CFR > Title 24 - Housing and Urban Development > SUBTITLE B—Regulations Relating to Housing and Urban Development > CHAPTER IV—OFFICE OF HOUSING AND OFFICE OF MULTIFAMILY HOUSING ASSISTANCE RESTRUCTURING, DEPARTMENT OF HOUSING AND URBAN DEVELOPMENT (parts 401 to 403) > PART 401—MULTIFAMILY HOUSING MORTGAGE AND HOUSING ASSISTANCE RESTRUCTURING PROGRAM (MARK-TO-MARKET) > SUBPART C—Restructuring Plan (§401.400 to §401.503) > 401.420—When must the Restructuring Plan require project-based assistance?

401.420—When must the Restructuring Plan require project-based assistance?

The Restructuring Plan must provide for the section 8 contract to be renewed as project-based assistance, subject to the availability of funds for this purpose, if:
(a) The PAE determines there is a market-wide vacancy rate of 6 percent or less;
(b) At least 50 percent of the units in the project are occupied by elderly families, disabled families, or elderly and disabled families; or
(c) The project is held by a nonprofit cooperative ownership housing corporation or nonprofit cooperative housing trust.