HUD issued a technical correction to its rule, Streamlining Requirements Governing the Use of Funding for SupportiveHousing for the Elderly and Persons With Disabilities Programs.
The original rule was published on June 20, 2013. It governs the Section 202 and Section 811 programs to streamlinerequirements for mixed finance developments and to amend other regulations for these programs.
This technical correction to the rule clarifies that the intent is to extend the duration of the fund reservation for a capital advance from the date of issuance of the award letter so that owners could reach initial closing, and not to extend the time after the date of initial closing. This correction is effective as of August 15, 2013, and applicable beginning July 22, 2013.