Preservation: Any project with at least 25% of the units having existing federal Project-Based Rental Assistance Contract; and
a) the HUD Section 8 Project-Based Rental Assistance Contract is expiring within seven (7) years of the date of the OHCS NOFA application; or
b) the USDA Rural Development direct mortgage is maturing within seven (7) years of the date of the OHCS NOFA application; or
c) the USDA Rural Development project has a pending prepayment request; or
(Note: USDA Rural Development projects with a maturing mortgage within three years of the date of the OHCS NOFA application, or where the owner's prepayment request has been approved, will be prioritized.)
d) the USDA Rural Development project’s restrictive use covenants have expired; or
e) Projects with public housing units undergoing a preservation transaction involving a comprehensive recapitalization, including those converting to HUD Section 8 projects under the HUD Rental Assistance Demonstration or projects under the HUD Section 18 Demolition and Disposition Programs.