Welcome to Scribd. Sign in or start your free trial to enjoy unlimited e-books, audiobooks & documents.Find out more
Standard view
Full view
of .
Look up keyword
Like this
0 of .
Results for:
No results containing your search query
P. 1
Nixon Peabody AFHS Alert 11-18-2011

Nixon Peabody AFHS Alert 11-18-2011

Ratings: (0)|Views: 2|Likes:
Published by Kyle Rosenkrans
Regarding extensions for expiring RAP contracts and creating RAD
Regarding extensions for expiring RAP contracts and creating RAD

More info:

Categories:Types, Business/Law
Published by: Kyle Rosenkrans on Feb 27, 2013
Copyright:Attribution Non-commercial


Read on Scribd mobile: iPhone, iPad and Android.
download as PDF, TXT or read online from Scribd
See more
See less





Congress passes “Minibus” funding bill; preservation provisionsincluded
By Stephen J. Wallace 
On November 17, 2011, the House of Representatives and Senate passed the so-called “Mini-bus”legislation (H.R. 2112), which included funding for three of the twelve appropriation bills: Agriculture; Commerce, State, Justice; and Transportation Housing, and related agencies. A short-term “Continuing Resolution” funding the remaining federal agencies through December 16, 2011, was attached to this legislation; the current Continuing Resolution expires today. The House vote was 298-121; the Senate vote was 70-30. Congress is now in recess for the Thanksgiving break. Thepresident signed the legislation today. The bill contains authorizing language for HUD’s signature initiative, the Rental AssistanceDemonstration program. This demo, which is limited to 60,000 units, will provide public housing and Section 8 Mod Rehab (Mod Rehab) properties with project-based rental assistance, which can beused to leverage private sector resources including tax-exempt bonds and low-income housing taxcredits to rehabilitate existing housing properties. HUD will accept applications through 2015.Funding will be provided through transfers from other public housing programs. The bill also contains several provisions addressing the maturity of Rental Assistance Payments(RAP), Rent Supplement contracts (Rent Supp), and Mod Rehab contracts. During FY 2012 and2013, owners may convert tenant protection vouchers to Section 8 project-based vouchers (PBV) forprojects which are covered by a RAP, Rent Supp, or Mod Rehab contract. This provision also has a“reach back” to 2006 that allows for the project basing of previously issued tenant protection vouchers. Residents in the properties will need to be consulted about the conversion and the voucheradministrator must agree to the project basing. The provision of the PBV statute, which caps thenumber of vouchers a voucher administrator can project base at 20%, is
applicable to theseconversion actions. Also, the secretary can “waive or alter” other PBV provisions, including theprovisions that deal with a voucher administrator’s plans and goals, and the 25% per project PBV capon family projects. Another provision provides $10 million to provide either Enhanced Vouchers or PBVs forcertain properties, including i) the maturity of HUD-insured, HUD-held, or Section 202properties that require the secretary’s consent to prepay; ii) the expiration of a rental assistancecontract for which the tenants are not eligible for enhanced vouchers under current law (RAPcontracts); or iii) the expiration of mortgage affordability restrictions or a HUD preservation

You're Reading a Free Preview

/*********** DO NOT ALTER ANYTHING BELOW THIS LINE ! ************/ var s_code=s.t();if(s_code)document.write(s_code)//-->