New HUD Notice Announces Funding for Tenant Protection Vouchers and Project-Based Voucher Assistance for Certain Subsidized/Affordable Projects

Earlier this month HUD issued a new Notice (Notice PIH 2019-01/H 2019-02: the “Notice”) setting-aside $5,000,000 in funding for Tenant Protection Voucher (“TPV”) funding that is available to provide tenant-based Enhanced Vouchers (“EVs”) and/or Project-Based Voucher (“PBV”) assistance to certain “at-risk households” living in HUD-defined “low-vacancy areas.” The $5 million set-aside is in addition to prior funding that remains available and was previously announced in earlier HUD notices. Under the Notice, property owners have the option to obtain either tenant-based EVs or PBV assistance for eligible projects. The EVs and PBVs are often critical to the protection of low-income households that are impacted by the termination of existing HUD affordability restrictions on the properties where they live. The EVs and PBVs also provide critical rental revenue to property owners and often help facilitate owners’ rehabilitation/redevelopment efforts.

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