HUD has just today issued a memo briefly outlining the facts that there will be no new
capital advance competition (funding for new construction) for the 202 and 811
programs, but highlights that there will be sufficient funding for FY12
PRAC renewals, a FY12 Assisted Living Conversion (ALCP) NOFA for $25
million, commencement of new Senior Preservation Rental Assistance
Contract (new Section 8 HAP funding for units within Section 202 directly
loan properties currently without rental assistance contracts), and an
$11 million NOFA for new Service Coordinator funding.
The major announcement for providers with capital
advance construction underway is the closing paragraph, regarding the extremely
limited availability of funding for amendments to existing capital advances
and/or PRACs. That paragraph reads, “Please work with your partners
to assist them in seeking other sources of funding or aiding them in finding
ways to lower project costs. Our priority for amendment money will
be those projects that require PRAC-only amendments. While funds
remain available, we will also have capital advance amendment funds to support
those projects that have already gone through initial closing and require
addition funding to get to final closing.”
We are excited about the new (and very rare) opportunity for
new rental assistance subsidies for older 202 properties with previously
unassisted units. We will be in contact with HUD about the details
and timing for implementation of the new authority.
Contact Julie Martin for additional information.
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