HUDBlast September 2005 II

Ross Business Development, Inc. sent out a HUDBlast yesterday providing you with information particularly addressing concerns of property managers responding to victims of Katrina.

Subsequently, we have been in contact with HUD and would like to provide additional information and clarification.

LEASE TERMINATIONS

At this time, HUD recommends that you take no action to initiate lease terminations.  Current leases should stay in place until we receive further guidance from HUD.

VOUCHERS

HUD has provided additional clarification stating that all properties in affected areas should submit vouchers for the month of October 2005.  HUD is currently reviewing their options regarding payment of the November 2005 vouchers and will provide clarification soon. 

SUSPENSION OF MOR AND REAC INSPECTIONS

For Mississippi, Alabama and Louisiana, REAC and MOR inspections have been suspended until further notice.

For Florida, previous notices regarding suspension of MOR and REAC inspections for affected areas of Florida should have indicated that the suspension of these reviews is effective until September 30, 2005 not September 30, 2006. 

SUMMARY

HUD is working diligently to respond to those victims of Katrina and property managers who serve those families.  Additional clarifications are forthcoming.  As HUD communicates to the industry, we will continue to provide you with updates. 

Our thanks to HUD, the industry associations and the property managers who are working to address the needs of those affected by Hurricane Katrina.