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News Brief: PBRA Funding Update

On May 28, HUD issued a memo to Project- Based Rental Assistance (PBRA) stakeholders on the allocation of CARES Act funding which was appropriated to assist owners in responding to COVID-19 and to ensure the continued operations of PBRA properties. The CARES Act included $1 billion in funding, and thus far HUD has allocated $800 million to approximately 16,500 properties to cover decreased tenant payments and vacancy payment claims. No action is necessary for owners to access these funds which will obligated automatically in accordance with interim tenant recertifications. The memo also informs owners of the CARES Act reporting requirement for entities that receive more than $150,000 in funds. HUD is exploring which existing reporting mechanisms can satisfy that requirement and will issue guidance in the future.