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RHIIP Listserv #438 - NEW MEMO: Allocation of CARES Act Funding for PBRA

The Coronavirus Aid, Relief, and Economic Security Act (CARES Act) (P.L. 116-136) provides $1 billion of additional appropriations to Project-Based Rental Assistance (PBRA) to prevent, prepare for, and respond to coronavirus, including to maintain normal operations and take other necessary actions during the period that the program is impacted by coronavirus.

NEW MEMO: Allocation of CARES Act Funding for PBRA

The Coronavirus Aid, Relief, and Economic Security Act (CARES Act) (P.L. 116-136) provides $1 billion of additional appropriations to Project-Based Rental Assistance (PBRA) to prevent, prepare for, and respond to coronavirus, including to maintain normal operations and take other necessary actions during the period that the program is impacted by coronavirus. This past week, HUD completed funding actions to provide $800 million of CARES Act supplemental appropriations to approximately 16,500 properties with Section 8 PBRA contracts to maintain normal operations. These resources, in addition to amounts appropriated under the fiscal year 2020 appropriations Act, will help offset decreased tenant rent payments resulting from reduced tenant income. Consistent with current practice, the funds will also accommodate increases in vacancy payment claims that may occur due to COVID-19 related delays in moving-in new tenants. Please see this linked memo from Tobias Halliday, Director, Multifamily Office of Asset Management and Portfolio Oversight, for additional information

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