SHCC will make every effort to maintain the inventory of affordable housing within the States of Texas and Arkansas. Owners selecting Option 6 will be made aware of all available options, including Mark-up-to-Market and an 8bb transfer of budget authority.
However, if the owner chooses to opt out and has satisfied all the relevant requirements, HUD will process the request in an expeditious manner.
The following requirements must be met before an owner may opt-out:
- The owner must be eligible to opt-out. This would include the absence of any restrictions placed on the property that are outlined in chapter eight of the Section 8 Contract Renewal Policy Handbook.
- The owner must have provided an acceptable one year notification to the residents and SHCC. The notice must contain the required language as outlined within chapter eight of the Section 8 Contract Renewal Policy Handbook.
Chapters Eight and Eleven of the Section 8 Renewal Policy have complete guidance regarding Option 6.