NEW Guidance: Section 8(bb) Transfer of Budget Authority

HUD is offering an opportunity for multifamily property owners who are seeking to terminate their project-based Section 8 HAP contract (in whole or in part), and transfer the remaining budget authority to another project(s), to submit a letter to HUD noting their interest. The letter of interest should include the project’s property and contact information.

Owners wishing to be considered should submit a signed letter of interest in the format found at this link to Kevin Elliot at Kevin.N.Elliott@hud.gov.

The contact information provided by owners who submit letters of interest will be consolidated by state and shared with owners who intend to end their participation in the Section 8 program. Information received from interested recipients of the 8bb transfer may also be considered, in instances where a transfer is being pursued in the context of HUD enforcement actions. Participation in a Section 8(bb) transaction is not limited to those who respond to this invitation.

Requests to transfer budget authority will be reviewed in accordance with Housing Notice H 2015-03. Owners are encouraged to review the eligibility requirements in the Notice before submitting their letters of interest. Additional questions may be directed to Kevin Elliot at Kevin.N.Elliott@hud.gov.