HUD Update on Allocation of CARES Act Funding for Section 8 PBRA
On May 28, 2020, HUD announced it would complete funding actions to provide $800 million of CARES Act supplemental appropriations to approximately 16,500 properties with Section 8 project-based rental assistance contracts to maintain normal operations. These resources, in addition to amounts appropriated under the Fiscal Year 2020 appropriations act, will help compensate owners for decreased tenant rent payments resulting from reduced tenant income. They also will accommodate increases in vacancy payment claims that may occur due to COVID-19-related delays in moving in new tenants.
