HUD Notice Shifts Section 202 PRACs to Five-Year Contract Renewals

The U.S. Department of Housing and Urban Development (HUD) has issued a Notice establishing a process to move all Section 202 Supportive Housing for the Elderly Project Rental Assistance Contract (PRAC) properties from the current annual contract structure to a system of five-year renewals, with the change phased in over the next three years. Properties in multi-year contracts will retain the ability to request an annual rent adjustment based on operating cost expenses, a key priority for LeadingAge.

LeadingAge National has advocated to streamline PRAC renewal processes and provides a full analysis of this strong first step here.

Contact: Annalyse Komoroske Denio, akomoroskedenio@leadingageny.org., 518-867-8866