HUD Rescinds New Form of Annual Contributions Contract
Earlier this week, the U.S. Department of Housing and Urban Development announced it will be rescinding the form of Annual Contributions Contract (ACC) that HUD had released to housing authorities this past May with instructions that the form of ACC would automatically become effective for housing authorities as each housing authority drew down their first installment of 2018 Capital Funds.
Housing Authority coalitions and lawyers within the affordable housing bar raised significant concerns with HUD over the summer concerning this new form and the lack of transparency that accompanied its development and release. Some of the concerns are set forth in an alert recently posted by the Public Housing Authorities Directors Association.
This is a significant development for housing authorities and those who work with housing authorities in revitalizing the nation’s public housing stock. HUD has indicated they will initiate a process for updating the form of ACC and will seek comments from the public as part of that effort.