September 7, 2007
FCRHA Considering an Allocation of Project-Based Housing Choice Vouchers

At its Sept. 20 meeting, the FCRHA will consider a proposal to convert up to 111 Section 8 rental subsidy vouchers to project-based. Under new federal regulations, interested developers must compete for an allocation of the vouchers. The project-based vouchers are especially useful to the owners/developers of affordable housing as the rental subsidy stays with the property. This allows the owner to collect a fair market rent while at the same time ensuring affordability to tenants with very low incomes. If the FCRHA approves the proposal, HCD will begin to accept application immediately. The application period will run through Oct. 31.

HCD will host an information session with interested applicants in late September or early October and will be available to provide guidance to applicants throughout the application period. There are several threshold criteria, but the key one is that the vouchers must be placed in service by Dec. 1.

There are also a number of priorities, any one of which an applicant should address. These include “Housing First” with services; affordable housing for households with very low incomes; housing for persons with disabilities which has universal design features; or housing for very low income seniors.

Funding through the Affordable Housing Partnership Program will also be available to applicants who may be interested in purchasing units and need some additional financing. Additional information will be available at this site and the FCRHA web site upon approval of the FCRHA of the proposal.