Housing
subsidy contracts are expiring on thousands of privately owned multifamily
properties with federally insured mortgages. Many of these contracts
set rents at amounts higher than those of the local market. As these
subsidy contracts expire, the Mark-to-Market program will reduce
rents to market levels and will restructure existing debt to levels
supportable by these rents.
The
Office of Multifamily Housing Assistance Restructuring (OMHAR) was
established by the Multifamily Assisted Housing Reform and Affordability
Act of 1997 (MAHRA) to administer the Mark-to-Market program until
sunset on September 30, 2004.
The Department of Housing and Urban Development
(HUD) has established a new office, the Office of Affordable Housing
Preservation (OAHP) effective October 1, 2004. The Office of Affordable
Housing Preservation was established to assure the smooth continuation
of the Mark to Market program (M2M) utilizing authorities that continue
after the legislative sunset of OMHAR on September 30, 2004. OAHP
will also provide assistance to affordable housing areas in the
oversight and preservation of a wide spectrum of affordable housing
programs. OAHP will be charged with important projects and programs
while continuing the success of the M2M program.
OAHP will continue to work with property owners,
Participating Administrative Entities (PAEs), tenants, lenders,
and others with a stake in the future of affordable housing.
OAHP Website Map Now Available!
OAHP
realizes there are many websites with a lot of different web pages
and documentation and it can be frustrating trying to find the web
page and/or document that will fit the viewers need. To help alleviate
this problem on OAHP's website, a new web page is now available
to assist its viewers in locating the most commonly used web pages
and documents relating to OAHP and the Mark-to-Market Program.
To view the listing go to the OAHP
Site Map web page.
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