Section 8 / HUD Contract

[Caitlin O'Shea]

I'm looking at purchasing a 62 unit multi family property that has a 15 year HUD contract remaining.

Can anyone help answer the following questions?

1. When property ownership changes hands is the new owner require to take on the remaining HUD contract?

2. Is it possible to cancel or get out of a HUD contract?

3. Does HUD ever match market rent per month? For example: I have a 3 bedroom unit renting for $800/under hud but all 3 bedrooms in my area rent for $1,200.

Thanks