Section 8 Contract Assignment
Starting in June of 2004, the U.S.
Department of Housing and Urban Development (HUD) required that all Section 8
Housing Assistance Payments (HAP) contracts contain a provision for requiring
both physical condition standards and annual financial statement reporting.
These modifications are reflected in the in the January 2005
Assignment/Assumption Amendment.
This requirement not only affects
new Section 8 Contracts, but also affects existing Section 8 Contracts that are
being assigned to new owners, whether the project mortgage is HUD-Insured or
un-insured.
In the case of existing projects,
there are other documents that must be submitted with a Buyer's request for an
Assignment and Assumption of a Section 8 Contract.
There are two (2) instances where an
assignment and assumption of a Section 8 Contract could occur,
I provide consultation to Sellers
and Buyers of HUD projects in preparing documents for Transfer of Physical
Assets (TPA) (Insured mortgages) and assignment and assumption of a Section 8
Contract (uninsured project).
If you need
assistance in preparing a request for a TPA or assignment of a Section 8
Contract, contact me. References will be provided upon request.
Contact Information:
Alvin
L. Sutherlin
Housing Consultant
Post Office Box 162
Mount Rainier, Maryland 20612-0162
Telephone: (301) 277-3465
Fax: (301) 779-6716
Email:
alvinl.sutherlin@verizon.net
My Resume
References provided upon request 
Date Updated:
04/22/2010 06:19:16 AM |
