Multifamily Industry Meetings: San Francisco

United States Department of Housing and Urban Development
San Francisco Multifamily Hub Industry Meeting
November 12, 2015

AGENDA

Content and Links

HUD Multifamily Transformation
http://portal.hud.gov/hudportal/HUD?src=/transforming_hud/multifamily_transformation

Updates on Section 8 Guide Book
http://portal.hud.gov/hudportal/HUD?src=/program_offices/housing/mfh/mfhsec8

Housing Notice 2013-21 - Implementation and approval of owner-adopted admissions preferences for individuals or families experiencing homelessness
http://portal.hud.gov/hudportal/documents/huddoc?id=13-21hsgn.pdf

Housing Notice 2015-10 - Guidance for Public Housing and Owners of Federally Assisted Housing on Excluding the Use of Arrest Records in Housing Decisions
http://portal.hud.gov/hudportal/documents/huddoc?id=15-10hsgnpdf

Rental Assistance Demonstration Guide (RAD)
http://portal.hud.gov/hudportal/HUD?src=/RAD http://portal.hud.gov/hudportal/documents/huddoc?id=RAD_PBVPBRA_CompareGuide.pdf

Housing Notice 2015-04: Methodology for Completing a Multifamily Housing Utility Analysis http://portal.hud.gov/hudportal/documents/huddoc?id=15-04hsgn.pdf

Recapture of Residual Receipts for Project Rental Assistance Contracts (PRAC)

The June 19, 2015 Ben Metcalf Memorandum and its objective

• Implements statutory language in the Consolidated & Further Continuing Appropriations Act of 2015
• The San Francisco Hub alone has identified over $11 million in Residual Receipts that can potentially be recaptured for other purposes

What about Ben Metcalf's September 30, 2015 memo?

• The September 30 memorandum is virtually identical to the June 19 memorandum except it extends the statutory authority through the 2016 Continuing Resolution and the Fiscal Year 2016 Annual Appropriations Bill.
• This ensures that virtually all 202/811 Project Rental Assistance Contracts (PRACs) with Residual Receipts are captured in the recapture.

Most PRAC properties will not be affected

• The majority of our 202/811 PRAC portfolio has either less than $250 per unit, or no Residual Receipts at all.

If you have Residual Receipts to return to HUD:

• Along with your FY2015/16 renewal contract email, your HUD Funding Specialist will include both Residual Receipts memos.
• When you return your signed contract to HUD, you must include:
• Your most recent statement from the financial institution that services you Residual Receipts account
• A Form HUD-9250, Funds Authorization, requesting release of the Residual Receipts amount over $250 per unit
• Your Project Manager will review the submission for accuracy, execute the 9250, and distribute to both the financial institution and the owners
• When the owner received the excess Residual Receipts funds from the financial institution, they may be returned to HUD two ways.
• By Mail - Send check to:

Bank of America
P.O. Box 277303
Atlanta, GA 30384-2303

Include the iREMS ID# and "PRAC ERR Termination" on the check

• By Wire:

Bank Name: U.S. Treasury FRB New York
Bank Address: New York, NY
ABA Routing Number: 021030004
Beneficiary: D
Account Number: 86011101
Account Holder: U.S. Department of HUD (Ft Worth, TX)

"Include the iREMS ID# and "PRAC ERR Termination"

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