Posted by Mark (SDCA) on February 08, 2000 at 09:39:03:
HAP may be tied to the property but that does not really matter. I did have a contract with housing but that did not mean I had to rent to a certain tenant or to HAP tenants. It was my choice. (This is America after all…)
The benefits the seller was getting were guaranteed rent from HAP. Possibly above market rent. Also, HAP may have sent them tenants or put their property on a list for HAP eligible tenants.
Tax credit is a possibility. It would depend on whether it was a rehab property. I certainly hope kickbacks were not involved. That would be illegal.
Hope this helps. Frankly, your best info is going to come either from the seller or from HAP. If this is a state or local agency, they all work slightly different.
Need Help ASAP!! HUD’s Housing Assistance Program - Posted by JohnWe (NoCA)
Posted by JohnWe (NoCA) on February 05, 2000 at 15:13:57:
Hi All,
Got a call on a possible L/O, and found out through the eviction records that the current situation involves the Housing Assistance Program. I’ve got no idea how this will impact my deal.
Can someone please explain to me what this is all about? Is there anything I need to be worried about when negotiating the deal? I’d like to sound like I know what I’m talking about if/when it gets brought up.
Re: Need Help ASAP!! HUD’s Housing Assistance Program - Posted by Mark (SDCA)
Posted by Mark (SDCA) on February 07, 2000 at 11:06:29:
If I understand the question correctly, I don’t see that it will affect you at all. What you are saying is that you are involved with evicting someone who is getting housing? From your point of view, there is nothing different. It is just a straight eviction. The tenant may lose their housing benefit for a while, or forever, but that is their problem.
Re: Need Help ASAP!! HUD’s Housing Assistance Program - Posted by JohnWe (NoCA)
Posted by JohnWe (NoCA) on February 07, 2000 at 11:26:48:
Actually, that’s not what’s going on, but I think you answered my question. It would help if you could just verify…
Here’s what’s up. I’m going to L/O a property in which a HAP tenant was just evicted. Since I don’t know what this is or how it works, I’m afraid that the HAP is somehow tied to the property, and that I will be forced to rent the property for a certain amount, or under certain restrictions, or maybe only to certain people.
Now, I don’t think that’s the case but could you please verify? Also, do you know what kind of benefit my seller was getting for having a tenant in there on HAP? Were there tax credits, or kickbacks? Need to know so I can negotiate properly. She still doesn’t know that I know they were HAP (or even evicted for that matter). I’m playing my cards close to my chest – trying to find out as much info as possible, and seeing what she wants to tell me.