Rob Prasch's Page

Section 8 Renewal Policies Creating Underwriting Concerns for Preservation ProjectsWhen an owner seeks to transfer a project rather than opt out of the Section 8 program, the buyer needs to secure financing in order to purchase the property.  Typically, new owners also take this opportunity to rehabilitate the real estate.  In the Section 8 Contract Renewal Policy Guide Book, HUD implemented a number of “policies” which do not appear to be based in regulation and create conflicts with available…See More

Recently Oregon’s U.S. Senators Ron Wyden and Jeff Merkley wrote a joint letter to HUD Secretary Shaun Donovan asking that he help Americans at this time of economic hardship by preserving affordable housing across the country through an innovative use of Residual Receipts.Residual Receipts accounts are accumulated net earnings on projects which are subject to limited distribution requirements of their Section 8 contract or project regulatory agreement. HUD’s policy over the past decade has…See More