Section 8 Underwriting Flexibility Announced
During the Future of Aging Services conference (2/22/10), officials from the Department of Housing and Urban Development (HUD) announced the availability of waivers from Section 8 underwriting regulations and guidance, which could facilitate the preservation of affordable housing for seniors. A HUD memo was sent to the field that will permit waivers for Section 8 rents exceeding tax credit or market rents, underwriting use of after-rehabilitation rents, and access to equity for non-profits. HUD is working on formal changes to the Section 8 regulations and the Section 8 Renewal Guide. In the interim any waiver requests should be submitted to regional hubs and contract administrators.
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