HCV 2024 HAP Funding - Second Offset Based on Excess HAP Reserves
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Summary
AI summary — grounded in the notice text
This notice informs PHAs that HUD will apply a second offset to certain PHAs' CY 2024 HCV HAP renewal funding allocations based on excess amounts in their HAP reserves, in order to free up funding to prevent terminations of rental assistance due to insufficient funding. HUD will notify impacted PHAs by email during the week of August 12, 2024, providing offset calculations, revised allocations, and instructions for submitting updated data if the offset would cause a funding shortfall. The offset will only apply to unobligated CY 2024 HCV renewal funds and will not de-obligate previously provided funding.
Key Quotes
Verbatim from the notice
“HUD will provide the second offset calculations and the offset amount to the impacted PHAs by email. The notification process will be completed the week of August 12, 2024.”
Verbatim from the notice
“the second offset will be applied to CY 2024 HCV renewal funds that have not yet been obligated to the PHA”
Key Dates
- Published
- Aug 9, 2024
Compliance deadlines
- Aug 12, 2024HUD will complete the notification process to impacted PHAs of the second offset calculations and amounts during this week