The
U.S. Department of Housing and Urban Development (HUD) published the final
Senior Preservation Rental Assistance Contracts (SPRACs) Program Notice in the
Federal Registrar today. The Section 202 Supportive Housing for the Elderly Act
of 2010 (Public Law 111-372, 124 Stat. 4077, approved January 4, 2011)
authorizes HUD to provide SPRACs with 20-year terms to owner-applicants of
existing Section 202 properties that meet SPRAC eligibility criteria as
established by this final Notice. The purpose of the SPRAC Program is to
prevent the displacement of existing tenants of certain projects assisted under
HUD’s Section 202 Supportive Housing for the Elderly program in the case of
refinancing or recapitalization and to further preserve and maintain
affordability of Section 202 Direct Loan projects.
In
Fiscal Year 2012, $16 million was made available for SPRAC funding.
The
deadline for SPRAC applications is September 3, 2013.
This
final Notice follows a January 8, 2013, advance Notice in which HUD presented
and solicited public comment on the proposed eligibility and award
criteria. This final Notice takes into consideration the public comments
received in response to the January 8, 2013, solicitation.
HUD
will be hosting an Industry call on July 10th to provide an overview of the Notice
and to answer any questions. Details follow.
SPRACs conference call with HUD
Date:
Wednesday, July 10, 2013
Time:
4:00pm - 5:00pmDial in #: (877) 873-8017
Passcode: 6722 007
For
more information about SPRACs, please visit the SPRACs
Home Page and click here for the Final
Notice.
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