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Donovan, where NM and the coalition argued the 1994 Amendments to Section 8 were not to invoke the overall limitation provision of a Housing Assistance Payments contract, and that fair market rents are an inappropriate standard in tenant-based housing choice voucher programs and invoke the contract's overall limitation provision which will adversely impact the preservation of Section 8 properties.
Both complexes include Housing Assistance Payment (HAP) contracts.
Under the housing assistance payments (HAP) contract governing the building, landlord agreed to rent the apartment to tenant, not charge rent above the NYCHA-approved rent, and not demand a security deposit.
Project owners have expressed concern that HUD has chronically made late housing assistance payments in recent years, potentially compromising owners' ability to pay operating expenses, make mortgage payments, or set aside funds for repairs.
All rents are subsidized by HUD under Section 8 Housing Assistance Payment Contracts.
However, Miller Brothers must give a $500,000 affordable housing assistance payment to the city and Operating Engineers must build 50 affordable units on land to be provided by the city.
Primary security for the bonds rests with the Section 8 subsidy for all of the units provided by the remainder of a 30-year project-based Housing Assistance Payments (HAP) agreement which expires in September 2010, but recently received an extension to 2015.
The law also requires purchasers of foreclosed properties to assume any existing Section 8 housing assistance payment contracts and allow Section 8 renters to remain in place for the term of their leases.