§401.420. When must the Restructuring Plan require project-based assistance?
24 C.F.R. § 401.420
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:
The PAE determines there is a market-wide vacancy rate of 6 percent or less;
At least 50 percent of the units in the project are occupied by elderly families, disabled families, or elderly and disabled families; or
The project is held by a nonprofit cooperative ownership housing corporation or nonprofit cooperative housing trust.
Notes, amendments, and revision history
Authority
Authority: 12 U.S.C. 1715z-1 and 1735f-19(b); 42 U.S.C. 1437(c)(8), 1437f(t), 1437f note, and 3535(d).
Source
Source: 65 FR 15485, Mar. 22, 2000, unless otherwise noted.