OPTION 5: RENEWAL OF PORTFOLIO REENGINERING DEMONSTRATION OR PRESERVATION PROJECTS
This option is for projects that entered into long-term Use Agreements under their respective programs. Owners can receive a multi-year contract not to exceed the lesser of 20 years or the remaining term of the recorded Use Agreement.
Preservation Projects primarily consist of Section 236 and 221d3 BMIR projects whose Owners entered into long-term Use Agreements with HUD under the Preservation Program.
Portfolio Re-engineering Demonstration (“Demo”) Program Project is a project that completed the Demo Program, as evidenced by a recorded Demo Program Use Agreement. If the Owner entered into the Demo Program but did not execute and record a Demo Program Use Agreement, it is not eligible for renewal under Option Five.
For complete guidance and information regarding Option Five please read Chapter 7 of the Section 8 Renewal Policy guidebook.
Budget Based Rent Adjustment (if applicable)
Utility Allowance Analysis (if applicable)