Option 2: Request Renewal of Contracts with Current Rents At Or Below Comparable Market Rents

Option Two is for owners who request a renewal of their Section 8 contract where the RCS indicates that the contract's current rents are at or below comparable market rents.

Eligibility

• Current Rents are at or below market rents as determined by the RCS.
• OR the contract's current rents exceed comparable market rents but the project is exempt from OAHP restructuring and the owner is willing to cut the rents to comparable market rents.

Submission Requirements

1. Contract Renewal Request Form (HUD Form 9624)
2. OCAF Worksheet (HUD Form 9265) or Budget-based Rent Adjustment Request: Any rent adjustment will be limited by the comparable rents from the current RCS.
3. Rent Comparability Study (RCS): Since an RCS is good for five years, this will only be required every fifth year.

HUD Guidance

Chapter Four of the Section 8 Renewal Policy has complete guidance regarding Option 2.