What is Subsidized Affordable Housing?
Subsidized affordable housing is housing where residents receive rent assistance, but must pay at least 30% of their income for their rent and utilities. Examples include Section 8 Public Housing, Homeless Project-Based Units and HOPWA Facility-Based Housing.
What is Substantial Renovation?
As defined by HUD, substantial rehabilitation of HUD-assisted multifamily rental housing occurs when either the required repairs, replacements, and improvements involve the replacement of two or more major building components, or, when the cost of the repairs exceeds certain other thresholds.