NIH recently announced changes to its resubmission policy, NOT-OD-14-074.

The FAQs on resubmissions, provided at this page, include some additional useful clarifications. Among them is the following regarding resubmission of completing renewals. After a resubmission of a competing renewal (Type 2) application that is not funded the next submission should be submitted as a new application (Type 1 A0) on the new application due date, and it will lose any association with the previously funded grant. As a new Type 1, the application would be due on the new application due date, not the renewal application due date, and would not contain a Progress Report or introduction in response to previous critiques.