HUD Sends HCV Funding “Get Ready” Letter
Earlier today, HUD’s Financial Management Center sent a letter informing PHAs of potential funding scenarios for Calendar Year (CY) 2018. The letter stated that the federal budget is currently being governed by a Continuing Resolution (CR) until Jan. 19, 2018. At that time, Congress may pass a budget or a year-long CR. The letter uses the amounts allocated for Housing Assistance Payments (HAP) and Administrative Fees in the House and Senate appropriations bills to estimate prorations for 2018. These estimations can be found in the table below.
| Senate bill (S. 1655) | House bill (H.R. 3353) | |
|---|---|---|
| Administrative Fee | 76.153% | 70.233% |
| Housing Assistance Payments (HAP) | 98.810% | 95.301% |
HUD notes that the proration levels were calculated by “estimating the full HCV program need for 2018 and comparing the program need to the available funding.” HUD recommends that PHAs assess their projected leasing and spending by modeling both scenarios. HUD also recommends using the forecasting tool.
The full letter can be read here (in Word format).
[12/28/17 Edit – HUD FMC sent another letter with an alternative link to the tool (if you were having trouble with the link above).]