886.310—Initial contract rents.

HUD will establish contract rents at levels that, together with other resources available to the purchasers, provide sufficient amounts for the necessary costs of rehabilitating and operating the multifamily housing project and do not exceed 120 percent of the most recently published Section 8 Fair Market Rents for Existing Housing ( 24 CFR part 888, subpart A).

Code of Federal Regulations

[60 FR 11859, Mar. 2, 1995]