With this NOFA, HUD is providing up to $50 million in capital advance funding for the development and operation of supportive rental housing for very low-income persons aged 62 years and older and project rental subsidies in the form of Project Rental Assistance Contacts (PRACs) to maintain ongoing affordability.
From the funds made available through this NOFA, HUD expects to make approximately 30 awards. The deadline to apply for these funds is August 28, 2019. A second round of funding, including the balance of the FY18 funds and all the FY19 funds, will be released by a second NOFA in 2020. HUD is hopeful that delaying the second round of funding will give applicants more time to secure leveraged sources, particularly to pay for the construction, reconstruction, moderate or substantial rehabilitation, or acquisition of a structure with or without rehabilitation of the new homes. A greater amount of leveraged resources would have the effect of allowing more of the limited funds to be used for operating subsidies. A detailed analysis of the NOFA by Linda Couch from LeadingAge National may be found here.
HUD will be hosting a single national webinar on Thursday, April 25 from 2:00-3:00 p.m. EST to provide an overview of the NOFA. You may register for the webinar here.