Multifamily Assisted Housing Reform and Affordability Act

 

To retain critical affordable housing resources represented by the supply of FHA-insured Section 8 assisted housing and maintain it in good physical and financial condition while, at the same time, reducing the cost of the ongoing Federal subsidy. In carrying out the Program, HUD works with willing participating administrative entities (PAEs), owners and lenders to reduce Section 8 rents and operating expenses to true market levels and also provide for the project's capital improvement needs.

Deleted 10/11/2010 (Archived.) 14.197 Agency: Department of Housing and Urban Development
Office: Office of Housing-Federal Housing Commissioner DIRECT PAYMENTS FOR A SPECIFIED USE Not Applicable. The Multifamily Assisted Housing Reform and Affordability Act of 1997 (Title V of Pubic Law No. 105-65, October 27, 1997, 111 Stat. 1384ff), as amended by section 531 of the Departments of Veterans Affairs, Housing and Urban Development, and Independent Agencies Appropriations Act of 2000, (Public Law 106-74, October 20, 1999, 113 Stat. 1109ff), as amended by the Mark-to-Market Extension Act of 2001 (Title VI of Public Law No. 107-166, January 10, 2002, 115 Stat. 2177), and as further amended by H.R. 20 (Public Law 110-5) Revised Continuing Appropriations Resolution, 2007 Section 21043, which made changes to Section 579 to extend the statute and allow new referrals until October 1, 2011. The Office of Affordable Housing Preservation (OAHP) administers the Mark-to-Market program (M2M). The project must be subject to a FHA- insured mortgage and supported by project-based Section 8 HAP contracts with rent levels which, in the aggregate, exceed Comparable Market Rents. The project owner and individuals/families who are project tenants. Owner will submit a request to enter Mark-to-Market at least 120 days prior to the expiration of the HAP contract and certify the property is eligible to participate. The owner must not have been suspended or disbarred. OMB Circular No. A-87 applies to this program. Preapplication coordination is required. Environmental impact information is not required for this program. This program is excluded from coverage under E.O. 12372. This program is excluded from coverage under OMB Circular No. A-102. This program is excluded from coverage under OMB Circular No. A-110. Owner must submit a letter of intent to the Multifamily Director of the local HUD Field Office at least 120 days prior to HAP expiration. Owner may also submit a letter of intent to the local HUD field office during the term of the Section 8 HAP contract to be considered as an outyear transaction. Not applicable. Contact the headquarters or regional office, as appropriate, for application deadlines. From 15 to 30 days. Eligibility to participate in the program is determined within 30 business days of OAHP's receipt of submission. Restructuring and refinancing process should take no longer than 12 months. From 15 to 30 days. If the owner is not programmatically eligible there is not an appeal process as this is determined by legislative authority. There are two levels of appeals for a "Restructuring Commitment" or rejection of a Restructuring Plan. An appeal may be submitted in writing (with a copy to the Participating Administrative Entity) to the Portfolio Director of Office of Affordable Housing Preservation, within 30 calendar days of the issuance date of Restructuring Commitment. A second level appeal may be made within 10 days of notice, requesting an administrative review by OAHP Headquarters. From 15 to 30 days. Section 8 contracts will only be issued on an annual basis with terms of up to five years for a rent restructuring (M2M Lite) and up to 20 years for a mortgage restructuring (M2M Full). Not Applicable. Participating owners who undergo a mortgage restructuring must execute a use agreement committing to maintaining affordable housing for 30 years. This program is excluded from coverage under OMB Circular No. A-133. Annual audits are required. As required by Section 8 and future program guidelines. This program has no statutory formula.
Matching requirements are not applicable to this program.
MOE requirements are not applicable to this program. Section 8 contracts are issued on an annual basis as long as the property remains eligible. Owners of projects that undergo a mortgage restructuring shall commit to maintain project affordability for 30 years. See the following for information on how assistance is awarded/released: contracts are awarded annually. See Regional Agency Offices. The Office of Affordable Housing Preservation has two preservation office locations: Chicago Preservation Office: Harry West; Preservation Director, Office of Affordable Housing Preservation; Metcalfe Federal Building, 77 West Jackson Blvd., Room 2301, Chicago, IL 60604. Telephone: (312) 886-4133 Ext. 2371. Washington Preservation Office: Donna Rosen; Preservation Director, Office of Affordable Housing Preservation; The Portals Building, Suite 380, 1280 Maryland Ave., S.W., Washington, DC 20024. Telephone: (202) 260-2746 Ext. 3768. Dorothy J. Matthews 451 7th Street, S.W., Room 9139, Washington, DC 20410, Washington, District of Columbia 20410 Email: Dorothy.J.Matthews@hud.gov Phone: 2024024177 http://www.hud.gov/offices/hsg/omhar/index.cfm. 86-4072-0-3-371. (Project Grants) FY 08 $50,855,844; FY 09 est $160,000,000; FY 10 est $13,000,000 No Data Available. Final Rule 24 CFR 401 titled Multifamily Housing Mortgage and Housing Assistance Restructuring Program (Mark-to-Market) Final Regulations are published in the Federal Register, Volume 65, No. 56, dated Wednesday, March 22, 2000, as corrected in the September 6, 2000 Federal Register Volume 65, No. 173 (final rule; correction). Not Applicable.