$180 Million of HUD CARES Act Funding for Covid-Relates Property Expenses

HUD’s Office of Multifamily Housing published a Housing Notice making available CARES Act funds to offset property expenditures to combat the effects of COVID-19. New in this Housing Notice is:

• The timeframe to incur expenses has been extended to a seven-month time period from four, allowing owners more time to plan and complete expenditures;
• Funds are available for limited types of capital investments, including HVAC system upgrades, emergency generators and broadband infrastructure;
• A minimum expected funding level is available for each property, allowing owners to be confident that reimbursement will occur at no less than these established levels; and
• A new streamlined prioritization waterfall will allocate all remaining funds across larger requests.

The Housing Notice allows owners to submit payment requests for expenses incurred through Oct. 31, 2021. Request forms are due to HUD or the Contract Administrator by Nov. 19, 2021.