Asset Plus Corporation

Purpose: the Department of Housing and Urban Development (hud), Office of Multifamily Housing Provides Renewals of Project-based Section 8 Housing Assistance Payments (HAP) Contracts Directly With Owners. the Purpose of the Hap Contracts Is to Provide Rental Assistance to Low (80% If Area Median Income), Very Low (50% of Area Median Income and Extremely Low (30% of Area Median Income)-income Households Enabling Them to Live in Affordable, Decent, Safe, and Sanitary Housing. for Additional Information About These Awards See the Multifamily Assistance & Section 8 Database at: Https://www.hud.gov/program_offices/housing/mfh/exp/mfhdiscl.; Activities to Be Performed: Approximately 17,300 Section 8 Housing Assistance Payments (HAP) Contracts Provide Rental Assistance Annually to 1.19 Million Households Under Program Activity Code 001 for Assistance Listing 14.195. Owners Receive Federal Funds From Hud to Administer the Section 8 Project Based Rental Assistance Program Through the Hap Contracts. the Owners Accept a Family’s Application for Rental Assistance, Confirms the Family’s Eligibility for Assistance and Selects the Family for Admission in Accordance With the Occupancy Handbook 4350.3 REV-1 (HTTPS://WWW.HUD.GOV/PROGRAM_OFFICES/ADMINISTRATION/HUDCLIPS/HANDBOOKS/HSGH/4350.3). the Family Then Moves Into the Property and Executes the Lease and Agrees to Section 8 Program Requirements Including Annual Recertification. the Owner Submits for Payment of the Rental Assistance Subsidy Monthly on Behalf of the Participating Family. the Family Pays 30% of Their Adjusted Income in Rent and Utilities and the Hap Contract Pays the Balance of the Contract Rent to the Owner. ; Expected Outcomes: Approximately 1.19 Million Households Continue to Live in Affordable Housing Paying 30% of Their Adjusted Income in Rent and Utilities in Housing That Is Decent, Safe and Sanitary for as Long as They Choose, and the Owner Remains in Compliance With the Hap Contract.; Intended Beneficiaries: Individuals and Families Who Meet the Eligibility Criteria of the Program and Property as Noted in the Occupancy Handbook, 4350.3 REV-1, Chapter 3 (HTTPS://WWW.HUD.GOV/PROGRAM_OFFICES/ADMINISTRATION/HUDCLIPS/HANDBOOKS/HSGH/4350.3) and Summarized Below Are the Intended Beneficiaries of This Program. • Program Eligibility Determines Whether Applicants Are Eligible for Assistance. Program Requirements Include Income Limits, Disclosure of Social Security Numbers, Consent Forms, Restriction on Assistance to Noncitizens, Restrictions on Eligibility of Students for Section 8 Assistance, Mandatory Use of Enterprise Income Verification System (eiv). • Project Eligibility Establishes Whether Applicants Are Eligible to Reside in a Specific Project to Where They Have Applied. Three Things My Affect the Match Between an Applicant and the Applicant’s Eligibility for Occupancy in a Particular Project: 1. the Extent to Which All or Some of the Units in a Project Are Designated for Specific Family Types, Such as Those Who Are Elderly or Disabled; 2. the Project-specific Occupancy Standards Established by the Owner, the Family Size, and the Unit Sizes Available in the Project; and 3. in Some Instances, a Family’s Intention to Lease Using a Housing-choice Voucher Subsidy That May Be Used in Some Projects and Not in Others.; Subrecipient Activities: the Recipient Does Not Intend to Subaward Funds.