Affordable Residential Property in Online Business Trade Directory

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Office of Multifamily Housing Assistance Restructuring in Online Business Directory

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.

Address: U.S. Department of Housing and Urban Development, 451 7th Street S.W., Washington, DC 20410.
Telephone: (202) 708-1112
Website: http://www.hud.gov/offices/hsg/omhar/