Manage the Property Details - Contracts Tab
The Contracts tab is divided into three specific sections: Supportive Services, Subsidized Units Contracts, and HUD 2530 Information.
The Supportive Services section tracks all supportive services for the property, the periods the services are in effect, as well as any associated costs that need to be monitored to ensure any application requirements are being met.
The Edit Supportive Services screen allows you to record and track the services that are provided for the property. Details include description, provider of service, effective and expiration dates, and the contract amount. You can create a new record for each contract’s term, even if the service and provider are the same, thus providing a complete picture of all services.
The Subsidized Unit Contracts section tracks the number of units on the property that are subsidized and the source of the subsidy.
The Edit Subsidized Units Contract tab contains the detail for contracts that may exist for the property. This tracking allows you to identify the specific number of units that are included in the contract, as well as the amount and frequency of payments.
The HUD 2530 Information section tracks whether the property requires HUD 2530 submission (Previous Participation Certification) as well as the individual submissions. 2530 submission is required if the property is participating in HUD’s Multifamily Housing Programs. The submission allows HUD to review the past and present performance of previous participants on the deal.
The HUD 2530 form is used to ensure that companies and individuals have an acceptable history of carrying out their past financial, legal, and administrative obligations. Any deals that use HUD Mortgage insurance programs, direct loans, or tenant subsidy programs, are required to file the form. Use the Edit HUD 2530 Submission screen to track the submission of the form to ensure HUD’s approval.
