Vacancies for Longer than 60 Days. If an assisted unit continues to be vacant after the period specified in paragraph (b) or (c) of this section, the Owner may apply to receive additional payments for the vacancy period in an amount equal to the principal and interest payments required to amortize that portion of the debt service attributable to the vacant unit (see Exhibit 2) for up to 12 additional months for the unit if: (1) The unit was in decent, safe and sanitary condition during the vacancy period for which payments are claimed; (2) The Owner has fulfilled and continues to fulfill the requirements specified in paragraph (b) or (c) of this section, as appropriate; and (3) The Owner has demonstrated to the satisfaction of HUD that: (i) For the period of vacancy, the project is not providing the Owner with revenues at least equal to project expenses (exclusive of depreciation), and the amount of payments requested is not more than the portion of the deficiency attributable to the vacant unit; and (ii) The project can achieve financial soundness within a reasonable time.
Appears in 4 contracts
Samples: Housing Assistance Payments Contract, Housing Assistance Payments Contract, Housing Assistance Payments Contract
