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.