M2M is designed to cut the amount of subsidy projects will receive while restructuring the loan obligation owed by the projects' owners. Projects may be found ineligible if the owners have violated their HUD agreements. Participants Owners Owners have several options. Renew contracts with restructuring. Contracts are not renewed.
Owners can sell.
The PAE negotiates with the owners and explores M2M options. In North Carolina, the PAE is the North Carolina Housing Finance Agency. Tenants Tenants occupying the expiring project-based Section 8 properties can a play major role in the process. Tenant's input is needed throughout the process. Tenant Input Opportunities Tenants are notified three months prior to the Section 8 expiration.