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What is the difference between a contract expiration and a funding expiration?

April 26, 2017contract difference expiration funding

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What is the difference between a contract expiration and a funding expiration?

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The date of contract expiration is the date at which housing assistance payments will cease unless the contract is renewed. Since HUD currently only funds contracts in one year increments, funding must be obtained for the contract on an annual basis at each one year anniversary date.