HUD: Environmental Reporting Requirements for Covered Transactions Notice Publishes

On December 17, 2024, HUD’s Office of Multifamily Housing sent out the following information:

The Office of Multifamily Housing Programs published an Environmental Reporting Requirements for Covered Transactions Notice.

This notice summarizes and clarifies existing environmental reporting and review requirements for five common asset management preservation transactions:

• Section 8(bb) transfers;
• Transfers of rental assistance with HUD-held or -insured debt and/or Use Restrictions (as authorized by Section 209);
• Section 8 renewals with Capital Repair Projects (“Chapter 15 Renewals”);
• Transfers of RAD PBRA Rental Assistance and Demolition; and
• New Construction of RAD PBRA Covered Projects.

The notice is intended to reduce the complexity and processing time for such transactions for HUD staff and stakeholders.

The notice also retires the usage of HEROS partner worksheets, requiring stakeholders to enter submission requests directly into HEROS. This change will streamline the submission process, ensuring complete and correct submissions and allowing for quicker review by HUD staff.