Mandatory rejection. The request of an owner of an eligible project will not be considered for a Restructuring Plan if the owner is debarred or suspended under 2 CFR part 2424.
Discretion to reject. HUD may also decide not to accept a request for a Restructuring Plan if:
An affiliate is debarred or suspended under 2 CFR part 2424; or
HUD notifies the owner that HUD is engaged in a pending suspension, debarment or other enforcement action against an owner or affiliate, and the grounds for the pending action are included in § 401.403(b)(2)(ii).
Exception for sale. This section does not apply if a sale or transfer of the property is proposed in accordance with § 401.480.
Notice to tenants. The PAE or HUD will give notice to tenants of a rejection in accordance with §§ 401.500(f)(2), 401.501, and 401.502.
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