 years or the remaining term of the use agreement.
- Clarify that an owner who wishes to terminate an existing Option Four contract and renew the contract under Option Four, is allowed to do so.
- Clarify that the revised conditions for receiving increased distributions listed in Section 2-12.E apply to all projects, not just those renewed after August 2015.
- Revise the factor for increasing the reserve for replacement deposits from the OCAF to the most recent "Regional AAF with Highest Utility Excluded".
- Clarify that nonprofits if they meet one of the three discretionary criteria can participate in Option One B.
- Clarify that projects currently renewed under Option Four in addition to those currently renewed under Option Two can reduce rents to market in order to qualify for renewal under Option Two.
Reviewing and Providing Feedback
HUD invites all interested parties to review the proposed page changes and provide feedback by January 23, 2017.