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SRO Terms

This section is intended as a general overview of key SRO terms. The terms will be discussed in greater detail throughout this guidance.

Annual Contributions Contract (ACC):

A written agreement between HUD and the PHA, whereby HUD agrees to provide annual contributions to the PHA to cover the housing assistance payments that the PHA will provide to a project owner. The ACC runs for 11 years.

Agreement to Enter Into a Housing Assistance Payments Contract (AHAP):

A written agreement between the PHA and the owner that, upon satisfactory completion of rehabilitation in accordance with the requirements of the AHAP, the PHA will enter into a Housing Assistance Payments Contract with the owner. The AHAP must be executed prior to beginning rehabilitation.

Housing Assistance Payments (HAP) Contract:

A written contract between a PHA and the owner for the purpose of providing housing assistance payments to the owner on behalf of an eligible individual. The HAP Contract runs for 10 years.

Housing Assistance Payment:

The rental assistance payment made by the PHA to the owner of a unit under lease by an eligible individual, as provided in the HAP Contract. The payment is the difference between the Contract Rent and the tenant's rent.

Contract Rent:

The total amount of rent specified in the HAP Contract as payable to the owner.

SRO Housing:

A residential property that includes multiple single room dwelling units. Each unit is for occupancy by a single eligible individual. The unit need not, but may, contain food preparation or sanitary facilities, or both.