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UPDATED: HUD Notifies Section 8 Contract Administrators to Deny Requests for Use of Residual Receipt Funds

The Wisconsin Housing and Economic Development Agency (WHEDA) received a notification from HUD regarding residual receipt accounts on WHEDA financed properties that states: “Effective immediately and until further guidance is issued from this office, all owner requests for use of Residual Receipt Account funds must be denied.” This applies to “all projects with an assistance contract or HUD Regulatory Agreement that requires residual receipts to be maintained.” NH&RA believes this notice from HUD applies to applies to all projects with an assistance contract or HUD regulatory agreement, not just projects located in Wisconsin. This notification is related to HUD’s recent announcement regarding forthcoming PBRA policy changes.

In another notification received December 9, HUD informed WHEDA that “Residual Receipts accounts for projects with Old Reg or LMSA HAP contracts are no longer restricted. Withdrawals may be processed as they were before. The accounts for projects with New Reg HAP contracts remain frozen. No withdrawals may be approved. A notice is projected to be released in January providing additional guidance.”

To view a summary of these proposed policy changes, click here.
To view the notice issued by HUD regarding these PBRA policy changes,click here.

Date Published:12/14/2011

Tags: Wisconsin, Affordable Housing, HUD

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