7-1. ELIGIBILITY

A Portfolio Reengineering Demonstration (“Demo”) Program Project is any project that completed the Demo Program as evidenced by a recorded Demo Program Use Agreement. If the owner entered into the Demo Program but did not execute and record a Demo Program Use Agreement, it is not eligible for renewal under Option Five.

Preservation projects primarily consist of Section 236 and 221(d)(3) BMIR projects whose owners entered into long-term Use Agreements with HUD under either Title II, Emergency Low Income Housing Preservation Act of 1987 (ELIHPA) or Title VI, Low-Income Housing Preservation and Resident Homeownership Act of 1990 (LIHPRHA) (the Preservation Programs).