On February 28, 2020, HUD published updated Administrative Guidelines governing subsidy layering reviews (SLRs) for Project-Based Vouchers (PBV). Effective immediately, the New Guidelines update prior SLR guidelines issued by HUD on September 26, 2014 (79 Fed. Reg. 57955) (Prior Guidelines), to:

  1. Include new PBV Housing Assistance Payments contract terms in accordance with the Housing Opportunity Through Modernization Act of 2016
  2. Provide SLR guidelines for Mixed-Finance projects; and
  3. Clarify cash flow, debt coverage ratios, net operating income and operating expense trending requirements.

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