Starting April 30, 2015, the U.S. Department of Housing and Urban Development Secretary will have the authority to approve requests to transfer project-based rental assistance, debt held or insured by the Secretary, and statutorily required income-based use restrictions from one multifamily housing project to another (or between several such projects). The Secretary can approve transfers for fiscal years 2014 through 2016, provided that the Secretary publish a notice in the Federal Register establishing the terms and conditions for HUD approval of such transfers no later than 30 days before such notice takes effect.
HUD believes that publication of the criteria will assist project owners to determine whether a transfer is feasible given the specific circumstances of their multifamily projects. Publication of the criteria will also facilitate HUD’s review of transfer requests by helping owners formulate their requests in a manner that adequately addresses the statutory criteria.
This rule is a result of the Department of Housing and Urban Development Appropriations Act, 2014 and the Department of Housing and Urban Development Appropriations Act, 2015.
