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e. Te~•ra of the HAP contract <br />1. Beginning of Term <br />The PHA may not enter into a HAP contract for any contract unit until the PHA has <br />determined that the unit complies with the housing quality standards. The term of the <br />HAP contract for any unit begins on the effective date of the HAP contract. <br />2. Length of initial term <br />a• Subject to paragraph 2.b, the initial term of the HAP contract for any contract units is: <br />b. The initial term of the HAP contract for any unit may not be less than one year, nor more <br />than fifteen years. <br />3. Extension of term <br />The PHA. and owner may agree to enter into an extension of the I-IAP contract at the time <br />of initial HAP contract execution or any time prior to expiration of the contract. Any <br />extension, including the term of such extension, must be in accordance with HUD <br />requirements. <br />A PHA must determine that any extension is appropriate to achieve long-term <br />affordability of the pausing or expand housing opportunities. <br />..4 ....__..._Requirement far sufficient appropriated futtdng._._............ . <br />-- ~ " a. The length of the initial term and any eaten§ion term span be subject to availability, as ,~ ~" <br />determined by HUD, or by the PHA in accordance with HUD requirements, of sufficient <br />appropriated funding {budget authority}, as provided in appropriations acts and in the <br />PHA's annual contributions contract (ACC) with HUD, to make full payment of housing <br />assistance payments due to the owner for any contract year in accordance with the HAP <br />contract. <br />b. The availability of sufficient funding must be determined by HUD ar by the PHA in <br />accordance with HUD requirements. If it is determined teat there may not be sufficient <br />funding to continue housing assistance payments for all contract units and for the full <br />term of the HAP contract, the PHA. has the right to terminate the HAP contract by notice <br />to the owner for all or any of the contract units. Such action by the Pl-lA shall be <br />implemented in accordance with HUD requirements. <br />Project-based Voucher Program <br />i~A.P Contract for Ncw Construction or Rehabilitation <br />Previous editions are obsolete <br />HUA 52530A Page - 3 - <br />of Part l <br />