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<br /> <br /> <br />Project-based Voucher Program <br />HAP Contract for Existing Housing <br />Previous editions are obsolete <br /> HUD 52530B Page - 18 - <br /> of Part 2 <br /> (04/2015) <br /> <br />b Transferee assumption of HAP contract <br /> <br />No transferee (including the holder of a security interest, the security holder’s <br />transferee or successor in interest, or the transferee upon exercise of a security <br />interest) shall have any right to receive any payment of housing assistance <br />payments pursuant to the HAP contract, or to exercise any rights or remedies <br />under the HAP contract, unless the PHA has consented in advance, in writing to <br />such transfer, and the transferee has agreed in writing, in a form acceptable to the <br />PHA in accordance with HUD requirements, to assume the obligations of the <br />owner under the HAP contract, and to comply with all the terms of the HAP <br />contract. <br /> <br />c. Effect of consent to transfer <br /> <br />1. The creation or transfer of any security interest in the HAP contract is <br />limited to amounts payable under the HAP contract in accordance with the <br />terms of the HAP contract. <br /> <br />2. The PHA’s consent to transfer of the HAP contract or the property does <br />not to change the terms of the HAP contract in any way, and does not <br />change the rights or obligations of the PHA or the owner under the HAP <br />contract. <br /> <br />3. The PHA’s consent to transfer of the HAP contract or the property to any <br />transferee does not constitute consent to any further transfers of the HAP <br />contract or the property, including further transfers to any successors or <br />assigns of an approved transferee. <br /> <br />d. When transfer is prohibited <br /> <br /> The PHA will not consent to the transfer if any transferee, or any principal or <br /> interested party is debarred, suspended subject to a limited denial of <br /> participation, or otherwise excluded under 2 CFR part 2424, or is listed on the <br /> U.S. General Services Administration list of parties excluded from Federal <br /> procurement or nonprocurement programs. <br /> <br />22. SUBSI DY LAYERING <br /> <br /> <br />A subsidy layering review is not required for existing housing projects. <br />3-29