HUD’s recent Notice PIH 2018-02/H 2018-01 authorizes up to $5,000,000 on a rolling, “first-come, first serve” basis to fund Section 8 Tenant Protection Vouchers (TPVs) for selected projects housing at-risk households in HUD-defined “low-vacancy areas.”
TPVs issued under the Notice may be awarded to eligible recipients either as tenant-based Enhanced Vouchers (EVs) or as project-based vouchers (PBVs) administered under HUD’s Section 8 PBV regulations. Project owners can elect to request either EVs or PBVs at the time of application to HUD. Such EV and PBV contracts are a valuable resource for the preservation and redevelopment of affordable housing projects.
TPV assistance under the Notice is available to at-risk, rent-burdened tenants residing in housing developments that have experienced a designated “triggering event” in the past five (5) years (or will in the next 6 months). Triggering events include (i) the maturity of certain HUD-insured or HUD-held mortgages (such as Section 202, Section 236 or Section 221(d)(3)-(d)(5) BMIR mortgages), and/or (ii) the expiration of a HUD preservation use agreement or similar HUD-imposed affordability restriction. To be eligible under the Notice, current tenants must: (i) have lived at the property at the time of the triggering event, (ii) not be assisted under any other Federal, state or local rental assistance program, (iii) be eligible for a Housing Choice Voucher, and (iv) be paying (or may have to pay) more than 30% of their adjusted monthly income towards rent due to the triggering event.
Applications for assistance under the Notice will be accepted on a rolling basis until funding has been exhausted, or HUD issues a new notice. Given the limited funding available, interested parties are encouraged to promptly submit applications under the Notice.
For a list of low-vacancy areas, please click here.
