About Mark-to-Market

Mark-to-Market (M2M)

Have you received the benefits of a M2M debt restructuring and want to refinance or sell?

Visit the Post Mark-to-Market web page for more information.

The Mark-to-Market (M2M) program preserves affordability and availability of low income rental multifamily properties with federally insured program. The purpose of M2M is to reduce rents to market levels by restructuring existing debt to levels supportable by these rents. The Green Initiative is also available through this program to assist owners in rehabilitating their properties in the most sustainable way feasible.

This web page is intended to provide resources and tools on M2M and the status of projects in the program. All inquiries and requests related to Mark-to-Market transactions, should be submitted electronically to m2minfo@hud.gov.

Owner/Project Eligibility

In order to participate in the M2M program, owners/projects are required to meet the eligibility criteria in the diagram below.

Mark-to-Market Eligibility Requirements
1 Multifamily Housing with more than four dwelling units. Covered in whole or in part by a project-based Section 8 rental housing assistance contract.		2 Financed by a mortgage insured by FHA or held by the Secretaary under the National Housing Act, excluding Section 202 and Section 515.		3 Determined to have current contract rents for all project based Section 8 assisted units that, in the aggregate, exceed the comparable unsubsidized market rents.		4 Determined to be in good standing.

Regulation, Legislation and Notices

Multifamily Housing Reform and Affordability Act: Projects Eligible for a Restructuring Plan; When Eligibility Is Determined, 2010
Mark-to-Market Extension and Enhancement Act of 2007
Implementation of Mark-to-Market Program Revisions; Final Rule, 2007
Multifamily Assisted Housing Reform and Affordability Acts of 1997 (aka "MAHRA") was included in the Departments of Veterans Affairs, HUD and Independent Agencies Appropriations Acts, 1998. MAHRA was enacted to reduce the cost of federal housing assistance, enhance HUD's administration of such assistance, and to ensure the continued affordability of units in certain multifamily housing projects. Project owners with rents greater than market may request to participate in the Mark- to- Market program authorized by MAHRA. Contracts are renewed at existing rent levels temporarily while the mortgage is being restructured.
The Final Rule implements the legislation that created a Mark-to-Market program through which Section 8 rents for multifamily projects with HUD-insured or HUD-held mortgages will be reduced.

M2M Resources

Multifamily Section 8 Contract Renewals
Operating Procedures Guide (OPG), M2M Guidelines and Processing Tools
The Mark-to-Market System
Mark-to-Market Green Initiative
Environmental Guidance and Lead Based Paint for M2M Properties
Post Mark-to-Market

M2M Reports

The M2M Transactions Report is generated quarterly and provides a list of all the properties in the Mark-to-Market portfolio, it's ownership information and the last milestone of the property's program in the program. (Latest Update June 4, 2024: PDF | Excel). For additional questions contact us at m2minfo@hud.gov. | Note: Use Microsoft Edge or Internet Explorer to View/Open the Excel File

M2M Interest Group Information

Have you received the benefits of a M2M debt restructuring and want to refinance or sell?

Visit the Post Mark-to-Market web page for more information.

1

Multifamily Housing with more than four dwelling units. Covered in whole or in part by a project-based Section 8 rental housing assistance contract.

2

Financed by a mortgage insured by FHA or held by the Secretaary under the National Housing Act, excluding Section 202 and Section 515.

3

Determined to have current contract rents for all project based Section 8 assisted units that, in the aggregate, exceed the comparable unsubsidized market rents.

4

Determined to be in good standing.