§ 401.420. When must the Restructuring Plan require project-based assistance?
82 words·~1 min read·
/us/cfr/t24/s§ 401.420·A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
The Restructuring Plan must provide for the section 8 contract to be renewed as project-based assistance, subject to the availability of funds for this purpose, if:
(a)The PAE determines there is a market-wide vacancy rate of 6 percent or less;
(b)At least 50 percent of the units in the project are occupied by elderly families, disabled families, or elderly and disabled families; or
(c)The project is held by a nonprofit cooperative ownership housing corporation or nonprofit cooperative housing trust.