October 2022

Section 202 Notice of Funding Opportunity

HUD's Office of Multifamily Housing published its Section 202 Notice of Funding Opportunity (NOFO) for Fiscal Year 2022. The NOFO provides up to $174.6 million in grant funding opportunities for the development of new housing and rental assistance for low-income seniors through the Section 202 Supportive Housing for the Elderly program. Applications are due by January 25, 2023.

Under the Section 202 program, HUD provides upfront “capital advances” to nonprofit sponsors to finance the development of supportive rental housing for elderly very low-income residents, as well as “Project Rental Assistance Contracts” (PRAC) to keep rents affordable. The program provides elderly persons 62 years of age or older with the opportunity to live independently in an environment that provides support services to meet their unique needs.

To learn more about the NOFO, visit this website or read the press release. Apply online at grants.gov.

Delayed Rent Adjustments

Those with Annual Adjustments due in early 2022 may notice a delay from our office in initiating the process. We will begin our annual renewals once OCAFs (Operating Cost Adjustment Factors) are updated within HUD’s system. Because we start this process early, we expect to complete all annual reviews before their effective dates.

‣ Releases & Reminders

• Fiscal year 2023 Fair Market Rents have been released and can be found here.
• The 2023 Social Security COLA has been released and can be found here.
• RIHousing has several open positions – learn more here.
• HUD has released an updated 9250 form for reserve requests that can be found here.
• A copy of RIHousing’s September 2022 presentation to NEAHMA can be found here.
• A copy of RIHousing’s October 2022 presentation to IREM can be found here.

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We hope you've found this edition of Property Matters to be helpful to you and your work. If you have thoughts or suggestions for this e-newsletter, please share with us at pbca_eblast@rihousing.com.