Latest RADBlast details new HAP effective dates
Posted on July 11, 2016
HUD has released HAP effective dates and new tools to help you understand funding for the initial year of funding for Public Housing Conversion. HUD says the agency received good feedback at a listening session focused on improving the closing process. The following announcements are a result of that feedback.
“First, effective immediately,” the RADBlast reads, “in the closing process Project Owners can now select
the effective date of the HAP contract on the first day of either of the two months following the completed closing.”
For example, if the project closes August 20, 2017, the HAP contract can be effective on either September 1, 2017 or October 1, 2017.
“We expect that this will allow PHAs and Project Owners to better prepare for funding in the initial year and also allow for more time and flexibility to complete administrative functions such as executing new tenant leases.”
The second announcement from this RADBlast deals with the need for greater guidance on how funding of the new contracts works in the Initial Year. This is the period between the effective date of the HAP contract and the remainder of the Calendar Year. HUD released the following tools today as a result of those concerns.
- We have developed comprehensive Initial Year Funding Instructions that describe the calculation of funding during this period, as well as instruction on how to access these funds.
- We have revised and simplified the Initial Year Funding Tool, an Excel-based worksheet that allows PHAs and Project Owners to calculate the amount of revenue that will be available to the project in the Initial Year and ensures that all parties have an accurate understanding of these amounts. (Note: This tool is currently under review under the Paperwork Reduction Act and is not a required submission until HUD has secured approval as a collection instrument)
You can take part in a live Q&A to get a look at the revised tool Wednesday, July 13, 2016, from 3-4PM (Eastern). Click this link to sign up: https://attendee.gotowebinar.com/register/3125876749204370946
You can also call on Navigate’s in-house consulting team for guidance with your Public and Affordable Housing needs. Our number is 1-888-466-5572.
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