Does your current Section 8 Contract annual rent potential exceed the comparable market rents from your Rent Comparability Study (RCS)?
Eligible for Option 3
You may be eligible for Option 3: Request Referral to OAHP
This option is for projects that currently have contract rents that exceed comparable market rents and the project is not identified as an "exception project". If the project is eligible, and you select this option, you will be able to request either:
- A reduction in Section 8 contract rents to comparable market rents without restructuring the mortgage (OAHP-Lite)
- To restructure the mortgage and reduce the Section 8 contract rents to comparable market rents (OAHP-Full).
No matter what renewal option you select, if it is determined that contract rents exceed comparable market rents and the project is eligible for OAHP, it will be forwarded to OAHP for processing.