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Section 8 Project-Based Housing Assistance

Status

Available

Type

Operating

Source

Federal

Procurement Agency

US HUD

Total Annual Award

$9.730 billion in FY15.

Tenant Eligibility Criteria

Low-income households earning 80% or less of the area median income (AMI), with 40% of new admissions required to be extremely low-income, defined as at or below 30% of AMI.

Eligible Applicants

For-profit and nonprofit developers receive Project Based Housing Assistance directly from HUD.

Funding Award Details

Funding -- for renewals only -- is subject to annual appropriation.

Amount Details

Project Based Housing Assistance is based on the local Fair Market Rent (FMR) levels that are determined annually by HUD. Tenants typically pay 30% of their adjusted income and HUD pays the landlord the difference between that and the FMR.

Term

Typically 20 years, with the option of pre-paying the mortgage and opting out sooner.

Network Notes

This is not an option for new funding; Congress is only authorized to fund existing contracts. New residents moving into existing Project Based units can have incomes of no more than 80% of the area median income (AMI), with 40% of new admissions required to have incomes below 30% of AMI.

While there is no new funding for Project Based Section 8, public housing authorities have the authority to "project-base" up to 20% of their tenant based Section 8 portfolio.

For More Information

See HUD's website.

Contact your local public housing authority or NYS Housing and Community Renewal

Last updated: 08/14/2018

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