Multifamily HAP Contracts
Good Morning BP community
I am looking for some guidance… I’m in DD on a multifamily property that has an expiring Section 8 Full Mark to Market Renewal Contract. I’ve been having trouble finding answers to my project-specific questions regarding the management and renewal of multifamily HAP contracts.
Can anyone recommend a good consultant that specializes in this area?
Thank you!
@Kevin Schaeffer Is this a multi family community, or just a one tenant property?
If i’m not mistaken on a MF community, you need to be approved to take over the HAP contract and it also depends on when that contract expires and what type of notice needs to be given to exit.
If it’s just one individual property, they just need to be notified that you are the new purchaser, contact and banking information. Like most government contracts, it will take a couple of months to get your money. Don’t let the lease expire without some sort of notification to them . Like everything, there is good and bad associated with these contracts, but once they are set up and running, you receive market rents and on time in your account monthly
