C-3: Senior Housing Preservation with Health, Supportive Services, and Resiliency in Mind
HUD; Service Coordinator – 1.25 Hours | Wednesday, June 21st. 2:00 PM – 3:15 PM
Session Description:
This session will explore different preservation techniques for senior affordable housing. If you own an “old law” Section 202 property (developed with a low-interest direct loan from HUD between 1959 and 1974, during the first phase of the Section 202 program), HUD has made new tools available for the property to receive project-based rental assistance through the Project-Based Voucher (PBV) program. This session will explore how PBV assistance can improve project revenue, ensure ongoing affordability, and allow owners to leverage debt and equity to recapitalize the property. For the 2nd preservation technique, we’ll discuss the conversion of eligible Section 202 Project Rental Assistance Contracts (PRACs) to Section 8 project-based rental assistance (PBRA) or project-based voucher (PBV) contracts under the Second Component of RAD to preserve affordable housing that serves the nation’s most vulnerable elderly residents. The option to convert to long-term Section 8 assistance under RAD provides an opportunity for the aging stock of Section 202 PRAC properties to be recapitalized while protecting residents, maintaining non-profit control, and extending the period that properties must remain affordable. Then, we will explore the implications of the GRRP for the preservation, which will provide grant and loan funding to facilitate retrofits of properties participating in its Multifamily assisted housing programs (e.g., Section 8, Section 202 and Section 811) to make them more energy efficient, healthier, and resilient in the face of natural disasters and climate change.
Learning Objectives:
Describe the new tools available from HUD through the Project-Based Voucher (PBV) program.
Discuss the conversion of eligible Section 202 Project Rental Assistance Contracts (PRACs) to Section 8 project-based rental assistance or project-based vouchers.
Describe the implications of the GRRP for the preservation
Speakers:
John Ardovoni
Director, Affordable Housing Transaction Division,
John Ardovini is the Transaction Division Director for the Office of Recapitalization, within HUD’s Office of Multifamily Housing Programs. He is responsible for managing the Rental Assistance Demonstration (RAD) for Public Housing and Multifamily Programs, as well as, preservation transactions involving the Section 236, Pre-1974 Section 202, Mark-to-Market / Post Mark-to-Market Programs. John joined HUD in September 2014.
