Sec. 202 property owners and managers should be aware of several changes made to the housing assistance payments (HAP) contract renewal process by the U.S. Department of Housing and Urban Development (HUD)/Federal Housing Administration (FHA). These updates to the Sec. 8 Renewal Guide and the frequently-asked-questions (FAQ) clarifying Housing Notice 2012-08 will have an impact on Sec. 202 property owners─from budgeting and rent setting to long-term capital structure and strategy.