HUD recently issued guidance, in Notice PIH 2014-05, for implementing its FY 2014 budget for Housing Choice Vouchers (HCV), including requirements for obtaining additional HCV funds due to shortfalls and for allocation of tenant protection vouchers.
For funding shortfalls, HUD sets aside up to $75 million in the following categories:
- Category 1: Shortfall Funds
- Category 2: Unforeseen Circumstances
- Category 2a: Unforeseen Circumstances
- Category 2b: Portability Cost Increases
- Category 3: Project-Based Vouchers
- Category 4: HUD-VASH
Applications for Category 1 funds may be submitted throughout the calendar year 2014. Applications for other categories must be received no later than April 15, 2014.
HUD also provides $130 million for Tenant Protection Vouchers (TPVs), which are distributed to replace certain types of affordable units that are no longer available as assisted housing. HUD anticipates that it will issue separate guidance outlining the eligibility and priority criteria for receiving TPVs.
Click for a Ballard Spahr e-alert on PIH Notice 2014-05.
Click here to access PIH Notice 2014-05.