Option 3b hap contract. Full RECAP is used when debt re-structuring is required.

Option 3b hap contract contract term (excluding any annual or incremental government appropriation conditions) expires before the Mortgage Loan Mortgage Loan Mortgage debt obligation evidenced, or when made will be evidenced, by the Loan Documents Aug 31, 2023 · 2023. Ian Happ signed a 3 year, $61,000,000 contract with the Chicago Cubs, including $3,000,000 signing bonus, $61,000,000 guaranteed, and an average annual salary of Dec 5, 2022 · What are HAP Contracts? Housing Assistance Payments contracts, often referred to as HAP contracts, are agreements between a public housing agency (PHA) and the owner of a property to define the number of units eligible for Section 8 rental subsidies. Contract Renewal Request Form (HUD Form 9624 – Option 3B) Regardless of your option selection, NHC will refer your contract to RECAP for restructuring if the contract rents exceed comparable market rents and if the contract is eligible for referral. Improvements included energy and water efficiency upgrades. The amount of the monthly housing assistance payment by the PHA to the owner is subject to change during the HAP contract term 25 rents are based on the statutory formula for the renewal option that the owner selects. TRANSLATION: A new RCS (when applicable) is required at the beginning of ALL long term contracts and contracts that Contract Renewal Request Form Instructions. I hereby elect to participate in the . Owners that are eligible for the Mark-To-Market program and are interested in going through the full restructuring process should check Option 3B. 5 billion worth of options will be settled by Deribit . This Built in 1981, Birmingham Towers is a 125-unit senior-designated property with a Project-Based Section 8 HAP Contract covering 99% of the units. The HAP contract only applies to the household and contract unit specified in Part A of the HAP contract. • 20 Year Contract • Use restrictions • OCAF rent increases for the duration of the contract • No RCS is required for the term of the HAP contract Aug 12, 2015 · Outlines various ways a contract can be renewed. All of the units in this project are subsidized by the Option 3B HAP contract which expires July 25th, 2034. 30th, 2035. Contract Renewal Request Form (HUD Form 9624 – Option 3A) Option 3B. • Rents for Contract A1 remain as-is and renew under an Option 3b Full M2M Renewal Contract. e. Provides six options available to owners with expiring Section 8 HAP contracts. Owner signed Attachment 3A-2, Contract Renewal Request Form and Worksheet (sample attached); Aug 26, 2017 · Section 8 of Part A of the HAP Contract for vouchers states that the owner shall pay for all utilities and appliances provided by the owner. The Owners are eligible to enter into a short-term contract at current rents in order to have time to go through the OAHP-Lite process. Housing Assistance Payment (HAP) vouchers, special claims (unpaid rent, damages, or vacancy), and repayment agreements. b states that the lease must specify what appliances are to be provided or paid by the owner or the tenant, and that the lease must be consistent with the HAP contract. greater than . They include: Option 1: Mark up to Market (MU2M) Option 2: Contract Renewals for Other Projects . O/A’s are . To ensure you have answers readily available, the most common issues and questions are within this guide. 2 RAD PBV HAP Contract and Use Agreement . Form HUD-9624, Contract Renewal Request Form, is used by Owners of projects that are requesting a renewal of a Section 8 contract expiring in the current fiscal year. If the HAP contract is The term of the HAP contract begins on the first day of the lease term and ends on the last day of the lease term, including any extensions of the lease term. Assignment, Assumption, and Amendment of Section 8 Housing Assistance Payments (HAP) Contract: HUD–5988 (new) 3. FINDING AND LEASING AN APARTMENT (Cont. The owner may undertake substantial improvement on a unit currently under a HAP contract, except a contract subject to a rider under the rehabilitated housing option for development activity after HAP contract execution in accordance with § 983. At the beginning of the HAP contract term, the amount of the housing assistance payment by the PHA to the owner is $_____ per month. 154, 983. A separate guide addresses conversions to PBRA. Option 4 – Exempt from OAHP Option 4 is for projects that are exempt from referral to OAHP although rents may exceed market. OPTION FIVE - Portfolio Reengineering Demonstration and Preservation Contract Renewals I request a contract renewal of my Demonstration Program Contract. The PHA may add HAP contract provisions which define when the housing assistance payment by the PHA is deemed received by the owner (e. Calculating Rent and HAP Payments 3 November 2019 HOUSING CHOICE VOUCHER PROGRAM GUIDEBOOK 2. Overview Documents Photos Colonnade Apartments Jan 8, 2019 · Currently, the property is under a 20-year, option 3b HAP renewal contract that expires in 2024. Rent Comparability Grid: HUD–92273–S8 5. There is a Section 8 project-based HAP contract administered by the Office of Public and Indian Housing (i. Tigers trading 3B prospect Nick Quintana to Reds for catcher Tucker Barnhart, as @cmccosky reported. required to submit both . If the project has an existing RCS that is not at the end of its 5-Year life cycle, the Owner is required to obtain a new RCS for use in adjusting rents to Jun 23, 2022 · Agreement, M2M Renewal Contracts adjust contract rents by OCAF only and Option 3b HAP if already HUD assisted. when in conjunction with execution of a new contract and the “lesser of test” A budget-based rent adjustment. Mark-To-Market program. If requesting a budget- Dec 22, 2023 · Owners of properties with expiring Section 8 contracts initiate the Mark to Market (M2M) process when they request a Section 8 contract renewal and select options in accordance with the Section 8 Renewal Policy Guide Book, last published in March 2023, 120 days before Section 8 contract expires. Overview Documents Photos South Pointe Apartments 6. When the PHA issues a housing choice voucher, it is important Leasing, and Category 7 – NLT Inspection Withheld Housing Assistance Payments APPENDIX H NOTES: • The only category that requires an attachment with the submission of Appendix H is Category 7 – NLT Inspection Withheld Housing Assistance Payments. Rents are adjusted to the resident meeting to explain the HAP Contract expiration process and rovide tenants p with written notice as to their intent to renew the Section 8 contract. pdf : Project-Based Section 8 Housing Assistance Payments Addendum to Renewal Contract under Option One or Option Two for Capital Repairs New construction or rehabilitation work done after the proposal or project selection date in order for a newly constructed or rehabilitated housing project to be covered by a PBV HAP contract, including work done pursuant to a rider to the HAP contract in accordance with § 983. Therefore, to receive Housing Assistance Payments (HAP) after May 1, Owners must change their payment method to direct deposit and provide banking information in NYCHA’s Owner Extranet by clicking on the “Direct Deposit” tab. I would like to restructure the FHA insured or HUD-held insured mortgage 2 properties under an Option 2 HAP Contract & 13 properties under an Option 3b HAP Contract 1 senior-designated, 2 partially-senior, and 12 family-designated properties 13 properties went through M2M Restructuring between 2001 & 2017 - Use Agreements expire between 2031 & 2047 Report Save. 157 22 Housing Assistance Payments Contract (HAP Contract) and Urban Development Section 8 Tenant-Based Assistance Housing Choice Voucher Program _____ Part B of HAP Contract: Body of Contract 1. At least 120 days prior to the HAP contract expiration date, the owner must submit a. Upon closing of full debt restructuring, a Housing Assistance Payment (HAP) Contract is typically issued for 20 years and must be continually renewed under Option 3b until the property’s Use Agreement expires. 54, the PHA and owner may execute an amendment to the HAP contract to add PBV units in the same project to the contract, without a new proposal selection. This is true even if a previous RCS is less than 5 years old. The following contracts and addendum are included with this notice. Please submit the following at least 120 days prior to the expiration date of the contract: 1. Discusses early contract termination, rent comparability studies and which contracts to use by chosen option. Public housing projects converting under RAD do not employ the PBV Agreement to Enter into a Housing Assistance Payment (AHAP) contract. The HAP contract and the housing assistance payments made under the HAP contract terminate automatically in each of the following situations: The owner or the tenant terminate the lease; Option 3b Subsequent Submission Checklist. The owner notifies the HUD Multifamily Program The HAP-assisted units within this Project shall be used solely as rental housing for tenants meeting the eligibility and income-targeting requirements that govern the HAP Contract. 524(a)(1) - HUD as Contract Administrator Attachment 7 Option 3b RECAP Full. and request a renewal of the Section 8 contract(s) shown on the attached Cover Sheet (Select one of the following Options): Option 3B – I believe that the current contract rents are . c. For example, if you renew a contract on June 1, 1999, for 3 months, the contract will expire on August 31, 1999. ( b ) HAP contract execution. pdf : Project-Based Section 8 Housing Assistance Payments Addendum to Renewal Contract under Option One or Option Two for Capital Repairs Aug 27, 2024 · 2022 – HUD – 93181. renew an existing contract for more than 5 years must submit a new RCS. Notice must be hand delivered and/or delivered by mail. The HAP contract is entered to provide assistance for contract if the HAP HAP HUD project-based Section 8 rental subsidy in the form of a Housing Assistance Payment contract. The HAP contract and the housing assistance payments made under the HAP contract terminate automatically in each of the following situations: • The owner or the tenant terminate the lease; HAP contract early and renew that contract under the same or a different option, or. 1) The Department will permit a one time extension of the existing contract term if: • There is no resetting of contract rents upon execution of the contract extension; and • Annual rent adjustments and if applicable, The HAP contract term commences on the first day of the initial lease term. SKU CMS028 Categories Contract Renewal and Rent Adjustment Resources, Housing Assistance Payments (HAP) Housing Assistance Payments Contract (HAP) under Section 8 of the United States Housing Act of 1937 •A contract renewal renews all provisions of the original contract with the possible exception of number of units under contract and rent adjustment methods going forward 7 %PDF-1. B. Eligibility. Oct 1, 2011 · To-Market Contract. Chapter Overview The determination of the family’s share of total housing costs and the PHA’s housing assistance payment (HAP) is a two-step process. At least 120 days before the contract expiration, Owners must provide the Renewal Cover Sheet along with HAP Contract // Valid Through Sept. (b) Amendment to add contract units. Option Two is for Owners who request a renewal of their Section 8 contract where the RCS indicates that the contract’s aggregate current rents are at or below comparable market rents, or the contract’s aggregate current rents exceed comparable market rents, but the project is exempt from MTM restructuring and the owner is willing to cut the rents to comparable market rents Option 3b RECAP Full. 2 Financed by a mortgage insured by FHA or held by the Secretaary under the National Housing Act, excluding Section 202 and Section 515. owner. The amount of the monthly housing assistance payment by the PHA to the owner is subject to change during the HAP contract term Search site… Generic filters. Covered in whole or in part by a project-based Section 8 rental housing assistance contract. Chapter 2: Other Contract Actions: Opt-Outs and Terminations This chapter outlines how the CA will process contract terminations if an owner defaults under a HAP contract or if an owner elects to opt-out of a HAP contract. a. ( 1 ) Upon satisfactory completion of the project, the Borrower and HUD shall execute the HAP contract on the form prescribed by HUD. The HAP contract is entered to provide assistance for The housing assistance payments contract sets forth rights and duties of the Borrower and HUD with respect to the project and the housing assistance payments. 5 %âãÏÓ 131 0 obj > endobj 141 0 obj >/Filter/FlateDecode/ID[4A8AE140417C9CD5A459D68AFA198B97>6F7FA6AD4EA9824E8655C1F8BCB52788>]/Index[131 20]/Info 130 0 R suspension of housing assistance payments, abatement or other reduction of housing assistance payments, termination of housing assistance PHA may not exercise such remedies against the owner because of an HQSbreach for which the . (with a term of up to twenty years. • Early Terminations require a 20-year contract, plus Preservation Exhibit. Part B, §5. Although the communities had different HAP contracts… Option 3B: Full • Debt Restructured • Your PBCA does not make rent determinations or restructure your loan • OAHP assigns a Participating Administrative Entity (PAE) to do the processing. Full RECAP is used when debt re-structuring is required. 223(f) HUD Financing Available // Up To 90% LTV. the market The HAP contract term commences on the first day of the initial lease term. Budget-based rent adjustments under this option are not allowed. , a Section 8 Single-Room Occupancy Moderate Rehabilitation HAP contract). The property is under a 10-Year Option 3b HAP Contract, expiring in January 2033. RENEWAL WORKSHEET FOR OPTION THREE-B . Apr 12, 2017 · Housing Assistance Contract renewed under Option One or Option Two of the Section 8 Renewal Policy Guide. Overview . 157, if approved to do so by the PHA. non-exception rent guidance. This helps you save on item such as cold and flu medication, pain relievers, diabetes supplies and more. Purpose a. Contract Renewal Types Option Type Description Requirements Option 1 Mark-Up-To-Market Satisfactory MOR Score REAC Score above 60 FASS findings closed or addressed Option 2 Current Rents at or Below Comparable Market Rents Option 3a Referral to Recap Active HUD Loan / Eligible for RECAP RCS Option 3b Referral to Recap Active HUD Loan / Eligible Option 3b- RECAP Full Contract Renewal Request Form (Signed by an authorized representative of the Ownership Entity) Renewal Worksheet for Option 3 One Year Tenant Notification Letter (indicating owner's intent to renew their Section 8 HAP Contract) Rent Comparability Study (RCS) prepared in accordance with the guidelines set forth This Chapter outlines the various ways a contract can be renewed and provides six options available to owners with expiring Section 8 HAP contracts. (PBRA) HAP contract. Attachment 3B, pages 1-3 What’s The Difference Between Option 4 & Option 2? Option 2 requires the property to submit a Rent Comparability Study Jul 17, 2015 · HUD Approach to Long-Term Housing Assistance Payment Renewal HUD promotes long-term renewal of Section 8 Housing Assistance Payment (HAP) contracts. The key points in the current Section 8 Renewal Guide are: Owners may generally request 20-year contract renewals to assist in preserving affordable housing. b. • A new RCS is due every 5th year of the contract. In the event that the HAP Contract is terminated (e. HUD published the Fair Market rents for each market area in the United States and the PHA's must adopt a payment standard schedule that establishes voucher payment standard amounts for each OPTION FOUR - Request Renewal of the Contract for Projects Exempt from or not Eligible for Debt Restructuring I hereby request a contract renewal for a _____-year term. • Over the years, 10,000 properties were thought to have above-market contracts and if continuously renewed would eventually exceed HUD’s total budget. 3 Option 3b RECAP Full. Sep 23, 2024 · Affordable Housing Sales is pleased to present the opportunity to offer for sale the fee simple interest in Williamsport NSA. The Transfer program provides incentives for the assignment of a HAP contract to a nonprofit, mission-oriented owner. This is a HAP contract between the PHA and the owner. Utilities // Tenant Paid Electric & Gas. Project-Based Section 8 Housing Assistance Payments: Addendum to Renewal Aug 27, 2024 · 2022 – HUD – 93181. Hidden label 14. • But the reduction to market rents, without a reduction in debt service, potentially jeopardizes property operations and the mortgage encumbering the property. See the Section 8 Renewal Guide, Chapter 6, for additional information on projects that qualify as exceptions. Rent adjustments are prohibited during the term of the Interim (Full) Mark- Jul 31, 2023 · Consent to Assignment of HAP Contract for Freddie Mac Financing (HUD 9648A) This form is used when an owner has advised the contract administrator (HUD or a public housing agency (PHA) acting as contract administrator under annual contributions contract (ACC) with HUD) that the owner wants to assign the owner’s interest in the HAP Contract to The term of the HAP contract begins on the first day of the lease term and ends on the last day of the lease term, including any extensions of the lease term. The required attachments for Category 3a – PBV and Category 3b – Options: Rehabilitation or new construction under AHAP, when complete execute HAP contract (current) Rehabilitation or new construction with no AHAP, when complete execute HAP contract Rehabilitation after HAP contract execution (delayed) Development requirements apply (including payment of Davis-Bacon wages) 24 CFR 983. , because of breach or non-compliance by the Owner), for the 1. Originally constructed in 1980, the property underwent substantial renovations in 2019 through the Mark-to-Market Green Initiative program. These Owners are not required to submit an RCS. The property is under a 10-year Option 3b Renewal HAP Contract, expiring February 2032, and is eligible for a Budget-Based Rent Increase per Omnibus Legislation amending Section 514 of MAHRAA. Posting on resident’s door is not permitted. • The IPF, Surplus Cash, and payments to the HUD Note(s) will be based on Project A. ( iii ) The PHA may only use the following sources to pay a late payment penalty from program receipts under the consolidated ACC: administrative fee 1. 2. It discusses early contract termination, rent comparability studies and which contracts to use by chosen option. Find doctors, urgent care facilities, hospitals, pharmacies and more. The property underwent major improvement in 2004 and is encumbered by an M2M use agreement through not an option for contract renewals. , a Section 8 Moderate Rehabilitation contract or a Section 8 Project-Based Voucher HAP contract) or by the Office of Community Planning and Development (i. ) Use the Interim (Full) Mark-To-Market Renewal Contract (Attachment 14) for entry into OAHP as a Full. Cover letter explaining that no increase is intended 2. The project underwent full Mark-to-Market Restructuring in 2003 and is subject to an M2M Use Agreement through January contract(s) shown on the attached Cover Sheet (Select one of the following Options): Option 3B – I believe that the current contract rents are greater than the market rent potential of the comparable market rents. Option 1 Rent Determination & Adjustments • Expiring Contracts are renewed for a minimum of 5 years. Use our search tool to find nearby: Doctors; Urgent care facilities or walk-in clinics We recently completed the sale of a 153-unit,100% Project-Based Section 8 portfolio in Northeast Ohio. Provides instructions for processing either OCAF or budget based rent adjustment requests. This guide applies only to conversions of public housing assistance to the PBV platform. 1384) authorizes the FHA Multifamily Housing Mortgage and Housing Assistance Restructuring Program. Multifamily Housing with more than four dwelling units. Dec 8, 2022 · Owner Renewal Options for the Section 8 Program. ) Housing Assistance Payments Contract (HAP Contract) and Urban Development Section 8 Tenant-Based Assistance Housing Choice Voucher Program _____ Part B of HAP Contract: Body of Contract 1. It is our intention to provide you assistance to help reduce errors that may cause delays in your HAP. This includes early termination/renewal requests. Option 2 – During contract renewals & amend rents only years; Option 4 – During contract renewals (accompanied by an OCAF worksheet per the lesser of the test) & amend rents only years (accompanied by an RCS); Option 5 – During contract renewals & amend rents only years (if applicable – see POA or Use Agreement); Comparable Rent Adjustment 92 HAP units in Monroe, LA: - Existing Option 3B Section 8 HAP Contract covering 100% of rental units. The For subsequent years, funding of contracts that have been renewed under Option 4 may have their rents adjusted by either a BBRA or the OCAF. Housing Assistance Payments Contract: HUD–52522a; HUD–52522b 2. The Payment standard is used to calculate the monthly housing assistance payment and is the maximum amount of subsidy a housing authority is allowed to pay. In general, the HAP Contracts provide that a violation or the failure by the project owner to comply with any provision of the HAP Contract or any lease with project residents or the assertion or demonstration by the project owner of an intent not to perform some or all of the owner's obligations under the HAP Contract or any residential lease Feb 19, 2023 · What Are HAP Contracts? Housing Assistance Payments contracts, more commonly known as HAP contracts, are agreements between public housing agencies (PHA) and property owners that define the number of units eligible for rental subsidies through the Department of Housing and Urban Development Section 8 Program. (Based on Use Agreement) HAP Medicare Advantage plans include an over-the-counter benefit. About $2. Sale Price. There are two easy ways to update the default payment method with NYCHA: Calculating Rent and HAP Payments 2 November 2019 HOUSING CHOICE VOUCHER PROGRAM GUIDEBOOK 1. Renovated in 2000 (Congress Park I) and 2005 (Congress Park II) using 4% Low-Income Housing Tax Credits, both properties are out of their initial Tax Credit Compliance 2 Properties under 20-year Option 3b Renewal HAP Contracts, expiring 2028 Lakeview Apartments is under an 8-year & 11-month Option 3b Renewal HAP Contract, expiring 2031 2001 & 2008 M2M Restructuring - Use Agreement expires July 2031 or January 2038 Built in 1981, Tower 43 is a 101-unit senior-designated property with a Project-Based Section 8 HAP Contract covering 99% of the units. 26 For HAP contracts renewed under section 524(a), (b)(1), or (e)(2) of MAHRA with a 27 multi-year contract, rents are to be adjusted on the anniversary of the HAP contract by The HAP contract term commences on the first day of the initial lease term. , upon mailing by the PHA or actual receipt by the owner). 157. The amount of the monthly housing assistance payment by the PHA to the owner is subject to change during the HAP contract term (a) Substantial improvement to units under a HAP contract. g. Use Agreement: HUD–90055 4. • M2M Use Agreement remains at Eligibility: An owner who is eligible to renew their HAP contract under Option 1 or 2 may also participate in the Section 8 Preservation Efforts programs described in Chapter 15 of the Section 8 Renewal Policy Guide. • Project is only allowed OCAF rent adjustment for years 2-5 of the MU2M contract. . Once the file is complete, HPD will process a new admission and send you a Rent Breakdown Letter. 2 Properties under 20-year Option 3b Renewal HAP Contracts, expiring 2028 Lakeview Apartments is under an 8-year & 11-month Option 3b Renewal HAP Contract, expiring 2031 2001 & 2008 M2M Restructuring - Use Agreement expires July 2031 or January 2038 IL & IA HAP Portfolio Multiple Locations | IA, IL Call For Offers. Once HPD receives the executed HAP contract and a lease with dates that match the HAP contract, HPD will complete a final review. When a HAP contract has expired, an owner generally has six different options: Option 1: Mark-Up-To-Market (MUTM) contract renewal, with current rents adjusted by an operating cost adjustment factor (OCAF) or calculated via budget: If expiring contract rents are less than market, or: Option 3A. Members will receive up to a $400 allowance annually to purchase over-the-counter medications. contracts and stages; Mark-to-Market; Mark-Up-to-Market; and exception projects. Congress Park I is under a 20-year Option 2 HAP Contract, expiring in August 2034, while Congress Park II is under a 20-year Option 3b HAP Contract, expiring September 2024. This HAP contract is significantly different from the regular M2M full renewal HAPs, in that instead of modifying certain provisions of the original (Mod Rehab) HAP contract, these projects will have an entirely new HAP contract executed at closing. For OY deals, the original HAP will remain in place and an OY Recapture Agreement will be signed. 6 Treatment of HAP Contract Renewals for Section 8 Assisted Projects Where a Section 8 HAP contract is involved, the borrower and lender are responsible for ensuring that the renewal terms under the Section 8 Renewal Guide have been or will be satisfied prior to loan application submission or Initial Endorsement. d. When determining which option to select, owners should be aware that the contract renewal options are determined by the project’s eligibility at the expiration date of the existing Section 8 HAP contract. 5-State HAP Portfolio Various Locations | AR, KY, MS, SC, TN Call For Offers. Requesting Referral to OAHP . 1 Total Tenant Payment2 Total tenant payment (TTP) is the minimum amount the family will pay toward rent and utilities and is notice will be generated at the time HPD sends HAP contracts to the owner. HAP Contract // Option 3b. . 6 or § 983. Assignment of HAP contracts to owner; Process and monitor flexible subsidy; Process special claims (debt service) Option 3B Option 4: Option 5 The Mark-Up-To-Market Option was introduced as an Emergency Initiative in June 1999 to provide owners of certain below-market properties located in strong markets, an incentive to renew the Section 8 contract and continue providing affordable housing. At the discretion of the PHA, and provided that the total number of units in a project that will receive PBV assistance will not exceed the limitations in § 983. HUD implemented a statutory permanent program directed at FHA-insured multifamily projects that have project -based Section 8 contracts with above- market rents. General Directions . Upcoming adjustments are due to take effect on August 1, 2022 - Property is operating with Worksheets for Mark-Up-To-Market (Option One) For your convenience the following worksheets for the Emergency Initiative to Preserve below-Market, Project-Based, Section 8 Multifamily Housing stock is available as a Microsoft Excel spreadsheet (HUD standard), or as a (universal) Portable Document Format (PDF) file: a. 6 days ago · The 42-unit property is supported by a Project-Based Section 8 HAP contract, renewed under Option 3b in 2018 for a 20-year term. pdf: Project-Based Section 8 Housing Assistance Payments Addendum to Renewal Contract under Option One or Option Two for Capital Repairs and/or Acquisition Costs 2022 – HUD – 93182. Williamsport NSA is a 50-unit Project Based Section 8, family designated facility located in Williamsport, PA. Option Six is to opt-out of the Section 8 contract. 1900 L Street, NW, #300 - Washington, DC 20036 When renewing a contract, months not days should be used to calculate the contract expiration date. The HAP contract is entered to provide assistance for the family under the Section 8 voucher program (see HUD program regulations at 24 Code of Federal Regulations Part 982). At the beginning of the HAP contract term, the amount of the housing assistance payment by the PHA to the owner is $ _____ per month. Determining Option. HAP Contract (A1 and A2). • HAP and Use Agreement Term for Contract A1 follows previous exception vs. Option 3B (Full): A debt restructuring and contract renewal with the rents reduced to comparable market rents. HUD Guidance Option 3b RECAP Full. The PHA shallnot make any housing assistance payments if the contract unit does not meet the HQS, Any Option 1 or Option 2 contract renewal request over 5 years MUST submit a new RCS, even if the previous RCS is less than 5 years old. thfshk ylsjq vrel xinhk hraie vzdkjf fkeexcn kpzky ddji kjuisc ybhwoe cpyylcg pcnuq bpw uxpgwg