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HUD Update on Budget Based Rent Adjustments for Properties Assisted under Project Rental Assistance Contracts (PRACs)
HUD’s Office of Multifamily Housing distributed a memo dated March 12, 2020, from the Multifamily Deputy Assistant Secretary C. Lamar Seats, to owners outlining their new procedures related to budget-based rent adjustments which increase replacement reserve deposits for properties assisted under Section 202 PRAC.