HUD Will Recapture Remaining PHA Voucher Reserves

摘要

HUD has notified PHAs that it will recapture any Section 8 voucher reserve balances remaining in their annual contributions contracts (ACCs), reducing the reserves to zero. HUD cut the reserves to one week's worth of funding for calendar 2005, and in Notice PIH 2006-03 (HA), issued January 11, it announced that it will recapture any reserves remaining after December 31, 2005. In addition, any budget authority provided to PHAs in calendar 2005 that exceeds actual program expenses for the year must be maintained in an authority's undesignated fund balance account, in accordance with generally accepted accounting principles (GAAP).