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Affordable Housing Industry Updates, Changes to HUD, LIHTC, REAC, and USDA/RD Requirements
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You Need This Tool: Capital Needs Assessment eTool for Asset Management Now Required
On March 29, 2023, HUD published Housing Notice 2023-03: Capital Needs Assessment (CNA) eTool for Asset Management. The bottom line is that starting on June 27, 2023, 90 days from the publication of the notice, use of the CNA eTool is required for all CNA submissions, with a limited number of exceptions. The Notice provides […]
Read MoreUSDA Updates Standards for Accessibility Transition Plans
On January 4, 2022, USDA Rural Development published an updated Unnumbered Letter (UL) 1-4-22 regarding the completion of Self Evaluations (SE) and Transition Plans (TP). First, and possibly most significantly, new accessibility transition plans are no longer required to be completed every three years. RD will accept a revised transition plan that has no changes other […]
Read MoreCapital Needs Assessments for 202 PRACs Considering RAD Conversion
If you operate a HUD 202 PRAC, you’re now well aware that your property is eligible to convert to a new ownership structure under HUD’s Rental Assistance Demonstration (RAD) program. But how do you know if A RAD conversion is worth the time and effort? Would it be easier to ask HUD to approve a […]
Read MoreMultifamily HUD Published Memorandum on New Procedures for PRAC Properties
On March 12, 2020, HUD’s Office of Multifamily Housing released a memorandum (click here to view) regarding budget-based rent increases for PRAC Properties. In July 2019, increased budget-based rents at PRAC properties were temporarily suspended, except for approving increases for core operating costs. Once the FY 2020 Appropriations bill was enacted, this suspension was lifted. […]
Read MoreThe Capital Concerns of 202 PRAC Program
In the mid-nineties to mid-2000s, the affordable housing industry saw an explosion in the number of properties approved and built under the Section 202 PRAC program. This program was restricted to non-profit sponsors providing housing for the elderly, and the operating subsidy was guaranteed for forty years – securing housing for the elderly for many […]
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