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the contracting housing partnership. Housing assistance payments
made to the housing partnerships covered the difference between
the contract rental rates agreed to under the HAP contracts
(contract rents) and that portion of the rent payable by eligible
families determined in accordance with HUD-established schedules
and criteria. The term of the HAP contracts for Monroe,
Charlotte, and Rocky Mount was 30 years and for Clinton was 20
years.
Also, in general the HAP contracts entitled the owner to
housing assistance payments in the amount of 80 percent of the
contract rent for a period not exceeding 60 days (i) in the event
a unit covered under the HAP contract (covered unit) was not
leased within 15 days of the effective date of the HAP contract
or (ii) upon the vacancy of a covered unit by an eligible family.
In the event a covered unit remained vacant for a period
exceeding 60 days, the owner could, in general, request
additional payments in an amount equal to the principal and
interest payments required to amortize that portion of the debt
service attributable to the vacant unit for up to 12 additional
months.
On March 1, 1980, after the formation of the housing
partnerships, a fifth general partnership, Godley Management
Association (GMA), which was owned 50 percent each by decedent
and Fred Jr., was formed for the purpose of managing the
operations of the housing partnerships. The formation of GMA for
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