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On May 16, the U.S. Department of Housing and Urban Development (HUD) announced that they would combine the FY2011 Section 202 funding with the current notice of funding availability (NOFA) for FY2010.
The FY2011 funding of $400 million for Section 202, a $425 cut from the FY2010 amount, was the result of an April 2011 agreement on a continuing resolution for the unfinished fiscal year 2011 appropriations bills.
Although the funding did provide limited new construction, that amount was just $78 million. The $78 million, which will build an additional 594 units, will be added to the FY10 funds, which will build 2,731 new units. The total new units for the 2 fiscal years is 3,325. These new units will add from 15 to 58 units per multifamily HUB.
The deadline for the NOFA was extended from June 1 to June 21.