DISCLAIMER

The information regarding the Section 8 contracts, mortgage loans, and properties is being furnished for the convenience of interested parties. The information has been compiled from multiple data sources within FHA or its contractors. This information does not purport to be complete or all inclusive. No representation or warranty, express or implied, as to any of the information contained in these files is made by HUD, FHA or any of their respective contractors, representatives or agents, or any officer, Director, employee, or any of the above. Please read all of the instructions given below before using the Download utility.

INSTRUCTIONS:

This database was created on September 30, 1999, to provide HUD partners/clients with a way of measuring the potential impact of expiring project-based subsidy contracts in their communities. It represents the most comprehensive picture of project-based subsidies yet developed, but like any "snap-shot", its usefulness has limits. Below, we give a summary of what to keep in mind when viewing the information:

1.

Download of Expiring Section 8 Contracts - This compressed, self extracting file is offered in Microsoft Access Version 7.0 for Windows 95. It is important to note that speed for completing the download of the file is dependent on the bandwidth of you Internet Service provider (ISP) and the speed of your modem.

2.

Contract Expiration Data and Units - Currently, expiring Section 8 contracts are being given one-year extensions. Thus, contracts which expired in 1996 typically were extended into 1997 -- and will again expire in 1997 and then in FY 1998. In order to avoid double counting contracts, we show the initial date that each contract expires. Thus, a search for all contracts expiring through, say, FY 2000 will list each contract only once -- with the date it first expired. For contracts with multiple, renewable five-year terms, we count the day the final term expires as the expiration date. For projects which were opened in phases, we show the date when the first units expire (e.g., a single term contract with units expiring on 7/31 and 8/31 would show a single expiration date of 7/31). Finally, since a housing project can have more than one subsidy contract, you will often find a project repeated in the database. Expiration dates and contract numbers will differ, but much of the other data is the same. The term "Assisted Units" counts the number of units funded in that unique contract; the term "Total Units" shows how many units are in the entire project. Where data is provided for "Insured" or "HUD-Held", it is also at the project level. Thus, an FHA-insured project with 100 units and two 50-units Section 8 contracts would have two records, both showing 50 Assisted units, 100 Total units and 100 Insured units. If you download this database, remember to add Assisted units each time, but select only the first record for all other unit fields.

3.

Rent/Fair Market Rents - Rents on many of the Section 8 contracts being renewed in FY 1997 are capped at 120% of the local Fair Market Rent. For each contract, we display the overall average ratio of gross contract rents to FMR taking into account the number of units and FMR for each bedroom size. Please note that this ratio is a guide only. In addition, since FMRs are determined by county and metro area, errors in project address data may lead to incorrect FMR benchmarks. Lastly, project rents change frequently and are therefore more subject to error. In creating this database, HUD staff processed over 70,000 address records and over 80,000 rent records. While considerable effort was made to assure the accuracy of the data used, absolute certainty is impossible.

4.

FHA Data - For FHA-insured projects, the unpaid principal balance and mortgage maturity date are calculated fields, based on the first payment date, the term and the original interest rate. No data from this report is obtained from the annual financial statements which owners provide HUD. For some properties (e.g., Preservation project), total mortgage debt is greater than the amount displayed.

5.	HUD-Held and HUD-Owned Status - The classification of projects as "HUD-Held" or "HUD-Owned" is based solely on status codes in HUD's accounting systems and has not been independently verified. For the most current status of a particular insured mortgage, contact the local HUD Field Office.