The Office of Multifamily Housing has launched a new webpage for the Section 8(bb) Preservation Tool. Section 8(bb) of the United States Housing Act of 1937 (42 U.S.C. 1437f(bb)) provides HUD with a tool for preserving budget authority for project-based rental assistance (PBRA) under Section 8. Under Section 8(bb), if a PBRA Housing Assistance Payments (HAP) contract is terminated or expires and is not renewed, HUD is authorized to transfer any remaining budget authority to either a new or an existing PBRA HAP contract to provide assistance to eligible families, including those receiving project-based assistance at the time of the contract termination, under terms and conditions prescribed by HUD.
The webpage features a list of potential properties which are eligible for an 8(bb) transfer, which will be useful to owners who are interested in transferring their PBRA budget authority. The list is downloadable in Excel, can be sorted or filtered by state or county, and is updated every two weeks.
It also provides instructions for owners of multifamily properties who are interested in receiving Section 8 budget authority via the 8(bb) transfer process on how to request that their properties be added to the list. Click here to learn more…
