HUD Releases New Subsidy Layering Review Guidelines
HUD recently released a notice in the Federal Register announcing guidelines for Housing Credit Agencies (HCAs) to follow in implementing subsidy layering reviews in accordance with the Housing and Economic Recovery Act of 2008 (HERA). The notice sets forth the guidelines for conducting subsidy layering reviews for mixed-finance public housing projects and for newly constructed and rehabilitated structures combining other forms of government assistance with Section 8 project-based voucher assistance. This includes subsidy layering reviews for Section 8 project-based voucher housing assistance payment contracts and mixed-finance developments, including those with or without low-income housing tax credits.
In certain instances, described in the notice, HUD will follow the guidelines in implementing subsidy layering reviews to satisfy the requirements of section 102(d) of the Department of Housing and Urban Development Reform Act of 1989 (HUD Reform Act). The requirements in this notice do not supersede the subsidy layering requirements of other federal programs.
To read the notice, click here.