April 23, 2019

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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. 

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Amy McClain, Ballard Spahr Law Firm, Baltimore, Real Estate and Tax Law Attorney
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Amy M. McClain represents public housing authorities and affordable housing developers in the context of mixed-finance transactions. Amy closes affordable housing transactions involving a variety of funding sources, including Low Income Housing Tax Credits, the Rental Assistance Demonstration program, public housing and Section 8 funding sources, HUD-insured loans, tax-exempt bonds, state housing finance agency loan funds, and conventional financing. These transactions have provided her with the opportunity to negotiate issues among the financing parties, housing...

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