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Part 883 Proposed Rule Posted for Public Comment
Today, HUD published a proposed rule to revise its regulations found in 23 CFR Part 883 for Housing Assistance Payments contracts that were initially issued and administered by a State Housing Finance Agency.
The proposed rule would clarify the meaning of the terms “HFA (Housing Finance Agency)” and “State Agency (Agency)” when HUD either assumes contract administration responsibilities or assigns the contract administration responsibilities to a Performance-Based Contract Administrator. The rule would also clarify how reserve accounts may be transferred following assumption of contract administration duties by a new party. These regulatory changes would conform with longstanding HUD policy and practice.
Please review the proposed rule here. Comments are due by 09/16/2024.
