Continuing Remission of Excess PRAC Residual Receipts

On September 28, 2016, Congress enacted legislation that provides appropriations at a continuing rate of operations for the period October 1, 2016 through December 9, 2016. This legislation (P.L. 114-223) also allows for the continued use of Project Rental Assistance Contract (PRAC) residual receipt collections by the Department to support Sec. 202 and Sec. 811 contract renewal and amendment needs. As was signaled in the memo dated March 11, 2016 (see attached file), HUD is continuing to collect excess residual receipts without interruption in FY 2017. Owners should continue making remissions according to the protocols defined in the attached memorandum.

HUD will provide additional guidance once a full-year appropriations bill or additional continuing resolution is enacted. Owners and contract administrators should presume collection of excess residual receipts will continue under subsequent legislation providing appropriations for FY 2017.