HUD Corrects Section 202/Section 811 Mixed Finance Rule – August 21, 2013

HUD published an amendment on August 15, making a technical correction to the final rule on "Streamlining Requirements Governing the Use of Funding for Supportive Housing for the Elderly and Persons With Disabilities Programs," issued this June.  Specifically, the amendment corrects language on the duration of fund reservation, making it clear that the rule extends 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 does not extend the time after the date of initial closing.