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Updated about 3 years ago,
removing section 8 contract
I'm talking to an apartment owner with a pain point. The property is in a great area (C+ OR B-) location. The owner prior to the current owner signed a 20 year section 8 contract and the section 8 contract won't retire until 2032. The current is trying to work with HUD to get the section 8 status transferred to another building so he can increase rents and get better tenants. If I buy the property is there a way to remove the section 8 status of property before section 8 contract expires? How much will it cost me to do so?