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HOME COVID-19 Operating Deficit Reserve Workout Project File Checklist

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Date Published: July 2021

Description

In an April 10, 2020 memorandum, Availability of Waivers and Suspensions of the HOME Program Requirements in Response to COVID-19 Pandemic (the "April 2020 Memo"), HUD waived the HOME regulations at 24 CFR 92.210(a) and (b) and 24 CFR 92.64(a) to permit Participating Jurisdictions (PJs) to take rapid action to preserve the financial viability of HOME-assisted affordable rental projects currently under a HOME period of affordability. Therefore, PJs will not be required to obtain HUD approval or execute a memorandum of agreement with HUD before providing HOME assistance to a troubled rental project.

On December 4, 2020, HUD issued an updated memorandum (the "December 2020 Memo") that extended the waiver period through September 30, 2021 and also suspended and waived the HOME maximum per-unit subsidy limits to enable PJs to provide sufficient HOME funds for operating reserves to preserve HOME-assisted rental projects.

On September 27, 2021, HUD issued additional revisions and updates to the memorandum, effective as of September 30, 2021, that amends the December 2020 Memo to further revise or extend certain statutory suspensions and regulatory waivers.

This HOME COVID-19 Operating Deficit Reserve Workout Project File Checklist should be used by PJs for records management within their local programs in response to the pandemic when funding an operating deficit reserve with HOME funds under the authority granted in the April 2020 Waivers, as amended.

Additional resources can be found on the Operating Deficit Reserves Workout page.


Persons using assistive technology may not be able to fully access information in this file. For assistance, contact info@hudexchange.info.

 

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Tags: COVID-19 HOME
Author Organization
  • HUD
Resource Approver
  • HUD Approved