Owner notifies HUD that Section 8 contract will not be renewed. HUD will provide vouchers for one year after opt out date. Owner is not obligated to accept vouchers after the one year period. The After Apts. Owners with above market rents agree to reduce rents to market level and renew Section 8 contract.
Owner can renew for one year or up to five years.
Tenants may submit written comments to N.C. Housing Finance Agency regarding facility conditions and suggested repairs. Mortgage is restructured to adjust to the reduction in rental subsidy. Tenants can send written comments to N.C. Housing Finance Agency regarding the condition of the property and their apartments. Tenants can also review the proposed restructure plan, meet with the Finance Agency representatives, and comment on its plan prior to it being submitted to HUD for approval. Renewal makes the property affordable for 30 years.