(a) Agreements required. Owners of projects with State assisted or subsidized mortgages whose plans of action have been approved under §248.307 shall enter into agreements, contracts and/or mortgage modifications with the State agency or local housing authority to maintain the housing as affordable to tenants in accordance with §248.145. Such agreements may provide for the renewal of any assistance made available under §248.319(c).

(b) Term of agreement. Preservation agreements shall be coterminous with the expiration of any assistance provided under §248.153 and made available in accordance with §248.319(c).