Multifamily Housing Mortgage and Housing Assistance Restructuring Program (Mark-to-Market)

This final rule implements the Mark-to-Market Program through which section 8 rents for multifamily projects with HUD-insured or HUD- held mortgages will be reduced. Currently, the Program is operating under the authority of an interim rule that took effect on October 11, 1998. The purpose of the Program is to preserve low-income rental housing affordability while reducing the long-term costs of Federal rental assistance, including project-based assistance, and minimizing the adverse effect on the FHA insurance funds. A separate final rule will be published for those sections of the interim rule that govern renewal of section 8 project-based assistance contracts for projects outside of the Mark-to-Market Program.