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    <abstract>This final rule implements the Mark-to-Market Program through which section 8 rents for multifamily projects with HUD-insured or HUD- held mortgages will be reduced. Currently, the Program is operating under the authority of an interim rule that took effect on October 11, 1998. The purpose of the Program is to preserve low-income rental housing affordability while reducing the long-term costs of Federal rental assistance, including project-based assistance, and minimizing the adverse effect on the FHA insurance funds. A separate final rule will be published for those sections of the interim rule that govern renewal of section 8 project-based assistance contracts for projects outside of the Mark-to-Market Program.</abstract>
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        <topic>Housing</topic>
        <topic>Housing Assistance Payments</topic>
        <topic>Housing Standards</topic>
        <topic>Insured Loans</topic>
        <topic>Loan Programs-Housing and Community Development</topic>
        <topic>Low and Moderate Income Housing</topic>
        <topic>Mortgage Insurance</topic>
        <topic>Mortgages</topic>
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        <summary>This final rule implements the Mark-to-Market Program through which section 8 rents for multifamily projects with HUD-insured or HUD- held mortgages will be reduced. Currently, the Program is operating under the authority of an interim rule that took effect on October 11, 1998. The purpose of the Program is to preserve low-income rental housing affordability while reducing the long-term costs of Federal rental assistance, including project-based assistance, and minimizing the adverse effect on the FHA insurance funds. A separate final rule will be published for those sections of the interim rule that govern renewal of section 8 project-based assistance contracts for projects outside of the Mark-to-Market Program.</summary>
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        <contact>Dan Sullivan, Public Policy Analyst, Office of Multifamily Assistance Restructuring, Department of Housing and Urban Development, 1280 Maryland Ave., Suite 4000, Washington DC 20024, 202-708-0001. (This is not a toll-free number.) For hearing-and speech-impaired persons, this number may be accessed via TTY by calling the Federal Information Relay Service at 1-800-877-8339.</contact>
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            <subject>Grant Programs-Housing and Community Development</subject>
                                    
            <subject>Housing</subject>
                                    
            <subject>Housing Assistance Payments</subject>
                                    
            <subject>Housing Standards</subject>
                                    
            <subject>Insured Loans</subject>
                                    
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