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www.hcvsolutions.comimages2008_NPH_PBV_Changes.ppt

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									Project-Based Vouchers:
    Changes are Coming
          February 29, 2008
  Tony Ucciferri, San Francisco Housing Authority
   Matt Schwartz, California Housing Partnership


                                       CALIFORNIA
                                       HOUSING
                                       PARTNERSHIP
                                       CORPORATION
Agenda
   l   Introductions and Purpose
   l   PBV background
   l   PBV Changes
   l   Implementation Of New Changes
Project-Based Voucher “Program”
    • Part of Section 8 Housing Voucher program
       – Authorized by Section 8(o)(13) of U.S. Housing Act, 42
         U.S.C. § 1437f(o)(13)
           • Added by section 232 of FY 2002 VA-HUD
             appropriations act, October 2000
       – HUD Initial Guidance, Jan. 16, 2001 allowed program to
         operate but implementation hampered by old rules
    • “Final” regulations issued Oct. 13, 2005


                                  California Housing Partnership Corporation
Why Project-Base: Financial Incentives
for Owners
     • Higher rents initially and during term
       may be possible than with tenant-based
       vouchers
     • Security of long-term contract in
       potentially changing market
     • Vacancy payments
        – 60 days at PHA option if owner not at fault


                                 California Housing Partnership Corporation
Why Project-Base: Potential
Benefits for Tenants
    • No risk of having to pay more than 30%
      of income to use voucher
    • No risk of loss of housing due to owner
      decision not to accept subsidy for unit
      for at least 10 years
    • Often higher quality housing with more
      services (supportive housing too)

                         California Housing Partnership Corporation
Why Project-Base: Benefits for
  Housing Authorities
  • Improves voucher utilization in tight markets
  • Expands Special Needs & supportive housing
  • May improve access to opportunity-rich and
    improving neighborhoods
  • Encourages additional new production
  • After start-up, reduced administrative burden if
    opt for sample inspection
                           California Housing Partnership Corporation
Housing and Economic Recovery
Act of 2008
    • HR 3221 – Passed in July of 2008
    • Included Specific Changes To The PBV
      Program First Introduced in SEVRA




                          California Housing Partnership Corporation
PBV Units Per Project – HER Act
   Changes
   • Limited to 25% of units per project (vs. building) unless –
      – 25 (vs. 4) units or less
      – elderly and/or disabled tenants, and/or
      – households eligible for offered “supportive services”
          • PHA defines “supportive services” in plan; not limited to FSS
          • Senate Bill: requires “comprehensive services” to special pops




                                       California Housing Partnership Corporation
HER Act Changes…..Cont’d
     • Term of HAP Extended To 15 Years


     • Can Extend Term of HAP for up to 15
       year terms at any time during the term
       of HAP including at Initial HAP



                         California Housing Partnership Corporation
HER Act Changes…..Cont’d
     • If “reasonable,” unit rent can be up to 110% of FMR
       (or higher HUD-approved exception)
     • Permanently lifts rent cap in LIHTC units:
         • PHA’s can permit PBV rents in LIHTC buildings to
            rent at the greatest of of FMR / Payment Standard,
            Comparable Rent or Tax Credit Rent.
     • Give PHAs the option to set HAP Contract Initial
       Rent as the Minimum Rent for the duration of HAP
       term.
         – Critical to ability to borrow against increment

                                 California Housing Partnership Corporation
HER Act Changes…..Cont’d
     • Permits PBVs in elevator buildings & co-
       ops
     • Streamlines subsidy layering reviews for
       Tax Credit properties by authorizing
       other State and local agency’s SLRs
        – How those SLRs considered the new PBV
          assistance is yet to be determined


                              California Housing Partnership Corporation
HER Act Changes…..Cont’d
     • Existing buildings now Exempt from
       environmental review requirement




                         California Housing Partnership Corporation
Implementation Language
    • HUD Expected To Publish Suspension of
      conflicting Regulations in PIH Notice
      Until Revise Regulations Can Be Issued
    • Question As to Ability To Proceed With
      Current Projects Incorporating Recent
      Changes
    • Check With Regional Office or HUD
      Headquarters For Confirmation

                         California Housing Partnership Corporation

								
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