HUD PIH Notice § 2016-12

Funding Availability for Tenant-Protection Vouchers for Certain at Risk Households in Low-Vacancy Areas - FY16 (HUD PIH Notices)

HUD guidance — not codified law
In Force
Verified 10/14/2026 · Next check 10/21/2026
effective 10/6/2026FederalAffordable Housing Programs

Operative Text

HUD PIH Notice § 2016-12
                                       U.S. Department of Housing and Urban Development
                                       Office of Public and Indian Housing
                                       Office of Housing




 Special Attention of: Regional and Field        Notice PIH 2016-12
 Office Directors of Public Housing;             Notice H 2016-07
 Multifamily HUD Directors; Multifamily
 Program Center Directors; Public Housing        Issued: August 18, 2016
 Directors; and Owners/Agents
                                                 Expires: This notice remains in effect during
                                                 Federal Fiscal Year 2016.
                                                 _____________________________________
                                                 Cross References: HUD Notice PIH 2015-
                                                 07; HUD Notice PIH 2016-02 (HA);
                                                 HUD Notice PIH 2011-46 (HA);
                                                  “FY 2016 Omnibus; Consolidated and
                                                 Further Continuing Appropriations Act (PL
                                                 114-113)

Subject: Funding Availability for Tenant-Protection Vouchers for Certain
         At-Risk Households in Low-Vacancy Areas – Fiscal Year 2016

1. Purpose. HUD is making up to $5,000,000 available for Tenant Protection
   Vouchers (TPV) for certain at-risk households in low-vacancy areas for Fiscal
   Year (FY) 2016.

   The FY 2016 Omnibus; Consolidated and Further Continuing Appropriations
   Act (Public Law No. 114-113, enacted December 18, 2015) (referred to
   hereafter as the FY 2016 Act), provides that up to $5,000,000 of the
   $130,000,000 appropriated for TPVs may be made available for this purpose.
   TPVs provided under this set-aside are considered “replacement” TPVs and are
   not subject to the re-issuance restrictions that apply to certain TPVs under the
   FY 2016 Act.

   This Notice describes the eligibility, selection, and funding process for this TPV
   set-aside funding in FY 2016. (The Notice generally retains the same eligibility,
   selection, and funding process from the previous fiscal year’s Notice for this set-
   aside funding, HUD Notice PIH 2015-07.)

   To be eligible for this set-aside funding, the three potential events that trigger a
   project’s eligibility (described in section 3 of the Notice) must either occur in

   Federal FY 2016 (October 1, 2015 through September 30, 2016), or previously
   occurred prior to FY 2016. An application submitted under this Notice for a
   triggering event that occurred prior to the current Notice period (i.e., FY 2016),
   will be reviewed for eligibility based on criteria under this Notice).
    Please note that requests for TPV assistance under this set-aside will be accepted
    on a rolling basis during FY 2016 until the funding has been exhausted. To
    prevent significant delay in funding of eligible applications in subsequent fiscal
    years, applications will also be accepted on a rolling basis after FY 2016, but
    will only be funded subject to the availability of appropriations for this purpose
    and in accordance with the program Notice issued for the relevant fiscal year.
    HUD will issue the program Notice as soon as practically possible after
    receiving appropriations for the fiscal year. If applications have been submitted
    under the previous fiscal year's Notice, owners with eligible applications will be
    required to amend their applications to comply with the current year's program
    Notice. Please note low vacancy areas identified by HUD are subject to change
    in any given fiscal year based on updated data from the American Community
    Survey (ACS). The Multifamily HUB/PC must maintain applications by date
    and time of receipt and must not forward eligible applications to the field office
    directors of the Office of Public Housing until after the current fiscal year's
    program Notice has been published, the Multifamily HUB/PC has verified
    eligibility under the current fiscal year’s Notice, and owners have made any
    necessary amendments to applications to comply with program requirements
    under the current fiscal year's program Notice.

2. Summary. The $5 million in TPV assistance is available to only assist residents
   residing in low-vacancy areas and who either are or may have to pay rents
   greater than 30 percent of household income as the result of:

        1) The maturity of a HUD-insured, HUD-held or section 202 loan that
        would have required the permission of the Secretary prior to loan
        prepayment;

        2) The expiration of a rental assistance contract for which the tenants are
        not eligible for enhanced voucher or tenant protection assistance under
        existing law; or

        3) The expiration of affordability restrictions accompanying a mortgage
        or preservation program administered by the Secretary.

    The TPV assistance may be provided as either enhanced vouchers or project-
    based voucher (PBV) assistance. As is the case for Housing Conversion
    Actions, public housing agencies (PHAs) will receive a special fee for the
    extraordinary costs associated with administering enhanced vouchers. Since the
    owner may elect PBV assistance under this Notice, the PHA will also receive a
    special fee for PBV assistance administered under this Notice.

3. Eligibility. An owner is eligible to request assistance for unassisted households
   at the property if the owner is in compliance with civil rights threshold
   requirements (as described below), the property is in a low-vacancy area1, there

1
 “Low-vacancy area” was defined for the purposes of this assistance as a county that currently and




                                                  2
    are at-risk households residing at the property, these at-risk households are not
    currently receiving other project-based or tenant-based rental assistance under
    Section 8 of the United States Housing Act, and the property experienced (or
    will experience) one of the following three events in Federal FY 2016 (i.e.,
    October 1, 2015 – September 30, 2016) or prior to FY 2016:
         1) The maturity of a HUD-insured, HUD-held or section 202 loan that
         would have required the permission of the Secretary prior to loan
         prepayment;

         2) The expiration of a rental assistance contract for which the tenants are
         not eligible for enhanced voucher or tenant protection assistance under
         existing law; or

         3) The expiration of affordability restrictions accompanying a mortgage or
         preservation program administered by the Secretary.

    Category 1 above includes only properties with matured Section 202 Direct
    Loans and matured Section 236 and 221(d)(3)-(d)(5) Below Market Interest
    Rate (BMIR) primary mortgages. Please note that maturity of any mortgage
    instrument other than a Section 202 Direct Loan, Section 236, or Section
    221(d)(3)-(d)(5) primary mortgage (for example, the maturity of a mortgage
    made by a state Housing Finance Agency) does not qualify as a matured
    mortgage for purposes of this Notice under category 1. Further, only the matured
    properties where the Secretary’s consent to prepayment would have been
    required (or where the Section 202 Direct Loan note was silent on the
    requirement for the Secretary’s permission to prepay) are eligible under category
    1. The Direct or FHA-insured mortgage note will specify if the approval of
    HUD is a requirement for the prepayment.

    Category 2 includes only properties where a Rental Assistance Payments (RAP)
    contract expired prior to FY 2012, or where a Rent Supplement contract expired
    prior to FY 2000. RAP contract expirations in FY 2012 or later, and Rent
    Supplement contract expirations in FY 2000 or later are not eligible for
    assistance under this Notice because tenants in such properties are/were eligible
    for enhanced voucher or tenant protection assistance under existing law, and
    therefore do not meet the criteria under category 2. Please note that some
    properties with RAP contract expirations prior to FY 2012 already received
    tenant protection assistance for eligible families, and are therefore not eligible
    for assistance under this Notice.

    Category 3 includes two groups of properties, as follows:

         Matured Section 236, Section 221(d)(3)-(d)(5) BMIR, or Section 202
          Direct Loan mortgages, where permission of the Secretary would not
          have been required prior to mortgage prepayment. To be eligible under

historically demonstrates a moderate to tight rental housing market for low-income renters. A list of
low-vacancy areas is included in Attachment A.



                                                  3
    Category 3, the underlying affordability restrictions at the property
    must have expired along with maturity of the mortgage.

   Expired “stand alone” Affordability Restrictions: This includes
    properties that had a HUD-imposed affordability restriction that
    expired (or will expire) in FY 2016 or prior to FY 2016. To be
    eligible under this category, the project with the expired
    affordability restriction must not, at the time of the request for
    assistance, have an active Section 202 Direct Loan, or an active
    Section 221(d)(3)-(d)(5) or Section 236 FHA-insured or HUD-held
    mortgage. This category includes projects that had a HUD-imposed
    affordability restriction and may have been financed with a state-
    insured mortgage. Please note that the expired/expiring
    affordability restriction must be a HUD-imposed affordability
    restriction that restricted the property to operate as affordable
    housing to very low, low, and/or moderate income households.
    This may include, but is not limited to, the Preservation programs
    under the Title II Emergency Low Income Housing Preservation Act
    (ELIHPA) and the Low-Income Housing Preservation and Resident
    Homeownership Act (LIHPRHA), Section 236(e)(2) Decoupling
    Use Agreement, Section 250 Prepayment Use Agreement, or a
    Section 219 Prepayment Use Agreement. An Interest Reduction
    Payments Agreement associated with a state non-insured 236
    mortgage also meets the criteria under category 3. The expiration
    of a project affordability restriction imposed by another agency or
    funder does not meet the criteria under category 3.

Owners must use the list of low-vacancy areas in Attachment A.

“At-risk households” are those households residing at the property at the time of
the owner’s request whose annual income is equal to or less than HUD’s FY
2016 low income limit, and are rent burdened (paying more than 30% of
adjusted income towards rent) currently or will be rent burdened after the
mortgage maturity, contract expiration or affordability restriction expiration in
FY 2016. This Notice provides further information on identifying at-risk
households, including the threshold for determining rent burden, in section 5
below (also, see Attachment C, Owner’s Checklist for Determining At-Risk
Households).

For those properties where the mortgage maturity, rental assistance contract
expiration, or affordability restriction expiration, occurred prior to the date of the
owner’s request for assistance, a family must have resided at the property at the
time of the mortgage maturity, rental assistance contract expiration, or
affordability restriction expiration to be considered an at-risk household.

Additionally, an owner must be in compliance with civil rights threshold
requirements. An owner is not eligible to request assistance if such owner:




                                        4
i) Has been charged with a systemic violation of the Fair Housing Act
   or received a cause determination from a substantially equivalent
   state or local fair housing agency concerning a systemic violation of
   a substantially equivalent state or local fair housing law proscribing
   discrimination because of race, color, religion, sex, national origin,
   disability or familial status;

ii) Is a defendant in a Fair Housing Act lawsuit filed by the Department
    of Justice alleging a pattern or practice of discrimination or denial of
    rights to a group of persons raising an issue of general public
    importance pursuant to 42 U.S.C. 3614(a);

iii) Is a defendant in any other lawsuit filed or joined by the Department
     of Justice, or in which the Department of Justice has intervened, or
     filed an amicus brief or statement of interest, alleging a pattern or
     practice or systemic violation of Title VI of the Civil Rights Act of
     1964, Section 504 of the Rehabilitation Act of 1973, Section 109 of
     the Housing and Community Development Act of 1974, Title II of
     the Americans with Disabilities Act, or a claim under the False
     Claims Act related to fair housing, nondiscrimination, or civil rights
     generally including an alleged failure to affirmatively further fair
     housing.

iv) Has received a letter of findings identifying systemic noncompliance
    under Title VI of the Civil Rights Act of 1964, Section 504 of the
    Rehabilitation Act of 1973, Section 109 of the Housing and
    Community Development Act of 1974, or Title II of the Americans
    with Disabilities Act;

v) Has received a cause determination from a substantially equivalent
   state or local fair housing agency concerning a systemic violation of
   provisions of a state or local law prohibiting discrimination in
   housing based on sexual orientation or gender identity; or

vi) Has received a cause determination from a substantially equivalent
    state or local fair housing agency concerning a systemic violation of
    a state or local law prohibiting discrimination in housing based on
    lawful source of income; and

   If applicable, has not resolved to HUD’s satisfaction, the charge,
   lawsuit, letter of findings or cause determination referenced in
   subparagraphs (i), (ii), (iii), (iv) or (v) Examples of actions that may
   be sufficient to resolve the matter include, but are not limited to:

   (1) Current compliance with a voluntary compliance agreement
   signed by all the parties;




                                        5
       (2) Current compliance with a HUD-approved conciliation
       agreement signed by all the parties;

       (3) Current compliance with a conciliation agreement signed by all
       the parties and approved by the state governmental or local
       administrative agency with jurisdiction over the matter;

       (4) Current compliance with a consent order or consent decree;

       (5) Current compliance with a final judicial ruling or administrative
       ruling or decision; or

       (6) Dismissal of charges.

   Owners who wish to request assistance under this Notice must submit their
   request in accordance with the procedures set forth in this Notice.

   Upon receiving an owner’s request, HUD’s Office of Multifamily Housing will
   verify that the maturity of the mortgage and/or expiration of the affordability
   restriction in fact removes/removed the affordability restrictions at the property
   and resulted or may result in tenants being rent burdened; that the RAP contract
   expired prior to FY 2012 and residents did not previously receive tenant
   protection assistance, or that Rent Supplement contract expired prior to FY
   2000; or that the mortgage maturity or affordability restriction expiration takes
   place in FY 2016 or prior to FY 2016; and that the owner’s property is in a low-
   vacancy area. (see Attachment E, Multifamily Verification of Owner’s Request)

   Please note that while assistance under this Notice for properties in categories 1
   or 3 is limited to mortgage maturities or affordability restriction expirations that
   took place in FY 2016 or prior to FY 2016, any funding leftover after all eligible
   properties’ requests for assistance have been funded may, at HUD Headquarters
   Office of Public and Indian Housing’s discretion, be carried over to the next
   fiscal year to fund mortgage maturities or affordability restriction expirations
   that occur after FY 2016.

4. Enhanced Vouchers or Project-Based Voucher Assistance. For requests
   under this Notice, the FY 2016 Act allows owners to request either enhanced
   vouchers or project-based voucher (PBV) assistance for the at-risk households
   residing in their property. Both types of assistance are administered through
   Public Housing Agencies (PHAs). The HUD Public Housing (PH) Field Office
   Director will identify PHAs to administer the voucher assistance, in accordance
   with the procedures in section 6 below. Any PHA identified for this purpose
   may decline to participate entirely, or may agree to participate but only to
   administer enhanced vouchers, even if the owner has requested PBV assistance.
   If a PHA declines to participate, the HUD PH Field Office Director will take
   reasonable steps to identify a PHA that will agree to administer the assistance, as
   described in section 6 below. Owners should be aware that in some cases,
   enhanced vouchers may be provided even if the owner requests PBV assistance;



                                          6
please see section 6 (step 5), and section 7, for more details.
Owners are further reminded that in general, with few exceptions, requirements
of the housing choice voucher (HCV) program apply to the vouchers provided
under this set-aside. For example, in the case of both enhanced vouchers and
project-based vouchers, the PHA must determine that the rent to owner is a
reasonable rent (i.e., the rent to owner is not more than rent charged for
comparable units in the private unassisted market and for comparable
unassisted units on the premises), and the cost of meals or supportive services
may not be included in the rent to the owner, and the lease may not require the
tenant or family members to pay charges for meals or supportive services. (See
below for discussion of program requirements also applicable to PBV and
enhanced voucher assistance). Owners should contact the local PHA if they
have any questions about applicability of HCV program requirements.
Enhanced Vouchers
Enhanced vouchers are tenant-based assistance. Households issued enhanced
vouchers may elect to use the assistance in the same property (as long as the
property continues as rental housing and the tenancy can be approved in
accordance with the enhanced voucher policies described in section 8 below),
and in all cases may choose to move from the property immediately. There is
no guarantee to the owner that any enhanced voucher assistance will be used at
the property for any period of time. Enhanced vouchers are different from
regular housing choice vouchers (HCVs) in two major respects. If the family
remains in the same property, a higher “enhanced” payment standard is used to
determine the amount of subsidy when the gross rent exceeds the normally
applicable PHA payment standard, and the family must continue to contribute
towards rent at least the amount the family was paying for rent on the date of
the mortgage maturity, rental assistance contract expiration, or affordability
restriction expiration that removes the affordability restrictions at the property.
Project-Based Voucher Assistance
PBV assistance is project-based assistance under 24 CFR Part 983. Under the
PBV program, a PHA enters into a Housing Assistance Payment (HAP)
contract with the owner for specified units and for a specified term. When
families move from the assisted units, the PHA refers families from its waiting
list to the owner to fill vacancies. PBV assistance provided under this Notice
must follow all regulations at 24 CFR Part 983, with two exceptions: selection
requirements under §983.51 (Owner proposal selection procedures) are not
applicable to assistance provided via this Notice, because the Appropriations
Act defines the categories of projects that are potentially eligible for PBV
assistance; and PHAs are prohibited from adding units to the PBV HAP
contract utilizing funding provided for the statutorily defined eligible
households (i.e., At-risk households as defined under this Notice). PHAs may
add units in accordance with §983.206 utilizing budget authority allocated to
the PHA under the HCV program. Moving to Work (MTW) agencies may
administer the PBV assistance according to their MTW agreement provided an
agency’s MTW flexibilities do not conflict with the eligibility criteria



                                        7
   articulated in the appropriations law or this Notice.
   For further details on processing enhanced vouchers or project-based vouchers,
   see sections 7 and 8 below.

5. Identifying At-Risk Households. In order to identify which of the residents of
   their property may be “at-risk households,” owners must first identify the
   current residents that resided at the property at the time of the mortgage
   maturity, rental assistance contract expiration, or affordability restriction
   expiration (if such event happened prior to the owner’s request for assistance).
   The owner must then determine the annual income of the residents, and compare
   this annual income to HUD’s low-income limits. The owner then determines
   whether the residents qualify as rent burdened, by comparing the adjusted
   monthly income of the residents to the owner’s applicable monthly rent (as
   defined in step 5 below).

   Owners and families should be aware that the final determination of a family’s
   income eligibility will be made by the PHA. Families identified as at-risk
   households in the process described in steps 1 – 5 below ultimately may be
   determined to be over-income (and therefore ineligible for assistance) by the
   PHA, which will reduce the number of vouchers that will be made available
   either as enhanced vouchers or PBV assistance, accordingly.
   The process to identify at-risk households is described in steps 1 - 5
   below. Owners that have verified resident incomes within 12 months of
   the submission of the request for assistance under this Notice can skip
   steps 2 and 3 below.

Steps

   1) Notification of residents. The owner must notify (in writing) all current
      residents of unassisted units at the property (who also resided at the property
      at the time of the mortgage maturity, rental assistance contract expiration, or
      affordability restriction expiration, if such event occurred before the owner
      submits the request for assistance) that the owner will be applying for
      assistance under this Notice. This notification must be provided prior to the
      owner applying for assistance under this Notice. In accordance with 24 CFR
      Part 245, those properties assisted with active project-based rental assistance
      contracts under Section 8 of the US Housing Act, and those properties with
      FHA-insured or Direct loans, must also notify legitimate tenant
      organizations at the property. The owner’s notification must state that he or
      she will be identifying at-risk households according to the residents’ income.
      In addition, the owner’s notice must state that if any resident contests the
      income determination made by the owner (and if the owner’s request for
      assistance is selected for funding), such resident will have the opportunity to
      have their income calculated for eligibility purposes by the administering
      PHA. The owner’s notification to the residents must also inform them that
      the owner’s application for assistance is not a guarantee that the property and
      residents will receive assistance under this Notice.



                                           8
   Owners must ensure that any and all communications are provided in a
   manner that is effective for persons with hearing, visual, and other
   communications-related disabilities consistent with Section 504 of the
   Rehabilitation Act of 1973 (see 24 CFR § 8.6), and, as applicable, the
   Americans with Disabilities Act. Owners must provide appropriate auxiliary
   aids and services necessary to ensure effective communication, which
   includes ensuring that information is provided in appropriate accessible
   formats as needed, e.g., Braille, audio, large type, assistive listening
   devices, and sign language interpreters. also should provide such
   notification in a manner that is effective for persons who have limited
   English proficiency and should refer to HUD’s published Final Guidance to
   Federal Financial Assistance Recipients: Title VI Prohibition Against
   National Origin Discrimination Affecting Limited English Proficient
   Persons (LEP Guidance) (72 FR 2732, published January 22, 2007) for
   assistance and information regarding LEP obligations.

2) Request for income information. If an owner has not verified resident
   income within 12 months of the submission of the request for assistance
   under this Notice, the owner must request income information from each
   resident of the affected property.

   Residents are not required to share this information with the owner. If a
   resident chooses not to disclose income information, such resident will be
   identified in the owner’s request for assistance as a household that did not
   provide income information to the owner, and such household will not
   receive assistance through this Notice. For all residents identified in the
   owner’s request for assistance as a household that did not provide income
   information to the owner, the owner must maintain documentation showing
   that the family was notified in writing that their failure to provide income
   information to the owner means the family will not have the opportunity to
   receive rental assistance through this Notice.

3) Calculation of annual income. The owner determines annual income by
   adding all income to be received by the household in the next 12 months,
   excluding income from any of the following: the income of live-in aides or
   full-time students; student financial assistance; foster care or adoption
   assistance payments; Supplemental Nutrition Assistance Program (SNAP;
   formerly known as Food Stamps); Low Income Home Energy Assistance
   Program (LIHEAP); and Earned Income Tax Credit refunds. This amount is
   the household’s annual income. As discussed below, this calculation is a
   streamlined version of the calculation that PHAs use to determine income
   eligibility for the voucher program.

4) Comparison to HUD’s low income limits. The owner must compare the
   household’s annual income with HUD’s most current low income limits.
   For this comparison, owners must know the size of the household (e.g., 4
   person household). Owners may find HUD’s low income limits by visiting
   http://www.huduser.org/portal/datasets/il.html. The owner then selects the



                                     9
   state and county in which the property is located. The relevant information
   is located in the row labeled “Low (80%) Income Limits.” If the
   household’s annual income is greater than the low income limit found in
   this row, the household is not an at-risk household (as discussed above,
   any resident who contests this determination will have the opportunity to
   have their income calculated for eligibility purposes by the administering
   PHA, should the owner’s request be selected for funding). For example, if
   the “Low (80%) Income Limits” row lists $60,000 as the limit for a 4
   person household, and the annual income for the 4 person household in
   question is $60,001, then this household is not an at-risk household. If the
   household’s annual income is equal to or less than the low income limit,
   then the owner moves on to step 5 below.

5) Calculation of adjusted monthly income and rent burden. The owner adjusts
   the annual income by deducting $480 from the annual income for each
   dependent in the household and deducting $400 from the annual income if
   the household’s head, spouse, or sole member is a person with disabilities or
   is at least 62 years of age. The owner then divides this adjusted annual
   income by 12 to determine the household’s adjusted monthly income.

   The owner then divides the household’s applicable monthly rent by the
   household’s adjusted monthly income to determine whether the household
   qualifies as rent burdened. Families qualify as rent burdened if, in the
   absence of this voucher assistance, they would have to pay more than 30
   percent of their adjusted monthly income for rent.

   For example, consider the following 2 different households:

   a) The household’s adjusted monthly income is $3995 and the applicable
   monthly rent is $1200. The owner divides $1200 by $3995, which equals
   approximately 0.3004. Because this household would have to pay more than
   30 percent of their adjusted monthly income for rent, this household is an at-
   risk household.

   b) The household’s adjusted monthly income is $4000 and the applicable
   monthly rent is $1200. The owner divides $1200 by $4000, which equals
   0.30. Because this household would not have to pay more than 30 percent
   of their adjusted monthly income for rent, this household is not an at-risk
   household.
As discussed above, any resident who contests this determination will have the
opportunity to have their income calculated for eligibility purposes by the
administering PHA, should the owner’s request be selected for funding.

Please note that the “applicable monthly rent” means the proposed rents the
owner intends to charge after the mortgage maturity or affordability restriction
expiration, except as follows:




                                      10
          In the case of a mortgage maturity, rental assistance contract
           expiration, or affordability restriction expiration that happened before
           the owner submits the request for assistance, “applicable monthly rent”
           means the rents the owner charges as of the date of the owner’s request
           for assistance under this Notice.

          For properties undergoing renovation that will be completed by
           November 30, 2016, “applicable monthly rent” means the rent the
           owner intends to charge after the renovation is completed.

          For properties where the owner has chosen to continue charging below
           market rents to households that resided at the property at the time of
           the mortgage maturity, rental assistance contract expiration, or
           affordability restriction expiration, “applicable monthly rent” means
           the rent the owner charges (as of the date of the owner’s request for
           assistance) to households that moved to the property after the
           mortgage maturity, rental assistance contract expiration, or
           affordability restriction expiration, and reside in a similarly-sized unit;
           except as follows:

          For properties where the owner has chosen to continue charging
           below market rents to households that resided at the property at the
           time of the mortgage maturity, rental assistance contract expiration, or
           affordability restriction expiration, and no households have moved
           to a similarly-sized unit at the property since the maturity or
           expiration, “applicable monthly rent” means the rent the owner
           intends to charge after the property receives assistance through this
           Notice.

The owner must submit a statement certifying that the applicable monthly
rents used in calculation of at-risk and not at-risk households are accurate
according to the terms of this Notice.

The owner’s identification of at-risk households will be used to determine
whether a request for assistance is eligible for funding under this set-aside
(because the presence of at-risk households at the property is a threshold
requirement for receiving assistance). This calculation will also be helpful for the
owner to predict and forecast how many households may qualify to receive
enhanced vouchers; if the owner is requesting PBV assistance, the calculation
will help the owner anticipate how many units may be assisted under the PBV
HAP contract. This exercise will also be helpful for owners seeking new debt or
equity financing for the project that will be supported by income from the PBV
HAP contract.

While the eligibility calculation by the owner is an important initial calculation,
owners are advised that PHAs are still required to calculate income for each
household before admitting that household to the voucher program, whether for
enhanced vouchers or PBV assistance. Because the calculations performed by



                                       11
   the owner at steps 3 and 5 above are a streamlined version of the calculations
   that PHAs use, some families identified by the owner as at-risk may in fact be
   ineligible for assistance due to being over-income. If a household identified by
   the owner as at-risk is later determined to be ineligible for voucher assistance
   due to being over-income, that household will not be issued an enhanced
   voucher (or, in the case of PBV assistance, the unit will not be included in the
   PBV contract). Additionally, as discussed above, families who contest the
   income determination made by the owner will have the opportunity to have their
   income calculated for eligibility purposes by the administering PHA (should the
   owner’s request be selected for funding). It is for this reason that the owner’s
   request for assistance must also include a list of the households determined not
   to be at-risk, as described in Section 6 below.

   Please also note that the applicable monthly rent will be reviewed by the PHA
   for rent reasonableness before any tenancy is approved (for enhanced vouchers),
   or before the initial rent to owner is established at the beginning of the HAP
   contract term (for PBV assistance). Before HAP can be paid for the unit, PHAs
   must determine the rents to be reasonable under 983.303 (Reasonable Rent) for
   PBV assistance or 982.507 (Rent to Owner: Reasonable Rent) for enhanced
   vouchers (see also section 8.1(b)(2) below for more information on rent
   reasonableness and enhanced vouchers). Owners may wish to contact a PHA in
   the local area prior to submitting the request for assistance to obtain information
   on potential rent levels.

   (The owner may use Attachment C, Owner’s Checklist for Determining At-Risk
   Households to assist owner’s in complying with each step required under this
   paragraph)

6. Procedures for Requesting and Processing Assistance. This section describes
   each of the steps necessary to process the owner’s request for assistance. The
   following steps must occur before the owner’s request for assistance can be
   approved and the PHA’s Annual Contributions Contract (ACC) amended to
   reflect the assistance. Owners’ requests for assistance will be accepted during
   FY 2016 on a rolling basis until the funding available under this Notice has been
   exhausted.

Steps

   1) Owners who wish to request assistance under this Notice must submit a
      letter requesting assistance to the HUD Multifamily Hub/Program Center
      (PC) Director, with a copy to the HUD Project Manager. The request must
      include the following information:

           The property name and address, including the name of the county in
            which the property is located;

           The date of the mortgage maturity, rental assistance contract
            expiration, or affordability restriction expiration. The mortgage



                                          12
    maturity or affordability restriction expiration date must be in FY
    2016 (i.e., October 1, 2015 – September 30, 2016) or prior to FY
    2016. The date of the rental assistance contract expiration must be
    before FY 2012 for RAP contracts and before FY 2000 for Rent
    Supplement contracts;

   A copy of all affordability restriction documents, rental assistance
    contracts, and renewals, and mortgage note documents related to the
    expired mortgage, contract or affordability restriction;

   A narrative statement explaining how the property meets the description
    of Category 1, Category 2 or Category 3, as defined in this Notice;

   Whether the owner is seeking enhanced vouchers or PBV assistance;

   A statement certifying that the owner is in compliance with the civil
    rights threshold requirements set forth at section 3 (“Eligibility”) of this
    Notice;

   A statement certifying that the applicable monthly rents used in
    calculation of at-risk and not at-risk households are accurate according
    to the terms set forth at section 5 (“Identifying At-Risk Households”) of
    this Notice;

   A list of unassisted units (identified by unit number and household
    name) currently occupied by at-risk households, and by households
    determined not to be at-risk. These households must have resided at the
    property at the time of the mortgage maturity, rental assistance contract
    expiration, or affordability restriction expiration (if such event happened
    prior to the owner’s request for assistance).

    o The list of at-risk households must be accompanied by a
      calculation that demonstrates that each at-risk household has an
      annual income equal to or less than HUD’s most recently issued
      low income limit, and the household would (in the absence of this
      voucher assistance) have to pay more than 30 percent of their
      adjusted monthly income for rent.

    o The list of households determined not to be at-risk must be
      accompanied by a calculation that demonstrates that each
      household has an annual income greater than HUD’s low income
      limit, or the household would not (in the absence of voucher
      assistance) have to pay more than 30 percent of their adjusted
      monthly income for rent.

    o The calculation for each list of households must include size of
      the household, household’s annual income, the applicable HUD
      low income limit for a household this size, the household’s



                                   13
          adjusted monthly income, the applicable monthly rent of the unit
          (see section 5, step 5 for the different meanings of “applicable
          monthly rent”), and the percentage of the household’s adjusted
          monthly income spent on rent in the absence of this voucher
          assistance (applicable monthly rent/ adjusted monthly income).

      For properties where the mortgage maturity, rental assistance contract
       expiration, or affordability restriction expiration happened before the
       owner submits the request for assistance, documentation (such as a
       lease, rent roll, or rental payment receipts) showing that the at-risk
       households and the households determined not to be at-risk resided at
       the property at the time of the mortgage maturity, rental assistance
       contract expiration, or affordability restriction expiration; and

      A list of unassisted units (identified by unit number and household
       name) currently occupied by households (that also resided at the
       property at the time of the mortgage maturity, rental assistance contract
       expiration, or affordability restriction expiration) that did not provide
       income information to the owner. (Please note that these households
       will not receive assistance through this Notice. For all residents
       identified in the owner’s request for assistance as a household that did
       not provide income information to the owner, the owner must maintain
       documentation showing that the family was notified in writing that their
       failure to provide income information to the owner means the family
       will not have the opportunity to receive rental assistance through this
       Notice.)

   Owners must provide all of the information listed above in their request for
   assistance. Owners may wish to refer to Attachment B for a sample format
   to provide the information required in the owner’s request for assistance.
   The owner may also use Attachment D, Owner’s Checklist for Requesting
   Enhanced Voucher or Project-Based Voucher Assistance to ensure
   compliance with each step required under this paragraph. Owners may find
   these forms helpful, but are not required to use them.

2) Once the Multifamily Hub/PC Director has received the owner’s complete
   request for assistance, the Multifamily Hub/PC Director or designee will
   review the applications to verify that:

   a) The property had or has a Section 202 Direct Loan or a Section 236 or
      221(d)(3)-(d)(5) Below Market Interest Rate (BMIR) primary mortgage
      that matured (or will mature) in FY 2016 or prior to FY 2016. This
      includes loans where the permission of the Secretary was a requirement
      prior to mortgage prepayment, as well as loans where permission of the
      Secretary was not a requirement prior to prepayment. Please note: the
      Multifamily Hub/PC Director or designee must verify the mortgage
      maturity date (day, month, and year) by reviewing the actual mortgage
      note, affordability restriction or contract document. Staff must also



                                     14
   verify that the mortgage was not prepaid prior to mortgage maturity and
   there are residents residing at the property that were residing at the
   property as of the date of mortgage maturity; OR

b) The owner’s RAP contract expired prior to FY 2012, or Rent
   Supplement contract expired prior to FY 2000. This includes verifying
   that the contract reached its expiration date, and did not terminate prior
   to the expiration date due to the prepayment of the underlying mortgage
   at the property, and there are residents residing at the property that were
   residents of the property at the time of contract expiration; and for RAP
   contracts, this also includes verifying that for contracts that expired
   prior to 2012, voucher assistance was not previously provided to eligible
   residents; OR

c) The property had an underlying HUD-imposed affordability restriction
   that expired (or will expire) in FY 2016 or prior to FY 2016 and there
   are residents residing at the property that were residents of the property
   at the time of the expiration of the HUD-imposed affordability
   restriction. The Multifamily Hub/PC staff will verify that the
   affordability restriction was a HUD-imposed agreement. This may
   include, but is not limited to, the Preservation programs under the Title
   II Emergency Low Income Housing Preservation Act (ELIHPA) and the
   Low-Income Housing Preservation and Resident Homeownership Act
   (LIHPRHA), Section 236(e)(2) Decoupling Use Agreement, Section
   250 Prepayment Use Agreement, a Section 219 Prepayment Use
   Agreement, or an Interest Reduction Payments Agreement associated
   with a state non-insured 236 mortgage. Please note: the Multifamily
   Hub/PC Director or designee must verify this date (day, month, and
   year) by reviewing the actual affordability restriction document. The
   Multifamily Hub/PC Director or designee must also review the specific
   provisions of the affordability restriction and mortgage note to verify
   that the expiration in fact removes/removed affordability restrictions on
   unassisted units at the property;

d) The property does not, at the time of the request for assistance, have an
   active Section 202 Direct Loan, or an active Section 221(d)(3)-(d)(5) or
   Section 236 FHA-insured or HUD-held mortgage;

e) The property is located in a low-vacancy area (low-vacancy areas are
   listed in Attachment A);

f) The number of households identified by the owner as at-risk households
   does not exceed the total number of unassisted units at the property (in
   the case of a mortgage maturity or affordability restriction expiration),
   or in the case of a Rent Supplement or RAP contract expiration, the
   number of households identified by the owner as at-risk households
   does not exceed the number of units on the original Rent Supplement or
   RAP contract. If the application involves the expiration of a Rent



                                  15
   Supplement or RAP contract, the Multifamily Hub/PC Director or
   designee must review the Rent Supplement or RAP contract to verify
   the number of units on the original contract. If the number of
   households identified by the owner as at-risk households does exceed
   the total number of unassisted units at the property (or the number of
   units on the original Rent Supplement or RAP contract), the Multifamily
   Hub/PC Director or designee must advise the owner to reduce the
   number of at-risk households to the allowable amount (no more than the
   total number of unassisted units at the property or the number of units
   on the original Rent Supplement or RAP contract) if the owner wishes
   to be further considered for funding; and

g) The households identified by the owner as at-risk households, and the
   households determined by the owner not to be at-risk, did reside at the
   property at the time of the mortgage maturity, rental assistance
   contract expiration, or affordability restriction expiration. If the
   documentation submitted in the owner’s request fails to demonstrate that
   every household (at-risk and not at-risk) resided at the property at the time
   of the mortgage maturity, rental assistance contract expiration,
   affordability restriction expiration, the Multifamily Hub/PC Director or
   designee must advise the owner to submit corrected documentation or
   remove these households from the request if the owner wishes to be
   further considered for funding. In order to verify that households occupied
   units at the project at the time of the mortgage maturity, rental assistance
   contract expiration, or affordability restriction expiration, the owner must
   submit documentation that demonstrates such occupancy. (Examples of
   such documentation includes rent rolls, rental payment receipts or copies
   of lease agreements).

The Office of Multifamily staff must use Attachment E, Multifamily
Verification of Owner’s Request to assist in verifying owner eligibility and
in review of the steps outlined in paragraph 6.

Applications that meet the above requirements shall be deemed acceptable to
be processed in accordance with the additional steps below. Please note: the
Multifamily Hub/PC Director or designee will not be responsible for
verifying the accuracy of the reported tenant income or the calculations of
at-risk households.

If the owner’s request for assistance does not meet the above requirements,
the owner’s request for assistance will be denied. The Multifamily Hub/PC
Director or designee will notify the owner in writing of the denial of the
request.

Requests determined acceptable by the Multifamily Hub/PC Director or
designee under step 2 will be processed in accordance with the additional
steps below.




                                   16
3) The Multifamily Hub/PC Director or designee will submit a copy of the
   owner’s request for assistance to the PH Field Office Director along with all
   completed worksheets, checklists and required documentation. The
   Multifamily Hub/PC Director or designee requests that the PH Field Office
   Director identify and invite a PHA (that currently administers the HCV
   program and has jurisdiction over the area in which the property is located)
   to administer the voucher assistance.

4) The PH Field Office Director or designee will determine the appropriate
   PHA to administer the assistance in accordance with established criteria for
   selection of PHA administration of tenant protection vouchers, including,
   but not limited to, jurisdiction, and PHA administrative capacity. The PH
   Field Office Director must invite the PHA to administer assistance under
   this Notice in writing. The PHA will have the opportunity to agree or
   decline to administer the enhanced vouchers or PBV assistance.

5) For PBV requests: The identified PHA should have an established PBV
   program. If the PHA does not have an established PBV program and
   wishes to accept administration of PBV assistance, the PHA must provide
   documentation to the PH Field Office Director that demonstrates the PHA’s
   ability to comply with all regulatory and statutory requirements involved in
   establishing a PBV program within the timeframe necessary to provide
   assistance to eligible at-risk households. Acceptable documentation
   includes copies of, or certification from PHA concerning compliance with,
   PHA Plan requirements for the PBV program, site selection requirements,
   PBV administrative plan requirements, and compliance with 24 CFR 983.6
   concerning maximum amount of PBV assistance.

   If the PHA does not wish to or is unable to administer PBV assistance, the
   PH Field Office Director or designee will make a reasonable effort to find a
   PHA with jurisdiction and administrative capacity willing to administer PBV
   assistance. Please note that any PHA willing to administer PBV assistance at
   this step is agreeing to do so in accordance with all the statutory and
   regulatory requirements of the PBV program (see section 7 below),
   including the statutory limit of 20 percent for the amount of the PHA’s HCV
   budget authority that may be project-based (see 24 CFR 983.6(a)). The PHA
   identified by the PH Field Office Director or designee at this step must also
   be willing to administer enhanced voucher assistance, in case the PHA
   determines that it will be unable to enter into a PBV HAP contract with the
   owner due to the lack of PBV experience or inability to comply with
   statutory and regulatory requirements of the PBV program.

   If the invited PHA agrees to administer PBV assistance (and enhanced
   voucher assistance, if the PHA determines that it will be unable to enter into
   a PBV HAP contract with the owner due to the statutory and regulatory
   requirements of the PBV program), the owner’s request for assistance will
   move on to step 7 below.




                                     17
   If the PH Field Office Director or designee is unable to identify a PHA
   willing or able to administer PBV assistance, the owner’s request will move
   on to step 6 below in order to identify a PHA willing to administer enhanced
   voucher assistance. If the owner chooses not to proceed with enhanced
   voucher assistance, the PHA must notify the PH Field Office Director of the
   owner’s decision. The PH Field Office Director will inform the Multifamily
   Hub/PC Director or designee who will notify the owner in writing that the
   owner’s request is denied.

6) For enhanced voucher requests: If the PH Field Office Director or designee
   is able to identify a PHA willing to administer the enhanced vouchers, the
   owner’s request for assistance will move on to step 7 below.

   If the PH Field Office Director or designee is unable to identify a PHA
   willing to administer enhanced vouchers, the owner’s request for assistance
   will be denied. The PH Field Office Director or designee will notify the
   Multifamily Hub/PC Director of the denial. The Multifamily Hub/PC
   Director or designee will then notify the owner in writing of the denial.

7) The PH Field Office Director or designee provides a written request to the
   PHA identified along with a copy of the owner’s request for assistance and
   all other supporting documentation to the PHA that agrees to administer the
   enhanced vouchers or PBV assistance.

8) The PHA must determine the eligibility of all at-risk households identified
   by the owner. For purposes of determining income eligibility, the PHA uses
   the applicable low income limits (not the very low income limits).

   The PHA’s administrative plan must allow for the provision of HCV
   assistance to these low-income families. If the PHA’s administrative plan
   does not currently provide for these low-income families to be eligible, the
   PHA must amend its administrative plan in order to administer the enhanced
   vouchers or PBV assistance. This administrative plan requirement is
   consistent with 24 CFR 982.201(b)(1)(iii). HUD will consider waivers of 24
   CFR 982.201(b)(1)(iii) to allow a PHA to provide assistance to these low-
   income families without an amendment to the PHA’s administrative plan,
   when needed due to the timing of the conversion.

   Additionally, households must meet the applicable rent burden threshold
   described in section 5 above to be eligible for assistance through this Notice.
   Specifically, households are only eligible for assistance through this Notice
   if applicable monthly rent for that household’s unit divided by the
   household’s adjusted monthly income (as calculated by the PHA in
   accordance with 24 CFR 5.611) is more than 30 percent (see section 5, step
   5 for the different meanings of “applicable monthly rent”).

   The PHA must also notify, in writing, all residents (still residing at the
   property) determined by the owner not to be at-risk, informing them that if



                                     18
   they believe they meet the HCV income limits and applicable rent burden
   threshold, they may request to have their income calculated by the PHA for
   eligibility purposes. This notification does not include any of the households
   that did not provide income information to the owner (as identified in the
   owner’s request for assistance).

   Families admitted to the HCV program with enhanced vouchers are special
   admissions under 24 CFR 982.203 and are not subject to income-targeting
   requirements under 24 CFR 982.201(b)(2) for families selected from the
   PHA’s waiting list. Families admitted to the HCV program with PBV
   assistance must be selected from the PHA waiting list in accordance with 24
   CFR 983.251(b) (“Protection of in-place families”) and are also not subject
   to the income-targeting requirements under 24 CFR 982.201(b)(2).

   In order to reduce processing time and where applicable, HUD will permit
   the PHA to use the owner’s most recent family income examination (form
   HUD-50059) if the owner’s current certification for the family (form HUD-
   50059) is no more than six months old and the PHA determines that the
   owner certifications are acceptable after reviewing a twenty percent sample
   for accuracy. The PHA is never required to use the owner certifications and
   may choose to conduct its own income determination and verification. PHAs
   should be aware that many owners will not have form HUD-50059 for the
   households being assisted through this Notice.

9) The PHA submits the Section 8 Tenant-Based Assistance Funding
   Application (Form HUD-52515) to the PH Field Office Director. The PHA
   is requested to enter the PHA’s code number (for example, CT002) as well
   as their electronic mail address, telephone number, and facsimile telephone
   number in the same place at the top of the form where they are also to enter
   the PHA’s name and mailing address. Instructions for completing the
   remainder of the form are as follows:

   a) Do not complete Section A.

   b) Under Section B of this form, only complete the box for total dwelling
   units under vouchers. Insert the number of eligible families as determined
   by the PHA’s eligibility determinations in step 8.

   c) Do not complete Section C.

   d) Under Section D of this form, the PHA must identify whether the
   assistance will be for enhanced vouchers or PBV assistance.

10) The PH Field Office Director or designee submits the PHA’s HUD-52515,
    as well as the owner’s request for assistance, to the HUD Office of Housing
    Voucher’s Financial Management Division (FMD) (at
    PIHConversionActions@hud.gov, with 2016 TPV Set-Aside” in the subject
    line).



                                     19
   11) The FMD and the Housing Voucher Management and Operations Division
       (HVMOD) reviews the submission for accuracy. The FMD calculates the
       budget authority and assigns funds to the PHA, using the information from
       Section B of the HUD-52515 to determine the amount of funding the PHA
       will be assigned. The FMD also calculates the special fee for the
       extraordinary costs associated with administering the enhanced voucher or
       PBV assistance under this Notice. The fee will be $200 per unit for the
       higher number of units as determined below:

       a) The number of at-risk households at the property that were identified
          in the owner’s request for assistance; or

       b) The number of families that are eligible to receive assistance (as
          determined by the PHA in step 8 above, and identified in Section B of
          the HUD-52515).

       Please note that the amount of the special fee is subject to the availability of
       funds for this purpose. If necessary, HUD may amend the amount and
       method of calculation of the special fee by subsequent notice.

   12) The Financial Management Center (FMC) prepares the ACC documents
       and ACC transmittal letter, and forwards these to the PHA with a copy of
       the letter to the PH Field Office Director.

7. Procedures for Processing PBV Assistance. After receiving the ACC documents
   and transmittal letter, the PHA must verify whether the owner’s request for PBV
   assistance meets the statutory and regulatory requirements of the PBV program,
   including:
       a) the prohibition of assistance for ineligible units (24 CFR 983.53);

       b) prohibition of assistance for units in subsidized housing (24 CFR
          983.54);

       c) prohibition of excess public assistance (24 CFR 983.55);

       d) the cap on number of PBV units in each building (24 CFR 983.56)

       e) site selection standards (24 CFR 983.57)

       f) the environmental review (24 CFR 983.58);

       g) and all other program requirements, including all applicable fair housing
          and civil rights requirements.

   Please note that the owner’s property may be partially assisted with pre-existing
   Project-Based Section 8 contracts; units subsidized with such assistance may not
   be included in the PBV HAP contract (see 24 CFR 983.54(b)), and such units
   are excluded from the twenty-five percent cap on the number of PBV units that



                                          20
   can be in one project as described at 24 CFR 983.56.

   Please also note that only the units occupied by eligible families may be covered
   by the PBV HAP contract. Units that were occupied by at-risk households at the
   time of the owner’s request for assistance, and are either vacant or the occupant
   family was determined ineligible for admission to the HCV program at the time
   of the PHA’s eligibility determinations, must not be covered by the HAP
   contract.

       7.1 When a PHA is unable to enter into a PBV HAP contract with the
       owner. If the PHA determines that it will be unable to enter into a PBV
       HAP contract with the owner due to the statutory and regulatory
       requirements of the PBV program (e.g., the property does not meet the
       PHA’s site selection standards), then the funding provided to the PHA
       under this notice must be used to provide enhanced voucher assistance for
       all eligible families. Please see section 8 below for procedures for
       processing enhanced voucher assistance.

       7.2 When a PHA enters a PBV HAP contract for fewer units than
       requested. If the PHA determines that it will be able to enter into a PBV
       HAP contract, but there are more eligible families than there are eligible
       units under the PBV program (e.g., because the number of eligible families
       exceeds the 25 percent per project cap described at 24 CFR 983.56), then
       the PHA will administer enhanced vouchers for the eligible families whose
       units are not eligible to be included in the property’s PBV HAP contract;
       please see section 8 below for procedures on processing enhanced voucher
       assistance. When the number of eligible families exceeds the number of
       eligible units under the PBV program, owners may decide which units will
       be included in the PBV HAP contract.

8. Procedures for Processing Enhanced Voucher Assistance. After receiving the
   ACC documents and transmittal letter, the PHA must issue vouchers to the eligible
   at-risk households at the project. Voucher funding under this Notice may only be
   used for families identified by the owner as at-risk households and determined
   eligible by the PHA. The Department may amend the PHA’s ACC to rescind
   funding and remove the corresponding units if it is determined that the PHA is not
   eligible for funding provided.

       8.1 Characteristics of Enhanced Voucher Assistance. Enhanced vouchers
       have several special requirements but in all other respects are subject to
       normal housing choice voucher program rules. For example, the PHA may
       not make payments to the owner until after execution of the HAP contract
       on behalf of an individual family, and the assistance may not be paid to
       cover any period of time before the PHA inspection and determination that
       the unit meets the housing quality standards of the program.

         a) Enhanced voucher family right to remain. A family that receives an
            enhanced voucher has the right to remain in the project as long as



                                         21
   the units are used for rental housing and are otherwise eligible for
   housing choice voucher assistance (e.g., the rent is reasonable, unit
   meets HQS, etc.). The owner may not terminate the tenancy of a
   family that exercises its right to remain except for a serious or
   repeated lease violation or other good cause. If an owner refuses to
   honor the family’s right to remain, the family may exercise any
   judicial remedy that is available under State and/or local law.

b) Payment standard where the family chooses to stay in the same
   project.

       o Special payment standard. For a family that stays in the
         project, the payment standard used to calculate the voucher
         housing assistance payment is the gross rent (rent to owner
         plus the applicable PHA utility allowance for any tenant-
         supplied utilities) of the family's unit (provided the
         proposed rent to owner is reasonable), regardless of
         whether the gross rent exceeds the normally applicable
         PHA payment standard.

       o Rent reasonableness documentation and lease requirements.
         All regular program requirements concerning the
         reasonableness of the rent and the provisions of the HUD-
         prescribed lease addendum apply to enhanced vouchers.
         The PHA must determine that the proposed rent for the
         family's unit is reasonable. The PHA must determine
         whether the proposed new rents for the property are
         reasonable using the same methodology it uses for any
         other potential units under the HCV program (see PIH
         Notice 2011-46).

          The PHA determines whether the rent requested by the
          owner is a reasonable rent for the unit in comparison to
          other comparable unassisted units based on the current
          condition of the unit. The PHA does not base the rent
          reasonableness determination on any planned future
          enhancements to the property. If the PHA determines the
          owner’s proposed new rent is not reasonable, the owner
          must either lower the rent or the family will have to find
          another unit in order to benefit from the voucher.

          The special payment standard for enhanced tenant-based
          assistance for a family that stays in the unit sometimes
          results in the PHA approving a tenancy for a unit that
          otherwise would be ineligible or unaffordable to a family
          with regular tenant-based assistance. If the rent is
          reasonable in comparison to the rents of comparable
          unassisted units, there is nothing improper or incorrect in



                               22
           approving the owner’s new rent even if the rent would not
           normally be affordable for a family with a regular voucher.
           However, it is very important for the PHA to make sure
           the owner’s new rent is reasonable and to properly
           document this determination. The PHA must document the
           rent reasonableness of the owner’s rent in the family’s file
           by including the rents and addresses of the comparable
           units used to make the determination. The PHA should use
           the guidance provided in Notice PIH 2011-46 when
           determining whether the rent is reasonable.

c) Family move: Normal payment standard is applicable. The
   normally applicable PHA payment standard is always used to
   determine the family’s maximum voucher subsidy when the family
   moves from the project. This includes cases where the proposed
   new rent for the family's current unit is not reasonable or the unit
   fails HQS, requiring the family to move in order to receive tenant-
   based assistance.

d) Enhanced voucher minimum rent requirement for stayers. Families
   assisted with enhanced voucher assistance have a special statutory
   minimum rent requirement. A family receiving enhanced voucher
   assistance under this set-aside must pay for rent no less than the
   rent the family was paying on the date of the rental assistance
   contract expiration, maturity of the mortgage and/or expiration of
   the affordability restriction that removed the affordability
   restrictions at the property.

   The enhanced voucher minimum rent only applies if the family
   remains in the project. The enhanced voucher minimum rent does
   not apply if the family moves from the project.

   The method for calculating the minimum rent changes if the
   family’s income subsequently decreases to a significant extent (15
   percent or more) from the family’s gross income on the effective
   date of the rental assistance contract expiration, maturity of the
   mortgage and/or expiration of the affordability restriction that
   removed the affordability restrictions at the property. The enhanced
   voucher minimum rent changes from an actual dollar amount to a
   specific percentage of income.

   The family’s new enhanced voucher minimum rent is the greater of
   (A) the percentage of the monthly adjusted income the family paid
   for gross rent on the effective date of the rental assistance contract
   expiration, maturity of the mortgage and/or expiration of the
   affordability restriction that removed the affordability restrictions
   at the property, or (B) 30 percent of the family’s current adjusted
   monthly income.



                                23
Once this change in the enhanced voucher minimum rent becomes
effective for a family, the enhanced voucher minimum rent for the
family remains that specific percentage of income (e.g., 32 percent)
and will not revert to a specific dollar amount, even if the family
income subsequently increases or decreases.

For instance, assume a family paid $500 for gross rent on the
effective date of the rental assistance contract expiration, maturity
of the mortgage and/or expiration of the affordability restriction
that removed the affordability restrictions at the property, which
equaled 35 percent of the family’s monthly adjusted income at that
time. After receiving enhanced voucher assistance for ten months,
the family suffered a 50 percent decrease in monthly gross income.
The PHA now calculates the enhanced voucher minimum rent for
the family as the percentage of monthly adjusted income the family
paid for rent on the effective date of the rental assistance contract
expiration, maturity of the mortgage and/or expiration of the
affordability restriction that removed the affordability restrictions
at the property (35 percent) instead of the actual dollar amount
($500). The enhanced voucher family in this example must now
pay at least 35 percent of the family monthly adjusted income for
rent, regardless of any further changes in family income.

When a family reports a significant decrease in family income, the
PHA conducts an interim redetermination and verifies the change
in income as soon as possible to prevent hardship on the family,
preferably by the first of the month following the date the family
reports the change and provides the necessary documentation. The
PHA may implement the reduction on a provisional basis before
completing the verification in order to prevent undue hardship to
the family.

The change in the determination of the enhanced voucher minimum
rent only applies if a family suffers a significant loss of income (at
least a 15 percent decrease in the gross family income on the date
of the rental assistance contract expiration, maturity of the
mortgage and/or expiration of the affordability restriction that
removed the affordability restrictions at the property). Otherwise,
the enhanced voucher minimum rent remains the specific dollar
amount.

Regardless of which method is used to calculate the enhanced
voucher minimum rent, the minimum rent represents the lowest
amount the family may pay as their family share for as long as the
family remains in the project. A family may pay no less than the
enhanced voucher minimum rent.




                             24
e) Calculating HAP for enhanced voucher assistance. Regardless of
   whether the owner’s new gross rent (after the rental assistance
   contract expiration, maturity of the mortgage and/or expiration of
   the affordability restriction that removed the affordability
   restrictions at the property) exceeds or is less than the PHA
   payment standard, the housing assistance payment for a family that
   stays in their present unit (or moves from an oversized unit to an
   appropriate size unit within the project) is the following:

     The gross rent for the unit minus the greatest of:

     (i) 30 percent of the adjusted family monthly income;

     (ii) 10 percent of the family monthly income (gross monthly income);

     (iii) the welfare rent in as-paid states;

     (iv) the enhanced voucher minimum rent; or

     (v) such other minimum rent established by the PHA as authorized
     by Federal law (see 24 CFR §5.630.)

f) Movers from the project – all regular housing choice voucher rules
   apply. If a resident decides to move from the project with the
   voucher assistance, the payment standard is not enhanced and the
   enhanced voucher minimum rent does not apply. This is the case
   when the family chooses to use the voucher to move from the
   property immediately, or if after receiving enhanced voucher
   assistance for a period of time the family chooses to subsequently
   move from the unit with continued voucher assistance. In either
   circumstance, the housing assistance payment and the family share
   at the new unit are calculated in accordance with the regular rules
   of the housing choice voucher program.

g) Administering voucher assistance. The special conditions of
   enhanced voucher assistance (enhanced voucher minimum rent and
   the special payment standard rules) are applicable for as long as the
   family receives voucher assistance at the project.

   If an owner subsequently raises the rent for an enhanced voucher
   family in accordance with the lease, State and local law, and
   voucher program regulations (including rent reasonableness), the
   PHA will use the new gross rent to calculate the voucher HAP
   payment for the family.

   The PHA must identify an eligible family as an enhanced voucher
   family even if the gross rent of the family’s unit does not currently
   exceed the normally applicable PHA payment standard. Since the



                                 25
           enhanced payment standard rule also covers any subsequent rent
           increases, it is possible that the special payment standard may come
           into play later in the family’s tenancy.

             (1) Enhanced voucher minimum rent. The enhanced voucher
                 minimum rent requirement remains in effect for all families
                 who receive enhanced voucher assistance and remain at the
                 property.
             (2) Special payment standard. Subject to availability of
                 appropriations, the payment standard used to calculate the
                 family subsidy will continue to be enhanced to match the gross
                 rent for the unit if the gross rent exceeds the normally
                 applicable payment standard and the PHA determines the rent
                 is reasonable for as long as the enhanced voucher family
                 continues to reside in the same project.

                 If the owner raises the rent for a family assisted with an enhanced
                 voucher in accordance with the lease, State and local law, and
                 voucher program regulations, the PHA will increase the enhanced
                 payment standard to equal the new gross rent (rent to owner and
                 the applicable PHA utility allowance for any tenant-supplied
                 utilities) for the unit provided the PHA determines the rent is
                 reasonable. The additional cost of the subsidy will be covered
                 through the regular renewal process for the PHA’s voucher
                 program.

                 If a change in the PHA utility allowance (either an increase or
                 decrease) affects the gross rent for a family assisted with an
                 enhanced voucher, the PHA must adjust the enhanced payment
                 standard accordingly. The enhanced payment standard may
                 never exceed the gross rent for the assisted family’s unit.

                 Again, it is emphasized that the PHA always applies the
                 normally applicable payment standard if the family subsequently
                 moves from the project.

             (3) Over-housed families. For the enhanced voucher policies that
                 are applicable to families residing in units where the actual
                 number of bedrooms exceeds the family unit size for which the
                 family qualifies under the PHA subsidy standards (i.e., “over-
                 housed families”), please see Notice PIH 2016-02.

9. Paperwork Reduction Act. The information collection requirements contained
   in this document have been approved by the Office of Management and Budget
   (OMB) under the Paperwork Reduction Act of 1995 (44 U.S.C. 3501-3520). The
   OMB control numbers are 2577-0169, 2502-0204, and 2502-0086. In
   accordance with the Paperwork Reduction Act, HUD may not conduct or




                                        26
   sponsor, and a person is not required to respond to, a collection of information
   unless the collection displays a currently valid OMB control number.

10. Further Information. Any questions concerning this Notice should be directed
    to the Housing Voucher Management and Operations Division, Office of Public
    Housing and Voucher Programs, at (202) 708-0477 (this is not a toll-free
    number). Persons with hearing or speech impairments may access these numbers
    via TTY by calling the toll-free Federal Information Relay Service at (800) 877-
    8339.




___________/s/_____________________               ____________/s/________________
Lourdes Castro Ramírez                            Edward L. Golding
Principal Deputy Assistant Secretary              Principal Deputy Assistant Secretary
 for Public and Indian Housing                     for Housing


List of Attachments
Attachment A
Attachment B
Attachment C
Attachment D
Attachment E
Attachment F
Attachment G
Attachment H




                                         27
                                   Attachment A

Low Vacancy Areas:

A property meets the low-vacancy threshold if it is located in a county (or county
equivalent) with a rental vacancy rate (as measured by the 2009-2013 American
Community Survey (ACS)) that is below the thresholds identified in the table
below. For example, in a market with slow population growth (population growth of
one percent annually or less), HUD, for the purposes of this notice, has determined
that market to be a Low Vacancy Area if the rental vacancy rate in the county is less
than or equal to 5.9 percent.


Note, for the purposes of this Notice, all 5 NYC boroughs are considered as one
“county” and are coded in the table below as “36NYC” in the FIPS column. Also,
annual population growth is calculated as the average annual population growth for
each county from 2010-2011, 20112012, and 2012-2013 as estimated by the 2013
US Population Estimates Program. Finally, given the lack of data for insular areas,
all insular areas (other than Puerto Rico) are considered as low vacancy areas for
the purposes of this Notice.


                                     Low Vacancy Area
                            Annual Population   Rental Vacancy
                                Growth               Rate
                                  Slow (<=1%)      <=5.9%
                             Moderate (1-2.9%)     <=7.4%
                                 Rapid (>=3%)      <=9.0%


                                                      Average
                                                       Annual            Rental
 County                                              Population         Vacancy
  FIPS                                              Growth (2012-      Rate (ACS
  Code                 County Name                      2015)          2010-2014)
 01007            Bibb County, Alabama                 -0.09%             0.5%
 01011           Bullock County, Alabama                0.29%             2.7%
 01013            Butler County, Alabama               -0.42%             4.2%
 01015          Calhoun County, Alabama                -0.48%             4.1%
 01019          Cherokee County, Alabama               -0.21%             5.7%
 01023          Choctaw County, Alabama                -0.93%             0.0%
 01025           Clarke County, Alabama                -0.62%             3.2%
 01035          Conecuh County, Alabama                -0.84%             5.3%
 01041          Crenshaw County, Alabama                0.03%             4.7%
 01043          Cullman County, Alabama                 0.67%             5.7%



                                         28
                                               Average
                                                Annual         Rental
County                                        Population      Vacancy
 FIPS                                        Growth (2012-   Rate (ACS
 Code               County Name                  2015)       2010-2014)
01007          Bibb County, Alabama             -0.09%          0.5%
01011         Bullock County, Alabama            0.29%          2.7%
01013          Butler County, Alabama           -0.42%          4.2%
01015        Calhoun County, Alabama            -0.48%          4.1%
01047         Dallas County, Alabama            -1.30%          5.4%
01053        Escambia County, Alabama           -0.21%          2.9%
01055         Etowah County, Alabama            -0.38%          5.3%
01057         Fayette County, Alabama           -0.40%          1.9%
01061         Geneva County, Alabama            -0.28%          4.9%
01065          Hale County, Alabama             -0.73%          2.6%
01075         Lamar County, Alabama             -0.86%          2.4%
01079       Lawrence County, Alabama            -0.66%          1.0%
01081           Lee County, Alabama              2.01%          6.1%
01085        Lowndes County, Alabama            -1.22%          5.3%
01091        Marengo County, Alabama            -0.69%          2.0%
01095        Marshall County, Alabama            0.18%          5.8%
01099         Monroe County, Alabama            -1.36%          4.7%
01103         Morgan County, Alabama            -0.15%          4.1%
01105          Perry County, Alabama            -1.76%          3.4%
01107         Pickens County, Alabama            2.55%          3.9%
01111        Randolph County, Alabama            0.10%          4.4%
01117         Shelby County, Alabama             1.29%          7.1%
01123       Tallapoosa County, Alabama          -0.26%          3.7%
01127         Walker County, Alabama            -0.45%          1.0%
01129       Washington County, Alabama          -0.61%          0.0%
01131         Wilcox County, Alabama            -0.90%          2.5%
01133        Winston County, Alabama            -0.41%          1.9%
02013      Aleutians East Borough, Alaska        0.49%          4.5%
02020     Anchorage Municipality, Alaska         0.01%          4.3%
02050       Bethel Census Area, Alaska           0.48%          5.5%
02100          Haines Borough, Alaska           -0.47%          5.1%
02110     Juneau City and Borough, Alaska        0.32%          4.5%
02150      Kodiak Island Borough, Alaska        -0.42%          2.1%
02170    Matanuska-Susitna Borough, Alaska       2.53%          5.0%
02180        Nome Census Area, Alaska           -0.08%          4.4%
02185       North Slope Borough, Alaska          0.09%          5.8%



                                   29
                                              Average
                                               Annual         Rental
County                                       Population      Vacancy
 FIPS                                       Growth (2012-   Rate (ACS
 Code              County Name                  2015)       2010-2014)
01007          Bibb County, Alabama            -0.09%          0.5%
01011        Bullock County, Alabama            0.29%          2.7%
01013         Butler County, Alabama           -0.42%          4.2%
01015        Calhoun County, Alabama           -0.48%          4.1%
02188    Northwest Arctic Borough, Alaska       0.13%          3.7%
02220     Sitka City and Borough, Alaska       -0.71%          5.0%
           Wade Hampton Census Area,
02270                  Alaska                   1.39%         3.5%
04005        Coconino County, Arizona           0.76%         5.6%
04025         Yavapai County, Arizona           1.51%         6.1%
05007        Benton County, Arkansas            2.33%         5.5%
05009         Boone County, Arkansas           -0.09%         4.4%
05025       Cleveland County, Arkansas         -1.17%         0.0%
05031       Craighead County, Arkansas          1.45%         7.1%
05039         Dallas County, Arkansas          -1.59%         5.4%
05047        Franklin County, Arkansas         -0.45%         4.1%
05055        Greene County, Arkansas            0.79%         1.9%
05059       Hot Spring County, Arkansas         0.05%         4.0%
05063     Independence County, Arkansas         0.10%         5.7%
05071        Johnson County, Arkansas           0.31%         4.8%
05075       Lawrence County, Arkansas          -0.51%         4.8%
05079        Lincoln County, Arkansas          -0.78%         3.0%
05087        Madison County, Arkansas           0.29%         5.5%
05101        Newton County, Arkansas           -0.71%         2.8%
05107        Phillips County, Arkansas         -2.03%         5.4%
05113          Polk County, Arkansas           -0.36%         2.6%
05121       Randolph County, Arkansas          -0.72%         4.0%
05137         Stone County, Arkansas           -0.39%         2.3%
06001       Alameda County, California          1.71%         3.9%
06007         Butte County, California          0.63%         5.0%
06011        Colusa County, California          0.17%         4.6%
06013     Contra Costa County, California       1.44%         4.6%
06015       Del Norte County, California       -1.13%         4.1%
06021         Glenn County, California          0.07%         3.8%
06023       Humboldt County, California         0.25%         4.7%
06025       Imperial County, California         0.49%         5.3%



                                  30
                                                Average
                                                 Annual         Rental
County                                         Population      Vacancy
 FIPS                                         Growth (2012-   Rate (ACS
 Code               County Name                   2015)       2010-2014)
01007           Bibb County, Alabama             -0.09%          0.5%
01011         Bullock County, Alabama             0.29%          2.7%
01013          Butler County, Alabama            -0.42%          4.2%
01015         Calhoun County, Alabama            -0.48%          4.1%
06027          Inyo County, California           -0.26%          1.9%
06029          Kern County, California            0.99%          5.7%
06031         Kings County, California           -0.05%          5.0%
06037      Los Angeles County, California         0.66%          4.1%
06039         Madera County, California           0.62%          5.1%
06041         Marin County, California            0.67%          3.0%
06045      Mendocino County, California           0.05%          4.0%
06049         Modoc County, California           -1.33%          4.1%
06053       Monterey County, California           0.58%          4.2%
06055          Napa County, California            0.81%          5.9%
06057         Nevada County, California           0.20%          5.6%
06059         Orange County, California           0.86%          4.0%
06061         Placer County, California           1.29%          5.7%
06065        Riverside County, California         1.36%          7.2%
06067      Sacramento County, California          1.20%          6.1%
06069       San Benito County, California         1.11%          1.5%
06073       San Diego County, California          1.19%          4.6%
06075     San Francisco County, California        1.40%          3.0%
06077      San Joaquin County, California         1.16%          5.9%
06079    San Luis Obispo County, California       0.82%          3.5%
06081       San Mateo County, California          1.09%          2.8%
06083     Santa Barbara County, California        1.06%          3.6%
06085      Santa Clara County, California         1.37%          3.0%
06087       Santa Cruz County, California         0.94%          3.2%
06089         Shasta County, California           0.21%          5.4%
06091         Sierra County, California          -1.18%          4.0%
06093        Siskiyou County, California         -0.45%          3.5%
06095         Solano County, California           1.23%          6.3%
06097        Sonoma County, California            0.77%          4.3%
06099       Stanislaus County, California         1.03%          5.3%
06101         Sutter County, California           0.70%          5.8%
06103        Tehama County, California            0.05%          4.9%



                                    31
                                            Average
                                             Annual         Rental
County                                     Population      Vacancy
 FIPS                                     Growth (2012-   Rate (ACS
 Code             County Name                 2015)       2010-2014)
01007        Bibb County, Alabama            -0.09%          0.5%
01011      Bullock County, Alabama            0.29%          2.7%
01013        Butler County, Alabama          -0.42%          4.2%
01015      Calhoun County, Alabama           -0.48%          4.1%
06107       Tulare County, California         0.63%          4.2%
06111      Ventura County, California         0.60%          3.7%
06113        Yolo County, California          1.27%          3.4%
08001       Adams County, Colorado            2.17%          5.5%
08003      Alamosa County, Colorado           0.74%          3.4%
08005     Arapahoe County, Colorado           1.90%          5.1%
08011        Bent County, Colorado            0.11%          5.5%
08013      Boulder County, Colorado           1.49%          3.0%
08014    Broomfield County, Colorado          3.35%          6.0%
08017     Cheyenne County, Colorado          -0.89%          5.7%
08021      Conejos County, Colorado          -0.59%          4.6%
08031       Denver County, Colorado           2.49%          4.6%
08035      Douglas County, Colorado           2.58%          5.7%
08039       Elbert County, Colorado           1.85%          6.9%
08041       El Paso County, Colorado          1.47%          4.8%
08043      Fremont County, Colorado          -0.29%          4.9%
08047       Gilpin County, Colorado           2.23%          3.3%
08057      Jackson County, Colorado           0.20%          5.6%
08059     Jefferson County, Colorado          1.19%          3.9%
08065        Lake County, Colorado            0.92%          2.9%
08069      Larimer County, Colorado           2.37%          3.5%
08077        Mesa County, Colorado            0.18%          3.2%
08083    Montezuma County, Colorado           0.96%          4.5%
08085     Montrose County, Colorado           0.20%          5.6%
08087      Morgan County, Colorado            0.02%          4.6%
08093        Park County, Colorado            1.01%          7.3%
08095      Phillips County, Colorado         -0.26%          2.8%
08105    Rio Grande County, Colorado         -1.00%          4.9%
08109     Saguache County, Colorado          -0.36%          4.0%
08123        Weld County, Colorado            2.59%          4.6%
08125       Yuma County, Colorado             0.06%          4.7%
09005    Litchfield County, Connecticut      -0.69%          4.8%



                                  32
                                               Average
                                                Annual         Rental
County                                        Population      Vacancy
 FIPS                                        Growth (2012-   Rate (ACS
 Code             County Name                    2015)       2010-2014)
01007        Bibb County, Alabama               -0.09%          0.5%
01011       Bullock County, Alabama              0.29%          2.7%
01013        Butler County, Alabama             -0.42%          4.2%
01015      Calhoun County, Alabama              -0.48%          4.1%
         District of Columbia, District of
 11001               Columbia                    1.90%         6.4%
 12007      Bradford County, Florida            -0.25%         5.4%
 12019         Clay County, Florida              1.63%         6.5%
 12035       Flagler County, Florida             2.25%         4.0%
 12041      Gilchrist County, Florida            0.63%         5.2%
 12067      Lafayette County, Florida           -0.56%         2.1%
 12077       Liberty County, Florida             0.35%         1.4%
 12097       Osceola County, Florida             3.84%         8.5%
 12109      St. Johns County, Florida            3.87%         7.5%
 12131       Walton County, Florida              3.49%         6.1%
 12133    Washington County, Florida            -0.20%         4.4%
 13001      Appling County, Georgia              0.16%         5.4%
13005        Bacon County, Georgia               0.36%         4.9%
 13011       Banks County, Georgia               0.47%         5.8%
 13019      Berrien County, Georgia             -0.19%         3.2%
 13027       Brooks County, Georgia              0.29%         2.4%
 13029       Bryan County, Georgia               2.86%         5.1%
 13065       Clinch County, Georgia              0.88%         5.2%
 13069       Coffee County, Georgia              0.02%         3.8%
 13077      Coweta County, Georgia               1.92%         5.5%
 13085      Dawson County, Georgia               1.39%         3.1%
 13097      Douglas County, Georgia              1.70%         6.9%
 13099        Early County, Georgia             -0.10%         5.5%
 13113      Fayette County, Georgia              1.01%         6.9%
 13119      Franklin County, Georgia             0.55%         5.8%
 13131       Grady County, Georgia              -0.18%         1.5%
 13147         Hart County, Georgia             -0.05%         4.1%
 13155        Irwin County, Georgia             -1.24%         3.0%
 13159       Jasper County, Georgia              0.11%         3.0%
 13173       Lanier County, Georgia             -0.44%         5.9%
 13177         Lee County, Georgia               0.56%         3.3%



                                    33
                                        Average
                                         Annual         Rental
County                                 Population      Vacancy
 FIPS                                 Growth (2012-   Rate (ACS
 Code           County Name               2015)       2010-2014)
01007       Bibb County, Alabama         -0.09%          0.5%
01011     Bullock County, Alabama         0.29%          2.7%
01013      Butler County, Alabama        -0.42%          4.2%
01015     Calhoun County, Alabama        -0.48%          4.1%
13181     Lincoln County, Georgia        -0.32%          4.5%
13185     Lowndes County, Georgia        -0.55%          5.3%
13187     Lumpkin County, Georgia         0.76%          3.1%
13199    Meriwether County, Georgia      -0.19%          4.4%
13205     Mitchell County, Georgia       -0.77%          2.7%
13217     Newton County, Georgia          1.42%          7.1%
13219      Oconee County, Georgia         2.36%          5.8%
13223     Paulding County, Georgia        1.64%          5.7%
13229       Pierce County, Georgia        0.45%          0.5%
13243    Randolph County, Georgia        -0.52%          0.0%
13249      Schley County, Georgia         1.22%          6.1%
13259      Stewart County, Georgia       -1.20%          3.5%
13263      Talbot County, Georgia        -1.03%          5.3%
13265    Taliaferro County, Georgia      -0.65%          0.0%
13269      Taylor County, Georgia        -0.17%          5.3%
13275     Thomas County, Georgia          0.37%          4.8%
13277        Tift County, Georgia        -0.16%          3.0%
13287      Turner County, Georgia        -0.60%          3.9%
13289      Twiggs County, Georgia        -0.46%          5.8%
13293      Upson County, Georgia         -0.29%          5.7%
13297      Walton County, Georgia         1.39%          6.8%
13299       Ware County, Georgia         -0.42%          4.9%
13301      Warren County, Georgia        -0.65%          0.6%
13305      Wayne County, Georgia         -0.91%          4.7%
13315      Wilcox County, Georgia        -0.64%          1.4%
13317      Wilkes County, Georgia        -0.60%          2.0%
13319    Wilkinson County, Georgia       -1.39%          5.3%
13321      Worth County, Georgia         -1.20%          4.8%
15003     Honolulu County, Hawaii         0.75%          5.1%
16001         Ada County, Idaho           2.02%          3.9%
16007     Bear Lake County, Idaho         0.13%          2.8%
16011      Bingham County, Idaho         -0.39%          5.7%



                               34
                                         Average
                                          Annual         Rental
County                                  Population      Vacancy
 FIPS                                  Growth (2012-   Rate (ACS
 Code           County Name                2015)       2010-2014)
01007       Bibb County, Alabama          -0.09%          0.5%
01011     Bullock County, Alabama          0.29%          2.7%
01013      Butler County, Alabama         -0.42%          4.2%
01015     Calhoun County, Alabama         -0.48%          4.1%
16013        Blaine County, Idaho          0.73%          4.4%
16015        Boise County, Idaho           1.26%          1.2%
16017       Bonner County, Idaho           1.16%          4.7%
16021      Boundary County, Idaho          1.49%          7.2%
16027       Canyon County, Idaho           2.29%          4.8%
16029       Caribou County, Idaho         -0.04%          2.1%
16041      Franklin County, Idaho          0.64%          0.0%
16047      Gooding County, Idaho           0.09%          4.5%
16051      Jefferson County, Idaho         0.63%          0.2%
16053       Jerome County, Idaho           0.42%          4.0%
16055      Kootenai County, Idaho          1.85%          6.7%
16057        Latah County, Idaho           0.52%          2.3%
16059        Lemhi County, Idaho          -0.16%          5.8%
16061        Lewis County, Idaho          -0.43%          4.3%
16069     Nez Perce County, Idaho          0.41%          4.6%
16071       Oneida County, Idaho           0.42%          1.5%
16073      Owyhee County, Idaho           -0.27%          5.6%
16075       Payette County, Idaho          0.33%          5.7%
16083     Twin Falls County, Idaho         1.62%          6.8%
16087     Washington County, Idaho        -0.20%          4.4%
17001      Adams County, Illinois         -0.07%          4.4%
17007       Boone County, Illinois        -0.16%          3.0%
17009       Brown County, Illinois        -0.30%          2.2%
17015      Carroll County, Illinois       -1.01%          4.3%
17017        Cass County, Illinois        -1.42%          1.6%
17021     Christian County, Illinois      -0.86%          5.7%
17023       Clark County, Illinois        -0.66%          1.8%
17025        Clay County, Illinois        -0.75%          0.4%
17027      Clinton County, Illinois       -0.24%          4.4%
17035    Cumberland County, Illinois      -0.13%          4.6%
17037      DeKalb County, Illinois         0.03%          5.7%
17043      DuPage County, Illinois         0.21%          5.9%



                                35
                                          Average
                                           Annual         Rental
County                                   Population      Vacancy
 FIPS                                   Growth (2012-   Rate (ACS
 Code            County Name                2015)       2010-2014)
01007       Bibb County, Alabama           -0.09%          0.5%
01011     Bullock County, Alabama           0.29%          2.7%
01013      Butler County, Alabama          -0.42%          4.2%
01015     Calhoun County, Alabama          -0.48%          4.1%
17045        Edgar County, Illinois        -0.92%          3.4%
17055      Franklin County, Illinois       -0.33%          4.3%
17061       Greene County, Illinois        -0.94%          1.9%
17065     Hamilton County, Illinois        -0.65%          0.5%
17069       Hardin County, Illinois        -0.98%          1.0%
17071    Henderson County, Illinois        -0.26%          3.6%
17073        Henry County, Illinois        -0.44%          4.2%
17075      Iroquois County, Illinois       -0.71%          3.8%
17081      Jefferson County, Illinois      -0.27%          3.9%
17087      Johnson County, Illinois        -0.38%          4.9%
17089        Kane County, Illinois          0.57%          5.4%
17093       Kendall County, Illinois        1.39%          2.6%
17095        Knox County, Illinois         -0.55%          4.4%
17107       Logan County, Illinois         -0.98%          4.4%
17111     McHenry County, Illinois         -0.03%          5.3%
17119      Madison County, Illinois        -0.23%          5.8%
17125       Mason County, Illinois         -1.51%          1.5%
17127       Massac County, Illinois        -0.85%          5.0%
17129       Menard County, Illinois        -0.74%          3.1%
17131       Mercer County, Illinois        -0.71%          2.1%
17135    Montgomery County, Illinois       -0.81%          4.2%
17137       Morgan County, Illinois        -0.50%          1.7%
17139      Moultrie County, Illinois       -0.10%          5.7%
17141         Ogle County, Illinois        -0.74%          5.8%
17149         Pike County, Illinois        -0.57%          3.7%
17151        Pope County, Illinois         -0.80%          2.1%
17153       Pulaski County, Illinois       -1.64%          2.3%
17155       Putnam County, Illinois        -1.36%          0.4%
17163      St. Clair County, Illinois      -0.57%          4.4%
17165        Saline County, Illinois       -0.56%          4.4%
17167     Sangamon County, Illinois        -0.10%          4.1%
17171        Scott County, Illinois        -1.28%          0.0%



                                 36
                                          Average
                                           Annual         Rental
County                                   Population      Vacancy
 FIPS                                   Growth (2012-   Rate (ACS
 Code            County Name                2015)       2010-2014)
01007        Bibb County, Alabama          -0.09%          0.5%
01011      Bullock County, Alabama          0.29%          2.7%
01013       Butler County, Alabama         -0.42%          4.2%
01015      Calhoun County, Alabama         -0.48%          4.1%
17181        Union County, Illinois        -0.42%          5.5%
17189     Washington County, Illinois      -0.78%          4.8%
17197         Will County, Illinois         0.24%          5.5%
17203      Woodford County, Illinois        0.24%          5.3%
18005    Bartholomew County, Indiana        0.94%          4.5%
18013        Brown County, Indiana         -0.17%          0.0%
18021         Clay County, Indiana         -0.40%          2.6%
18025      Crawford County, Indiana        -0.52%          5.1%
18045      Fountain County, Indiana        -1.02%          4.9%
18049        Fulton County, Indiana        -0.55%          2.9%
18063     Hendricks County, Indiana         1.63%          5.4%
18075          Jay County, Indiana         -0.38%          5.7%
18079      Jennings County, Indiana        -0.35%          2.8%
18081       Johnson County, Indiana         1.39%          6.9%
18089         Lake County, Indiana         -0.36%          5.5%
18099      Marshall County, Indiana        -0.10%          5.8%
18101        Martin County, Indiana        -0.30%          5.6%
18105       Monroe County, Indiana          0.79%          5.0%
18109       Morgan County, Indiana          0.22%          5.5%
18111       Newton County, Indiana         -0.13%          5.6%
18119        Owen County, Indiana          -0.77%          5.4%
18121        Parke County, Indiana         -0.38%          2.7%
18125         Pike County, Indiana         -0.48%          5.5%
18147       Spencer County, Indiana        -0.24%          5.6%
18157     Tippecanoe County, Indiana        1.36%          5.5%
18159        Tipton County, Indiana        -0.99%          2.3%
18163    Vanderburgh County, Indiana        0.19%          5.9%
18165     Vermillion County, Indiana       -0.54%          4.2%
18171       Warren County, Indiana         -0.47%          3.9%
18173       Warrick County, Indiana         0.77%          3.8%
18175    Washington County, Indiana        -0.12%          4.5%
19009        Audubon County, Iowa          -0.61%          3.5%



                                37
                                      Average
                                       Annual         Rental
County                               Population      Vacancy
 FIPS                               Growth (2012-   Rate (ACS
 Code           County Name             2015)       2010-2014)
01007      Bibb County, Alabama        -0.09%          0.5%
01011    Bullock County, Alabama        0.29%          2.7%
01013     Butler County, Alabama       -0.42%          4.2%
01015    Calhoun County, Alabama       -0.48%          4.1%
19023        Butler County, Iowa       -0.16%          5.2%
19029         Cass County, Iowa        -0.72%          4.9%
19031        Cedar County, Iowa        -0.10%          3.2%
19033    Cerro Gordo County, Iowa      -0.53%          4.0%
19035     Cherokee County, Iowa        -1.08%          5.6%
19037     Chickasaw County, Iowa       -0.50%          2.5%
19039        Clarke County, Iowa       -0.32%          4.3%
19043       Clayton County, Iowa       -0.53%          5.8%
19049        Dallas County, Iowa        3.53%          5.4%
19063       Emmet County, Iowa         -0.65%          4.8%
19065       Fayette County, Iowa       -0.90%          2.8%
19067        Floyd County, Iowa        -0.30%          5.1%
19069      Franklin County, Iowa       -0.73%          4.3%
19071      Fremont County, Iowa        -1.12%          5.1%
19075       Grundy County, Iowa         0.01%          5.7%
19089       Howard County, Iowa        -0.59%          3.2%
19091     Humboldt County, Iowa        -0.58%          3.6%
19095         Iowa County, Iowa         0.37%          2.9%
19097       Jackson County, Iowa       -0.42%          3.7%
19101      Jefferson County, Iowa       0.79%          3.9%
19103       Johnson County, Iowa        1.75%          2.1%
19105        Jones County, Iowa        -0.23%          4.7%
19107       Keokuk County, Iowa        -0.76%          3.8%
19115        Louisa County, Iowa       -0.43%          3.8%
19117        Lucas County, Iowa        -0.27%          0.5%
19121      Madison County, Iowa         0.24%          3.6%
19127      Marshall County, Iowa       -0.28%          4.6%
19131      Mitchell County, Iowa        0.26%          4.0%
19141       O'Brien County, Iowa       -0.43%          4.1%
19147     Palo Alto County, Iowa       -0.53%          5.9%
19149     Plymouth County, Iowa        -0.10%          5.9%
19151    Pocahontas County, Iowa       -0.69%          5.3%



                              38
                                      Average
                                       Annual         Rental
County                               Population      Vacancy
 FIPS                               Growth (2012-   Rate (ACS
 Code           County Name             2015)       2010-2014)
01007      Bibb County, Alabama        -0.09%          0.5%
01011     Bullock County, Alabama       0.29%          2.7%
01013      Butler County, Alabama      -0.42%          4.2%
01015    Calhoun County, Alabama       -0.48%          4.1%
19153        Polk County, Iowa          1.74%          4.6%
19157     Poweshiek County, Iowa       -0.39%          4.4%
19159      Ringgold County, Iowa       -0.06%          3.1%
19165       Shelby County, Iowa        -0.43%          0.0%
19167        Sioux County, Iowa         0.57%          4.0%
19169        Story County, Iowa         1.49%          1.6%
19171        Tama County, Iowa         -0.38%          5.5%
19175       Union County, Iowa         -0.36%          3.2%
19181       Warren County, Iowa         1.16%          4.5%
19183    Washington County, Iowa        0.50%          5.7%
19187       Webster County, Iowa       -0.21%          5.4%
19191     Winneshiek County, Iowa      -0.54%          1.5%
19193     Woodbury County, Iowa         0.13%          5.3%
19195       Worth County, Iowa          0.21%          3.4%
20003     Anderson County, Kansas      -0.43%          0.5%
20009      Barton County, Kansas       -0.51%          4.1%
20013      Brown County, Kansas        -0.36%          2.4%
20023    Cheyenne County, Kansas        0.09%          4.8%
20031      Coffey County, Kansas       -0.51%          3.5%
20033    Comanche County, Kansas       -1.14%          1.1%
20039      Decatur County, Kansas       0.64%          0.0%
20043    Doniphan County, Kansas       -0.30%          4.4%
20045     Douglas County, Kansas        1.39%          5.8%
20047     Edwards County, Kansas       -0.11%          4.4%
20051       Ellis County, Kansas       -0.08%          5.2%
20055      Finney County, Kansas       -0.03%          3.9%
20065      Graham County, Kansas        0.03%          0.0%
20067       Grant County, Kansas       -0.42%          0.0%
20071      Greeley County, Kansas       1.60%          2.8%
20073    Greenwood County, Kansas      -1.00%          4.0%
20075     Hamilton County, Kansas      -2.07%          3.3%
20079      Harvey County, Kansas        0.24%          2.8%



                              39
                                         Average
                                          Annual         Rental
County                                  Population      Vacancy
 FIPS                                  Growth (2012-   Rate (ACS
 Code            County Name               2015)       2010-2014)
01007        Bibb County, Alabama         -0.09%          0.5%
01011      Bullock County, Alabama         0.29%          2.7%
01013       Butler County, Alabama        -0.42%          4.2%
01015     Calhoun County, Alabama         -0.48%          4.1%
20081       Haskell County, Kansas        -1.06%          5.6%
20085       Jackson County, Kansas        -0.20%          4.7%
20087      Jefferson County, Kansas        0.04%          2.9%
20091      Johnson County, Kansas          1.19%          5.2%
20095      Kingman County, Kansas         -0.61%          5.7%
20113     McPherson County, Kansas        -0.47%          5.5%
20119        Meade County, Kansas         -0.49%          4.3%
20127        Morris County, Kansas        -1.19%          4.3%
20143       Ottawa County, Kansas         -0.48%          2.3%
20145       Pawnee County, Kansas         -0.29%          2.5%
20149    Pottawatomie County, Kansas       1.42%          5.2%
20151         Pratt County, Kansas        -0.30%          2.8%
20157      Republic County, Kansas        -0.83%          2.2%
20163        Rooks County, Kansas         -0.22%          1.5%
20165        Rush County, Kansas          -0.79%          0.0%
20167       Russell County, Kansas         0.31%          0.8%
20169        Saline County, Kansas        -0.10%          3.9%
20171        Scott County, Kansas          0.63%          0.0%
20175       Seward County, Kansas         -0.35%          4.3%
20181      Sherman County, Kansas         -0.69%          0.0%
20183        Smith County, Kansas         -0.46%          5.0%
20193       Thomas County, Kansas         -0.17%          0.8%
20199      Wallace County, Kansas         -0.17%          4.5%
20205       Wilson County, Kansas         -0.99%          5.9%
21003       Allen County, Kentucky         0.65%          2.1%
21007     Ballard County, Kentucky        -0.36%          5.6%
21009      Barren County, Kentucky         0.73%          5.5%
21011       Bath County, Kentucky          1.20%          6.8%
21013        Bell County, Kentucky        -0.98%          3.2%
21015      Boone County, Kentucky          1.21%          6.1%
21017     Bourbon County, Kentucky         0.22%          3.6%
21021      Boyle County, Kentucky          0.95%          3.6%



                                40
                                         Average
                                          Annual         Rental
County                                  Population      Vacancy
 FIPS                                  Growth (2012-   Rate (ACS
 Code           County Name                2015)       2010-2014)
01007       Bibb County, Alabama          -0.09%          0.5%
01011     Bullock County, Alabama          0.29%          2.7%
01013      Butler County, Alabama         -0.42%          4.2%
01015     Calhoun County, Alabama         -0.48%          4.1%
21029      Bullitt County, Kentucky        1.20%          5.8%
21031      Butler County, Kentucky         0.38%          5.3%
21037    Campbell County, Kentucky         0.32%          2.7%
21039     Carlisle County, Kentucky       -1.12%          0.9%
21041     Carroll County, Kentucky        -0.52%          3.3%
21043      Carter County, Kentucky        -0.36%          3.2%
21049      Clark County, Kentucky          0.00%          4.1%
21051       Clay County, Kentucky         -0.81%          3.9%
21053     Clinton County, Kentucky        -0.25%          3.1%
21055    Crittenden County, Kentucky      -0.24%          2.8%
21067     Fayette County, Kentucky         0.97%          5.7%
21071      Floyd County, Kentucky         -1.19%          5.0%
21081      Grant County, Kentucky          0.36%          5.5%
21083     Graves County, Kentucky         -0.10%          4.9%
21085     Grayson County, Kentucky         0.48%          1.6%
21089     Greenup County, Kentucky        -0.58%          4.4%
21097     Harrison County, Kentucky        0.29%          3.3%
21099       Hart County, Kentucky          0.08%          3.5%
21101    Henderson County, Kentucky       -0.02%          3.1%
21103      Henry County, Kentucky          0.65%          3.0%
21109     Jackson County, Kentucky         0.12%          4.0%
21113    Jessamine County, Kentucky        1.60%          3.0%
21125      Laurel County, Kentucky         0.30%          2.3%
21127    Lawrence County, Kentucky        -0.18%          5.7%
21129       Lee County, Kentucky          -3.54%          4.8%
21133     Letcher County, Kentucky        -1.14%          3.4%
21137     Lincoln County, Kentucky         0.08%          4.1%
21143      Lyon County, Kentucky          -0.52%          3.6%
21145    McCracken County, Kentucky       -0.30%          5.8%
21149     McLean County, Kentucky         -0.02%          4.0%
21151     Madison County, Kentucky         1.13%          5.5%
21155     Marion County, Kentucky         -1.04%          3.8%



                               41
                                              Average
                                               Annual         Rental
County                                       Population      Vacancy
 FIPS                                       Growth (2012-   Rate (ACS
 Code             County Name                   2015)       2010-2014)
01007         Bibb County, Alabama             -0.09%          0.5%
01011       Bullock County, Alabama             0.29%          2.7%
01013        Butler County, Alabama            -0.42%          4.2%
01015       Calhoun County, Alabama            -0.48%          4.1%
21159       Martin County, Kentucky            -1.21%          1.8%
21167       Mercer County, Kentucky             0.10%          4.6%
21169      Metcalfe County, Kentucky           -0.27%          2.6%
21171      Monroe County, Kentucky             -0.54%          5.1%
21185      Oldham County, Kentucky              1.44%          3.4%
21187        Owen County, Kentucky             -0.08%          4.0%
21189       Owsley County, Kentucky            -1.61%          0.0%
21195         Pike County, Kentucky            -1.30%          4.1%
21201     Robertson County, Kentucky           -1.15%          4.5%
21209         Scott County, Kentucky            2.24%          5.8%
21211       Shelby County, Kentucky             1.48%          5.9%
21215      Spencer County, Kentucky             0.93%          4.5%
21219        Todd County, Kentucky             -0.30%          2.6%
21221        Trigg County, Kentucky            -0.36%          5.6%
21223      Trimble County, Kentucky            -0.18%          5.8%
21225        Union County, Kentucky            -0.13%          3.5%
21227       Warren County, Kentucky             1.66%          4.4%
22003         Allen Parish, Louisiana           0.15%          5.6%
22005      Ascension Parish, Louisiana          2.10%          6.5%
22013      Bienville Parish, Louisiana         -0.89%          3.8%
22021      Caldwell Parish, Louisiana          -0.05%          5.3%
22027      Claiborne Parish, Louisiana         -1.13%          2.2%
22029      Concordia Parish, Louisiana         -0.49%          3.7%
22035     East Carroll Parish, Louisiana       -1.16%          4.0%
22037    East Feliciana Parish, Louisiana      -0.43%          4.1%
22047       Iberville Parish, Louisiana        -0.21%          3.5%
22049       Jackson Parish, Louisiana          -0.79%          4.2%
22055      Lafayette Parish, Louisiana          1.87%          6.6%
22057      Lafourche Parish, Louisiana          0.44%          3.6%
22059        LaSalle Parish, Louisiana          0.23%          0.8%
22063     Livingston Parish, Louisiana          1.47%          7.0%
22075    Plaquemines Parish, Louisiana         -0.56%          3.4%



                                   42
                                                Average
                                                 Annual         Rental
County                                         Population      Vacancy
 FIPS                                         Growth (2012-   Rate (ACS
 Code               County Name                   2015)       2010-2014)
01007           Bibb County, Alabama             -0.09%          0.5%
01011         Bullock County, Alabama             0.29%          2.7%
01013          Butler County, Alabama            -0.42%          4.2%
01015        Calhoun County, Alabama             -0.48%          4.1%
22081       Red River Parish, Louisiana          -1.61%          4.1%
22083        Richland Parish, Louisiana          -0.62%          4.9%
22087       St. Bernard Parish, Louisiana         3.04%          9.0%
22093        St. James Parish, Louisiana         -0.16%          3.5%
22121    West Baton Rouge Parish, Louisiana       1.93%          6.1%
22123      West Carroll Parish, Louisiana        -0.58%          3.7%
23001       Androscoggin County, Maine           -0.10%          5.5%
23005        Cumberland County, Maine             0.68%          5.4%
23009          Hancock County, Maine              0.07%          4.9%
23011         Kennebec County, Maine             -0.46%          5.4%
23019         Penobscot County, Maine            -0.20%          5.8%
23021        Piscataquis County, Maine           -0.66%          3.9%
23027           Waldo County, Maine               0.21%          5.5%
24003     Anne Arundel County, Maryland           0.81%          4.7%
24009        Calvert County, Maryland             0.35%          4.6%
24013         Carroll County, Maryland            0.09%          5.2%
24017        Charles County, Maryland             1.16%          5.9%
24019      Dorchester County, Maryland           -0.10%          3.8%
24021       Frederick County, Maryland            0.79%          3.0%
24027        Howard County, Maryland              1.50%          3.5%
24031      Montgomery County, Maryland            1.10%          4.0%
24039       Somerset County, Maryland            -0.44%          4.5%
25005      Bristol County, Massachusetts          0.35%          5.3%
25007      Dukes County, Massachusetts            1.01%          3.7%
25009       Essex County, Massachusetts           0.83%          3.7%
25011     Franklin County, Massachusetts         -0.42%          4.3%
25013     Hampden County, Massachusetts           0.29%          4.5%
25015    Hampshire County, Massachusetts          0.18%          3.2%
25017     Middlesex County, Massachusetts         0.95%          3.5%
25021      Norfolk County, Massachusetts          0.63%          4.6%
25025      Suffolk County, Massachusetts          1.25%          3.9%
26007         Alpena County, Michigan            -0.48%          4.2%



                                   43
                                         Average
                                          Annual         Rental
County                                  Population      Vacancy
 FIPS                                  Growth (2012-   Rate (ACS
 Code            County Name               2015)       2010-2014)
01007        Bibb County, Alabama         -0.09%          0.5%
01011      Bullock County, Alabama         0.29%          2.7%
01013       Butler County, Alabama        -0.42%          4.2%
01015     Calhoun County, Alabama         -0.48%          4.1%
26011      Arenac County, Michigan        -0.51%          4.4%
26027       Cass County, Michigan         -0.24%          5.5%
26029    Charlevoix County, Michigan       0.21%          5.6%
26035       Clare County, Michigan        -0.25%          3.6%
26041       Delta County, Michigan        -0.43%          2.5%
26043    Dickinson County, Michigan       -0.55%          1.6%
26045       Eaton County, Michigan         0.24%          4.8%
26051     Gladwin County, Michigan        -0.46%          4.6%
26057      Gratiot County, Michigan       -0.39%          4.7%
26073     Isabella County, Michigan        0.03%          5.2%
26077    Kalamazoo County, Michigan        0.69%          5.6%
26081       Kent County, Michigan          1.14%          5.2%
26083    Keweenaw County, Michigan        -0.57%          1.7%
26091     Lenawee County, Michigan        -0.15%          4.9%
26093    Livingston County, Michigan       0.77%          4.3%
26099     Macomb County, Michigan          0.65%          4.9%
26105      Mason County, Michigan          0.12%          4.2%
26109    Menominee County, Michigan       -0.28%          2.0%
26111     Midland County, Michigan        -0.01%          2.7%
26123     Newaygo County, Michigan         0.00%          4.7%
26127      Oceana County, Michigan        -0.19%          3.6%
26129     Ogemaw County, Michigan         -0.76%          4.6%
26133     Osceola County, Michigan        -0.30%          4.3%
26137      Otsego County, Michigan         0.28%          4.3%
26139      Ottawa County, Michigan         1.26%          5.0%
26161    Washtenaw County, Michigan        0.72%          4.4%
27003      Anoka County, Minnesota         0.80%          4.3%
27005     Becker County, Minnesota         0.37%          4.5%
27009     Benton County, Minnesota         0.71%          5.3%
27015     Brown County, Minnesota         -0.12%          5.6%
27017     Carlton County, Minnesota        0.23%          4.0%
27019      Carver County, Minnesota        1.68%          5.5%



                               44
                                           Average
                                            Annual         Rental
County                                    Population      Vacancy
 FIPS                                    Growth (2012-   Rate (ACS
 Code             County Name                2015)       2010-2014)
01007         Bibb County, Alabama          -0.09%          0.5%
01011       Bullock County, Alabama          0.29%          2.7%
01013        Butler County, Alabama         -0.42%          4.2%
01015       Calhoun County, Alabama         -0.48%          4.1%
27021        Cass County, Minnesota          0.34%          4.2%
27025      Chisago County, Minnesota         0.50%          2.5%
27027        Clay County, Minnesota          1.15%          7.1%
27029     Clearwater County, Minnesota       0.49%          4.2%
27031       Cook County, Minnesota           0.11%          3.2%
27033    Cottonwood County, Minnesota       -0.28%          1.1%
27035    Crow Wing County, Minnesota         0.30%          4.1%
27037       Dakota County, Minnesota         0.80%          4.4%
27043      Faribault County, Minnesota      -0.46%          4.0%
27045      Fillmore County, Minnesota       -0.08%          4.8%
27053     Hennepin County, Minnesota         1.07%          4.1%
27057      Hubbard County, Minnesota         0.35%          3.4%
27061       Itasca County, Minnesota         0.14%          5.4%
27063      Jackson County, Minnesota        -0.68%          3.4%
27065      Kanabec County, Minnesota        -0.32%          4.5%
27067     Kandiyohi County, Minnesota        0.08%          4.4%
27071    Koochiching County, Minnesota      -0.88%          1.8%
27075        Lake County, Minnesota         -0.63%          5.8%
27079      Le Sueur County, Minnesota        0.02%          3.3%
27085      McLeod County, Minnesota         -0.08%          5.8%
27093       Meeker County, Minnesota         0.05%          2.3%
27095     Mille Lacs County, Minnesota       0.07%          4.7%
27097     Morrison County, Minnesota        -0.32%          2.3%
27099       Mower County, Minnesota         -0.17%          4.5%
27101       Murray County, Minnesota        -0.68%          5.2%
27103      Nicollet County, Minnesota        0.40%          3.5%
27105       Nobles County, Minnesota         0.13%          3.6%
27111     Otter Tail County, Minnesota       0.24%          3.6%
27115        Pine County, Minnesota         -0.17%          4.1%
27119        Polk County, Minnesota          0.05%          3.7%
27123      Ramsey County, Minnesota          1.07%          3.8%
27131        Rice County, Minnesota          0.43%          5.4%



                                45
                                              Average
                                               Annual         Rental
County                                       Population      Vacancy
 FIPS                                       Growth (2012-   Rate (ACS
 Code              County Name                  2015)       2010-2014)
01007         Bibb County, Alabama             -0.09%          0.5%
01011        Bullock County, Alabama            0.29%          2.7%
01013         Butler County, Alabama           -0.42%          4.2%
01015       Calhoun County, Alabama            -0.48%          4.1%
27133        Rock County, Minnesota             0.16%          2.7%
27135       Roseau County, Minnesota            0.56%          5.3%
27137      St. Louis County, Minnesota          0.01%          3.8%
27139        Scott County, Minnesota            1.55%          3.0%
27143        Sibley County, Minnesota          -0.52%          5.2%
27147        Steele County, Minnesota           0.41%          2.6%
27159      Wadena County, Minnesota             0.43%          5.5%
27161       Waseca County, Minnesota           -0.34%          3.3%
27163    Washington County, Minnesota           1.01%          3.3%
27165     Watonwan County, Minnesota           -0.52%          5.0%
27167       Wilkin County, Minnesota           -1.11%          1.1%
27171       Wright County, Minnesota            1.02%          4.5%
             Yellow Medicine County,
27173                Minnesota                 -0.94%         2.1%
28001       Adams County, Mississippi          -0.95%         2.3%
28005       Amite County, Mississippi          -1.02%         5.8%
28007       Attala County, Mississippi         -0.10%         2.4%
28013      Calhoun County, Mississippi         -0.28%         5.4%
28023       Clarke County, Mississippi         -1.01%         0.0%
28029       Copiah County, Mississippi         -0.16%         3.4%
28031     Covington County, Mississippi         0.01%         2.9%
28033      DeSoto County, Mississippi           1.37%         5.3%
28041       Greene County, Mississippi         -1.78%         1.3%
28053    Humphreys County, Mississippi         -2.00%         5.3%
28055     Issaquena County, Mississippi        -1.70%         2.6%
28087     Lowndes County, Mississippi           0.05%         5.8%
28089      Madison County, Mississippi          1.66%         6.5%
28099      Neshoba County, Mississippi         -0.25%         5.5%
28121       Rankin County, Mississippi          0.79%         5.6%
28125      Sharkey County, Mississippi         -1.42%         3.0%
28129       Smith County, Mississippi          -0.56%         1.7%
28135    Tallahatchie County, Mississippi      -1.13%         5.4%



                                   46
                                          Average
                                           Annual         Rental
County                                   Population      Vacancy
 FIPS                                   Growth (2012-   Rate (ACS
 Code           County Name                 2015)       2010-2014)
01007       Bibb County, Alabama           -0.09%          0.5%
01011     Bullock County, Alabama           0.29%          2.7%
01013      Butler County, Alabama          -0.42%          4.2%
01015     Calhoun County, Alabama          -0.48%          4.1%
28153    Wayne County, Mississippi         -0.09%          1.5%
28159    Winston County, Mississippi       -1.16%          4.4%
28163     Yazoo County, Mississippi        -1.05%          5.3%
29003     Andrew County, Missouri          -0.18%          0.6%
29005     Atchison County, Missouri        -1.30%          4.0%
29009      Barry County, Missouri           0.14%          2.7%
29011      Barton County, Missouri         -1.27%          1.9%
29015      Benton County, Missouri         -0.48%          4.1%
29019      Boone County, Missouri           1.22%          4.0%
29025     Caldwell County, Missouri        -0.36%          2.4%
29027    Callaway County, Missouri          0.29%          3.3%
29035      Carter County, Missouri          0.00%          4.8%
29041     Chariton County, Missouri        -0.30%          4.7%
29045       Clark County, Missouri         -0.85%          4.5%
29051       Cole County, Missouri           0.15%          1.9%
29053     Cooper County, Missouri           0.21%          4.6%
29057       Dade County, Missouri           0.15%          4.4%
29061     Daviess County, Missouri         -0.03%          4.9%
29067     Douglas County, Missouri         -0.52%          3.9%
29069     Dunklin County, Missouri         -1.02%          3.1%
29075      Gentry County, Missouri         -0.56%          4.9%
29083      Henry County, Missouri          -0.63%          0.6%
29087       Holt County, Missouri          -1.27%          2.4%
29093       Iron County, Missouri          -0.97%          4.4%
29097      Jasper County, Missouri          0.91%          5.5%
29101     Johnson County, Missouri         -0.31%          4.8%
29103       Knox County, Missouri          -1.46%          2.4%
29117    Livingston County, Missouri       -0.05%          4.7%
29121      Macon County, Missouri          -0.45%          0.5%
29127     Marion County, Missouri           0.09%          4.7%
29133    Mississippi County, Missouri      -0.61%          2.7%
29137     Monroe County, Missouri          -0.40%          5.1%



                                 47
                                             Average
                                              Annual         Rental
County                                      Population      Vacancy
 FIPS                                      Growth (2012-   Rate (ACS
 Code              County Name                 2015)       2010-2014)
01007          Bibb County, Alabama           -0.09%          0.5%
01011        Bullock County, Alabama           0.29%          2.7%
01013         Butler County, Alabama          -0.42%          4.2%
01015       Calhoun County, Alabama           -0.48%          4.1%
29141        Morgan County, Missouri           0.06%          2.4%
29143     New Madrid County, Missouri         -0.50%          4.8%
29145        Newton County, Missouri          -0.26%          3.1%
29147       Nodaway County, Missouri          -0.81%          3.3%
29163          Pike County, Missouri          -0.33%          5.6%
29165         Platte County, Missouri          1.43%          7.4%
29167          Polk County, Missouri           0.16%          2.1%
29171        Putnam County, Missouri          -0.53%          5.5%
29175       Randolph County, Missouri         -0.27%          0.8%
29179       Reynolds County, Missouri         -1.15%          3.7%
29181         Ripley County, Missouri         -0.54%          2.3%
29183      St. Charles County, Missouri        1.47%          5.3%
29186    Ste. Genevieve County, Missouri       0.09%          5.6%
29187     St. Francois County, Missouri        0.34%          4.9%
29195         Saline County, Missouri         -0.30%          3.0%
29199       Scotland County, Missouri         -0.23%          5.4%
29201         Scott County, Missouri          -0.10%          5.2%
29203       Shannon County, Missouri          -0.27%          5.2%
29205        Shelby County, Missouri          -0.58%          5.8%
29207       Stoddard County, Missouri          0.03%          3.9%
29209         Stone County, Missouri          -0.73%          5.4%
29215         Texas County, Missouri          -0.09%          5.1%
29219        Warren County, Missouri           0.73%          4.6%
29221     Washington County, Missouri         -0.42%          4.4%
29223        Wayne County, Missouri            0.08%          2.3%
29225       Webster County, Missouri           1.05%          6.2%
29227         Worth County, Missouri          -0.39%          3.0%
30001     Beaverhead County, Montana          -0.18%          3.5%
30007     Broadwater County, Montana          -0.34%          0.0%
30015       Chouteau County, Montana          -0.95%          2.1%
30017         Custer County, Montana           0.83%          4.9%
30021       Dawson County, Montana             1.35%          2.5%



                                  48
                                          Average
                                           Annual         Rental
County                                   Population      Vacancy
 FIPS                                   Growth (2012-   Rate (ACS
 Code             County Name               2015)       2010-2014)
01007         Bibb County, Alabama         -0.09%          0.5%
01011      Bullock County, Alabama          0.29%          2.7%
01013        Butler County, Alabama        -0.42%          4.2%
01015      Calhoun County, Alabama         -0.48%          4.1%
30025        Fallon County, Montana         1.78%          7.2%
30029      Flathead County, Montana         1.63%          6.9%
30031      Gallatin County, Montana         2.85%          5.8%
30033      Garfield County, Montana         1.28%          7.3%
30035       Glacier County, Montana        -0.03%          3.6%
30041         Hill County, Montana          0.28%          4.3%
30063      Missoula County, Montana         0.92%          4.3%
30069     Petroleum County, Montana        -2.27%          0.0%
30073      Pondera County, Montana          0.01%          5.7%
30075    Powder River County, Montana       0.29%          5.8%
30081       Ravalli County, Montana         0.61%          5.4%
30083      Richland County, Montana         3.44%          6.6%
30089      Sanders County, Montana         -0.10%          4.4%
30093     Silver Bow County, Montana        0.13%          4.6%
30101        Toole County, Montana         -0.92%          1.5%
30103      Treasure County, Montana        -1.60%          4.0%
30105       Valley County, Montana          0.72%          4.3%
30109      Wibaux County, Montana           2.33%          0.0%
30111    Yellowstone County, Montana        1.11%          5.4%
31001       Adams County, Nebraska          0.21%          3.9%
31003      Antelope County, Nebraska       -0.59%          3.9%
31005       Arthur County, Nebraska        -1.78%          5.1%
31007       Banner County, Nebraska         1.05%          0.0%
31009       Blaine County, Nebraska        -1.56%          0.0%
31013     Box Butte County, Nebraska        0.17%          4.8%
31017       Brown County, Nebraska         -0.87%          3.5%
31019      Buffalo County, Nebraska         0.84%          2.9%
31023       Butler County, Nebraska        -0.78%          1.2%
31027       Cedar County, Nebraska         -0.74%          1.3%
31029       Chase County, Nebraska         -0.62%          5.0%
31031       Cherry County, Nebraska         0.68%          5.0%
31033     Cheyenne County, Nebraska         0.36%          4.1%



                                49
                                        Average
                                         Annual         Rental
County                                 Population      Vacancy
 FIPS                                 Growth (2012-   Rate (ACS
 Code           County Name               2015)       2010-2014)
01007       Bibb County, Alabama         -0.09%          0.5%
01011     Bullock County, Alabama         0.29%          2.7%
01013      Butler County, Alabama        -0.42%          4.2%
01015     Calhoun County, Alabama        -0.48%          4.1%
31037      Colfax County, Nebraska       -0.10%          3.0%
31039     Cuming County, Nebraska         0.10%          1.3%
31041      Custer County, Nebraska        0.05%          1.7%
31043     Dakota County, Nebraska        -0.02%          5.6%
31045      Dawes County, Nebraska        -0.47%          3.0%
31049      Deuel County, Nebraska        -0.86%          0.5%
31053      Dodge County, Nebraska         0.06%          3.3%
31057      Dundy County, Nebraska        -3.29%          2.8%
31065      Furnas County, Nebraska       -0.28%          5.0%
31069     Garden County, Nebraska        -0.77%          0.0%
31071     Garfield County, Nebraska       0.73%          4.5%
31073     Gosper County, Nebraska        -0.99%          2.6%
31079       Hall County, Nebraska         0.74%          1.8%
31081    Hamilton County, Nebraska        0.62%          5.3%
31083      Harlan County, Nebraska        0.36%          3.6%
31085      Hayes County, Nebraska        -0.49%          0.0%
31087    Hitchcock County, Nebraska      -0.01%          3.9%
31089       Holt County, Nebraska        -0.29%          4.5%
31097     Johnson County, Nebraska        0.05%          1.5%
31099     Kearney County, Nebraska        0.36%          0.0%
31107      Knox County, Nebraska         -0.17%          3.6%
31109    Lancaster County, Nebraska       1.44%          4.6%
31119    Madison County, Nebraska        -0.07%          5.9%
31121     Merrick County, Nebraska       -0.05%          4.2%
31123     Morrill County, Nebraska       -0.12%          5.1%
31125      Nance County, Nebraska        -1.01%          5.5%
31129    Nuckolls County, Nebraska       -0.76%          5.7%
31131       Otoe County, Nebraska         0.48%          2.3%
31133     Pawnee County, Nebraska        -1.44%          1.3%
31137      Phelps County, Nebraska        0.27%          2.6%
31141      Platte County, Nebraska        0.24%          5.8%
31143       Polk County, Nebraska        -0.53%          3.9%



                               50
                                             Average
                                              Annual         Rental
County                                      Population      Vacancy
 FIPS                                      Growth (2012-   Rate (ACS
 Code               County Name                2015)       2010-2014)
01007           Bibb County, Alabama          -0.09%          0.5%
01011         Bullock County, Alabama          0.29%          2.7%
01013          Butler County, Alabama         -0.42%          4.2%
01015        Calhoun County, Alabama          -0.48%          4.1%
31147      Richardson County, Nebraska        -0.79%          5.5%
31149          Rock County, Nebraska           0.11%          4.7%
31153          Sarpy County, Nebraska          1.94%          4.9%
31155       Saunders County, Nebraska          0.31%          1.1%
31163        Sherman County, Nebraska         -0.35%          5.6%
31167        Stanton County, Nebraska         -0.90%          4.4%
31171        Thomas County, Nebraska          -0.33%          0.0%
31179         Wayne County, Nebraska          -0.46%          3.5%
31181        Webster County, Nebraska         -1.16%          0.8%
31183        Wheeler County, Nebraska         -1.90%          0.0%
32005         Douglas County, Nevada           0.51%          3.3%
32015          Lander County, Nevada          -0.14%          0.0%
32019           Lyon County, Nevada            0.95%          4.6%
32027         Pershing County, Nevada         -0.68%          5.8%
32029          Storey County, Nevada           0.62%          0.0%
32033       White Pine County, Nevada         -0.56%          4.9%
33001     Belknap County, New Hampshire        0.12%          5.6%
33003     Carroll County, New Hampshire       -0.27%          3.3%
33005    Cheshire County, New Hampshire       -0.37%          3.0%
33007      Coos County, New Hampshire         -0.82%          5.1%
33009     Grafton County, New Hampshire        0.02%          5.0%
33013    Merrimack County, New Hampshire       0.23%          4.8%
             Rockingham County, New
33015                 Hampshire                0.44%         3.7%
33017    Strafford County, New Hampshire       0.59%         5.6%
34003       Bergen County, New Jersey          0.67%         4.0%
34007       Camden County, New Jersey         -0.13%         4.1%
34023      Middlesex County, New Jersey        0.65%         4.8%
34025      Monmouth County, New Jersey        -0.02%         5.7%
34027        Morris County, New Jersey         0.14%         5.8%
34029        Ocean County, New Jersey          0.46%         3.9%
34031       Passaic County, New Jersey         0.36%         5.6%



                                 51
                                             Average
                                              Annual         Rental
County                                      Population      Vacancy
 FIPS                                      Growth (2012-   Rate (ACS
 Code              County Name                 2015)       2010-2014)
01007         Bibb County, Alabama            -0.09%          0.5%
01011        Bullock County, Alabama           0.29%          2.7%
01013         Butler County, Alabama          -0.42%          4.2%
01015        Calhoun County, Alabama          -0.48%          4.1%
35023     Hidalgo County, New Mexico          -2.59%          3.7%
35029       Luna County, New Mexico           -0.64%          4.9%
35035       Otero County, New Mexico          -0.83%          3.1%
35043     Sandoval County, New Mexico          0.97%          4.8%
         New York City (5 Counties), New
36NYC                  York                    0.73%         3.7%
 36001      Albany County, New York            0.32%         5.9%
 36003     Allegany County, New York          -0.55%         4.3%
 36009    Cattaraugus County, New York        -0.62%         5.2%
 36011      Cayuga County, New York           -0.57%         4.7%
 36015     Chemung County, New York           -0.83%         4.6%
 36017     Chenango County, New York          -0.69%         5.7%
 36019      Clinton County, New York          -0.25%         5.5%
 36023     Cortland County, New York          -0.47%         4.1%
 36029        Erie County, New York            0.08%         5.1%
 36033      Franklin County, New York         -0.73%         5.0%
 36037      Genesee County, New York          -0.52%         3.1%
 36043     Herkimer County, New York          -0.76%         3.9%
 36045     Jefferson County, New York         -0.87%         4.2%
 36049       Lewis County, New York           -0.36%         5.0%
 36053     Madison County, New York           -0.30%         5.3%
 36057   Montgomery County, New York          -0.12%         4.7%
 36059      Nassau County, New York            0.26%         4.6%
 36065      Oneida County, New York           -0.21%         5.5%
 36069      Ontario County, New York           0.23%         4.0%
 36071      Orange County, New York            0.32%         4.9%
 36073      Orleans County, New York          -0.70%         2.7%
 36079      Putnam County, New York           -0.20%         4.5%
 36083    Rensselaer County, New York          0.13%         3.6%
 36087     Rockland County, New York           0.86%         5.8%
 36089   St. Lawrence County, New York        -0.47%         3.3%
 36091     Saratoga County, New York           0.55%         4.2%



                                  52
                                              Average
                                               Annual         Rental
County                                       Population      Vacancy
 FIPS                                       Growth (2012-   Rate (ACS
 Code               County Name                 2015)       2010-2014)
01007          Bibb County, Alabama            -0.09%          0.5%
01011         Bullock County, Alabama           0.29%          2.7%
01013          Butler County, Alabama          -0.42%          4.2%
01015        Calhoun County, Alabama           -0.48%          4.1%
36095       Schoharie County, New York         -0.78%          4.5%
36097       Schuyler County, New York          -0.70%          5.9%
36101        Steuben County, New York          -0.49%          3.8%
36103        Suffolk County, New York           0.04%          4.6%
36107         Tioga County, New York           -0.62%          2.7%
36109      Tompkins County, New York            0.58%          1.9%
36115     Washington County, New York          -0.43%          3.2%
36121       Wyoming County, New York           -0.58%          3.0%
36123         Yates County, New York           -0.27%          4.2%
37007      Anson County, North Carolina        -0.71%          5.5%
37021    Buncombe County, North Carolina        1.20%          3.9%
37037     Chatham County, North Carolina        2.55%          4.4%
37063     Durham County, North Carolina         2.12%          6.3%
37069     Franklin County, North Carolina       1.14%          4.3%
37073      Gates County, North Carolina        -1.36%          3.8%
37077    Granville County, North Carolina       0.51%          5.7%
37079      Greene County, North Carolina       -0.39%          4.5%
37089    Henderson County, North Carolina       1.39%          5.0%
37103      Jones County, North Carolina        -0.86%          2.7%
37109     Lincoln County, North Carolina        0.87%          5.4%
37115     Madison County, North Carolina        0.42%          3.1%
            Mecklenburg County, North
37119                  Carolina                 2.21%         6.1%
37165     Scotland County, North Carolina      -0.58%         4.9%
37177      Tyrrell County, North Carolina      -0.54%         1.6%
37179      Union County, North Carolina         2.25%         5.4%
37183      Wake County, North Carolina          2.45%         7.0%
37185     Warren County, North Carolina        -0.70%         0.4%
37195      Wilson County, North Carolina       -0.02%         4.4%
37199     Yancey County, North Carolina        -0.05%         4.3%
38005      Benson County, North Dakota         -0.06%         5.2%
38007      Billings County, North Dakota        0.71%         4.0%



                                  53
                                              Average
                                               Annual         Rental
County                                       Population      Vacancy
 FIPS                                       Growth (2012-   Rate (ACS
 Code              County Name                  2015)       2010-2014)
01007          Bibb County, Alabama            -0.09%          0.5%
01011        Bullock County, Alabama            0.29%          2.7%
01013         Butler County, Alabama           -0.42%          4.2%
01015        Calhoun County, Alabama           -0.48%          4.1%
38013       Burke County, North Dakota          2.27%          3.2%
38015     Burleigh County, North Dakota         2.71%          3.0%
38017        Cass County, North Dakota          2.88%          4.6%
38021      Dickey County, North Dakota         -0.93%          3.9%
38023      Divide County, North Dakota          3.15%          0.0%
38025       Dunn County, North Dakota           5.30%          6.8%
38031       Foster County, North Dakota        -0.35%          4.8%
           Golden Valley County, North
38033                  Dakota                   0.77%         0.9%
38035    Grand Forks County, North Dakota       1.56%         6.9%
38037       Grant County, North Dakota          0.73%         4.1%
38039      Griggs County, North Dakota         -0.57%         0.0%
38045     LaMoure County, North Dakota          0.23%         3.5%
38053     McKenzie County, North Dakota        17.20%         4.5%
38055     McLean County, North Dakota           1.31%         3.0%
38059      Morton County, North Dakota          2.63%         0.4%
38061     Mountrail County, North Dakota        5.73%         6.4%
38069       Pierce County, North Dakota        -1.10%         0.0%
38073     Ransom County, North Dakota          -0.16%         3.2%
38083     Sheridan County, North Dakota         0.98%         0.0%
38085       Sioux County, North Dakota          0.13%         2.0%
38087       Slope County, North Dakota          0.22%         0.0%
38089       Stark County, North Dakota          6.09%         8.1%
38093     Stutsman County, North Dakota         0.20%         5.3%
38101       Ward County, North Dakota           2.84%         7.3%
38105     Williams County, North Dakota         9.74%         5.7%
39005          Ashland County, Ohio            -0.02%         4.0%
39011          Auglaize County, Ohio            0.00%         5.1%
39013          Belmont County, Ohio            -0.23%         5.7%
39019           Carroll County, Ohio           -0.91%         2.2%
39029        Columbiana County, Ohio           -0.51%         5.3%
39033          Crawford County, Ohio           -0.41%         3.5%



                                  54
                                      Average
                                       Annual         Rental
County                               Population      Vacancy
 FIPS                               Growth (2012-   Rate (ACS
 Code          County Name              2015)       2010-2014)
01007     Bibb County, Alabama         -0.09%          0.5%
01011    Bullock County, Alabama        0.29%          2.7%
01013     Butler County, Alabama       -0.42%          4.2%
01015    Calhoun County, Alabama       -0.48%          4.1%
39041     Delaware County, Ohio         2.14%          5.3%
39045      Fairfield County, Ohio       0.88%          5.6%
39047      Fayette County, Ohio        -0.18%          4.5%
39051       Fulton County, Ohio         0.06%          4.7%
39055      Geauga County, Ohio          0.09%          5.1%
39057       Greene County, Ohio         0.01%          5.7%
39067     Harrison County, Ohio        -0.55%          2.1%
39069       Henry County, Ohio         -0.31%          4.0%
39071     Highland County, Ohio         0.00%          4.8%
39079      Jackson County, Ohio        -0.31%          4.2%
39081     Jefferson County, Ohio       -0.49%          3.9%
39083       Knox County, Ohio           0.14%          2.6%
39089      Licking County, Ohio         0.56%          4.4%
39093       Lorain County, Ohio         0.38%          5.5%
39097     Madison County, Ohio          0.88%          4.5%
39101      Marion County, Ohio         -0.45%          5.4%
39103      Medina County, Ohio          0.52%          4.8%
39105       Meigs County, Ohio         -0.49%          1.8%
39117      Morrow County, Ohio          0.10%          1.2%
39121       Noble County, Ohio         -0.58%          3.2%
39123       Ottawa County, Ohio        -0.37%          5.3%
39129     Pickaway County, Ohio         0.38%          3.4%
39131        Pike County, Ohio         -0.32%          5.4%
39133      Portage County, Ohio         0.16%          5.2%
39137      Putnam County, Ohio         -0.14%          5.7%
39139     Richland County, Ohio        -0.24%          5.5%
39141        Ross County, Ohio         -0.12%          5.1%
39145       Scioto County, Ohio        -0.76%          4.9%
39149       Shelby County, Ohio        -0.15%          5.3%
39159       Union County, Ohio          0.90%          3.8%
39165      Warren County, Ohio          1.02%          4.7%
39169       Wayne County, Ohio          0.29%          3.8%



                              55
                                          Average
                                           Annual         Rental
County                                   Population      Vacancy
 FIPS                                   Growth (2012-   Rate (ACS
 Code            County Name                2015)       2010-2014)
01007        Bibb County, Alabama          -0.09%          0.5%
01011      Bullock County, Alabama          0.29%          2.7%
01013       Butler County, Alabama         -0.42%          4.2%
01015      Calhoun County, Alabama         -0.48%          4.1%
39171        Williams County, Ohio         -0.38%          2.6%
39173         Wood County, Ohio             0.28%          5.1%
39175        Wyandot County, Ohio          -0.53%          2.7%
40003      Alfalfa County, Oklahoma         1.30%          5.9%
40017     Canadian County, Oklahoma         2.86%          4.7%
40033      Cotton County, Oklahoma         -0.81%          4.6%
40039      Custer County, Oklahoma          1.41%          3.9%
40043      Dewey County, Oklahoma           1.45%          2.9%
40051      Grady County, Oklahoma           0.99%          5.0%
40055       Greer County, Oklahoma          0.07%          3.5%
40057     Harmon County, Oklahoma          -1.42%          5.7%
40065     Jackson County, Oklahoma         -0.86%          5.6%
40075      Kiowa County, Oklahoma          -0.71%          1.3%
40077     Latimer County, Oklahoma         -1.42%          5.2%
40087     McClain County, Oklahoma          2.27%          6.9%
40093      Major County, Oklahoma           0.44%          0.6%
40105      Nowata County, Oklahoma         -0.15%          4.6%
40107     Okfuskee County, Oklahoma        -0.31%          4.6%
40119      Payne County, Oklahoma           0.98%          5.8%
40129    Roger Mills County, Oklahoma       0.06%          0.0%
40139      Texas County, Oklahoma           0.00%          3.0%
40147    Washington County, Oklahoma        0.19%          4.4%
40149     Washita County, Oklahoma          0.02%          5.4%
41001        Baker County, Oregon           0.04%          3.8%
41005     Clackamas County, Oregon          1.55%          4.1%
41009      Columbia County, Oregon          0.25%          4.7%
41013        Crook County, Oregon           1.56%          2.7%
41027     Hood River County, Oregon         0.76%          5.0%
41029       Jackson County, Oregon          1.00%          4.7%
41031      Jefferson County, Oregon         1.33%          6.9%
41039        Lane County, Oregon            0.77%          3.6%
41047       Marion County, Oregon           1.11%          4.5%



                                56
                                              Average
                                               Annual         Rental
County                                       Population      Vacancy
 FIPS                                       Growth (2012-   Rate (ACS
 Code               County Name                 2015)       2010-2014)
01007          Bibb County, Alabama            -0.09%          0.5%
01011         Bullock County, Alabama           0.29%          2.7%
01013          Butler County, Alabama          -0.42%          4.2%
01015        Calhoun County, Alabama           -0.48%          4.1%
41051        Multnomah County, Oregon           1.35%          2.8%
41053           Polk County, Oregon             1.34%          2.6%
41055         Sherman County, Oregon           -1.01%          4.8%
41059         Umatilla County, Oregon          -0.18%          3.4%
41067       Washington County, Oregon           1.58%          4.0%
42001       Adams County, Pennsylvania          0.24%          4.4%
42003     Allegheny County, Pennsylvania       -0.01%          4.7%
42007       Beaver County, Pennsylvania        -0.27%          5.9%
42009      Bedford County, Pennsylvania        -0.54%          5.5%
42013        Blair County, Pennsylvania        -0.37%          5.3%
42019       Butler County, Pennsylvania         0.31%          4.0%
42021      Cambria County, Pennsylvania        -1.22%          4.7%
42025      Carbon County, Pennsylvania         -0.51%          3.3%
42027       Centre County, Pennsylvania         1.00%          1.8%
42029      Chester County, Pennsylvania         0.62%          5.2%
42033     Clearfield County, Pennsylvania      -0.21%          5.2%
42035      Clinton County, Pennsylvania        -0.26%          5.2%
42037     Columbia County, Pennsylvania        -0.12%          2.0%
42041    Cumberland County, Pennsylvania        0.99%          4.3%
42055      Franklin County, Pennsylvania        0.44%          5.3%
42057       Fulton County, Pennsylvania        -0.30%          4.8%
42063      Indiana County, Pennsylvania        -0.48%          5.6%
42067       Juniata County, Pennsylvania       -0.23%          3.0%
42069    Lackawanna County, Pennsylvania       -0.40%          4.2%
42071     Lancaster County, Pennsylvania        0.61%          4.4%
42075      Lebanon County, Pennsylvania         0.38%          3.0%
42079      Luzerne County, Pennsylvania        -0.32%          4.4%
42081     Lycoming County, Pennsylvania        -0.36%          4.5%
42083      McKean County, Pennsylvania         -0.65%          3.7%
42087       Mifflin County, Pennsylvania       -0.24%          5.0%
42093      Montour County, Pennsylvania         0.12%          1.9%
42095    Northampton County, Pennsylvania       0.17%          5.2%



                                  57
                                               Average
                                                Annual         Rental
County                                        Population      Vacancy
 FIPS                                        Growth (2012-   Rate (ACS
 Code               County Name                  2015)       2010-2014)
01007          Bibb County, Alabama             -0.09%          0.5%
01011         Bullock County, Alabama            0.29%          2.7%
01013          Butler County, Alabama           -0.42%          4.2%
01015        Calhoun County, Alabama            -0.48%          4.1%
              Northumberland County,
42097               Pennsylvania                -0.45%         5.1%
42103        Pike County, Pennsylvania          -0.50%         4.3%
42109       Snyder County, Pennsylvania          0.54%         5.7%
42111      Somerset County, Pennsylvania        -0.73%         3.5%
42115    Susquehanna County, Pennsylvania       -0.88%         4.4%
42119       Union County, Pennsylvania          -0.13%         4.8%
42121      Venango County, Pennsylvania         -0.70%         5.0%
42125    Washington County, Pennsylvania        -0.03%         5.8%
               Westmoreland County,
42129               Pennsylvania                -0.49%         5.4%
42131     Wyoming County, Pennsylvania          -0.66%         0.7%
42133        York County, Pennsylvania           0.38%         4.5%
44003        Kent County, Rhode Island          -0.01%         5.4%
44005      Newport County, Rhode Island         -0.20%         3.5%
44009    Washington County, Rhode Island         0.09%         2.9%
45001     Abbeville County, South Carolina      -0.16%         4.3%
45005     Allendale County, South Carolina      -1.91%         4.7%
45017     Calhoun County, South Carolina        -0.31%         2.4%
45027    Clarendon County, South Carolina       -0.47%         4.4%
45037     Edgefield County, South Carolina       0.22%         5.7%
45039     Fairfield County, South Carolina      -0.76%         3.9%
45055     Kershaw County, South Carolina         0.72%         3.3%
45059      Laurens County, South Carolina        0.19%         5.0%
45061        Lee County, South Carolina         -1.41%         2.7%
45063    Lexington County, South Carolina        1.43%         7.3%
45065    McCormick County, South Carolina       -0.80%         5.3%
45067      Marion County, South Carolina        -0.66%         5.4%
            Williamsburg County, South
45089                  Carolina                 -1.09%         3.4%
45091       York County, South Carolina          2.31%         5.6%
46009    Bon Homme County, South Dakota         -0.26%         5.2%




                                   58
                                             Average
                                              Annual         Rental
County                                      Population      Vacancy
 FIPS                                      Growth (2012-   Rate (ACS
 Code               County Name                2015)       2010-2014)
01007          Bibb County, Alabama           -0.09%          0.5%
01011         Bullock County, Alabama          0.29%          2.7%
01013          Butler County, Alabama         -0.42%          4.2%
01015        Calhoun County, Alabama          -0.48%          4.1%
46011    Brookings County, South Dakota        1.20%          5.6%
46013       Brown County, South Dakota         1.03%          6.7%
46017      Buffalo County, South Dakota        1.30%          5.0%
46019       Butte County, South Dakota         0.13%          4.1%
46021     Campbell County, South Dakota        0.33%          4.1%
46027        Clay County, South Dakota        -0.34%          3.4%
46029    Codington County, South Dakota        0.41%          1.7%
46031      Corson County, South Dakota         0.95%          2.9%
46033       Custer County, South Dakota        0.51%          3.8%
46035     Davison County, South Dakota         0.12%          0.5%
46037        Day County, South Dakota         -0.54%          3.3%
46045     Edmunds County, South Dakota        -0.22%          3.1%
46049       Faulk County, South Dakota        -0.49%          3.1%
46059       Hand County, South Dakota         -0.39%          5.9%
46061      Hanson County, South Dakota         0.04%          0.0%
46063     Harding County, South Dakota        -1.26%          3.4%
46065      Hughes County, South Dakota         0.23%          4.4%
46069       Hyde County, South Dakota         -0.80%          0.0%
46071      Jackson County, South Dakota        1.50%          2.7%
46073      Jerauld County, South Dakota       -0.65%          3.9%
46075       Jones County, South Dakota        -2.85%          0.0%
46077    Kingsbury County, South Dakota       -1.54%          3.7%
46079        Lake County, South Dakota         2.19%          0.5%
46083      Lincoln County, South Dakota        3.02%          4.8%
46085      Lyman County, South Dakota          0.86%          5.3%
46091     Marshall County, South Dakota        0.76%          5.5%
46097       Miner County, South Dakota        -1.18%          5.8%
46099    Minnehaha County, South Dakota        1.82%          6.1%
46101      Moody County, South Dakota         -0.11%          2.6%
46103    Pennington County, South Dakota       1.30%          4.8%
46105      Perkins County, South Dakota       -0.12%          3.9%
46107       Potter County, South Dakota       -0.47%          3.2%



                                  59
                                           Average
                                            Annual         Rental
County                                    Population      Vacancy
 FIPS                                    Growth (2012-   Rate (ACS
 Code             County Name                2015)       2010-2014)
01007         Bibb County, Alabama          -0.09%          0.5%
01011       Bullock County, Alabama          0.29%          2.7%
01013        Butler County, Alabama         -0.42%          4.2%
01015       Calhoun County, Alabama         -0.48%          4.1%
46111    Sanborn County, South Dakota        0.44%          5.1%
46115     Spink County, South Dakota        -0.65%          4.2%
46123     Tripp County, South Dakota        -0.30%          3.2%
46129    Walworth County, South Dakota      -0.10%          5.0%
46137    Ziebach County, South Dakota       -0.81%          3.4%
47005       Benton County, Tennessee        -0.47%          4.1%
47015      Cannon County, Tennessee         -0.02%          3.5%
47019       Carter County, Tennessee        -0.50%          5.5%
47021     Cheatham County, Tennessee         0.41%          5.0%
47025     Claiborne County, Tennessee       -0.01%          4.0%
47031       Coffee County, Tennessee         0.72%          3.6%
47033     Crockett County, Tennessee        -0.02%          2.6%
47035    Cumberland County, Tennessee        0.69%          5.6%
47037     Davidson County, Tennessee         1.50%          6.4%
47045        Dyer County, Tennessee         -0.30%          5.0%
47047      Fayette County, Tennessee         0.47%          3.8%
47057     Grainger County, Tennessee         0.31%          5.2%
47059       Greene County, Tennessee        -0.03%          5.4%
47067     Hancock County, Tennessee         -0.52%          4.8%
47073     Hawkins County, Tennessee         -0.06%          5.3%
47085    Humphreys County, Tennessee        -0.30%          4.2%
47089     Jefferson County, Tennessee        0.60%          3.5%
47091      Johnson County, Tennessee        -0.54%          1.1%
47093        Knox County, Tennessee          0.77%          5.4%
47099     Lawrence County, Tennessee         0.32%          3.0%
47103      Lincoln County, Tennessee         0.30%          3.6%
47105      Loudon County, Tennessee          0.90%          4.7%
47109     McNairy County, Tennessee         -0.13%          5.1%
47119       Maury County, Tennessee          2.29%          5.3%
47121       Meigs County, Tennessee          0.42%          4.0%
47147     Robertson County, Tennessee        0.93%          4.2%
47153    Sequatchie County, Tennessee        0.89%          3.8%



                                60
                                          Average
                                           Annual         Rental
County                                   Population      Vacancy
 FIPS                                   Growth (2012-   Rate (ACS
 Code            County Name                2015)       2010-2014)
01007       Bibb County, Alabama           -0.09%          0.5%
01011      Bullock County, Alabama          0.29%          2.7%
01013       Butler County, Alabama         -0.42%          4.2%
01015     Calhoun County, Alabama          -0.48%          4.1%
47165     Sumner County, Tennessee          1.93%          6.7%
47171     Unicoi County, Tennessee         -0.69%          4.4%
47183     Weakley County, Tennessee        -0.79%          4.4%
47185      White County, Tennessee          0.55%          4.4%
47187    Williamson County, Tennessee       3.12%          2.8%
48001      Anderson County, Texas          -0.25%          5.8%
48003       Andrews County, Texas           3.94%          0.0%
48009        Archer County, Texas          -0.25%          3.3%
48013       Atascosa County, Texas          1.40%          5.3%
48015        Austin County, Texas           1.16%          3.5%
48017        Bailey County, Texas           0.37%          0.0%
48023        Baylor County, Texas           0.02%          5.7%
48031        Blanco County, Texas           1.19%          6.5%
48033        Borden County, Texas           1.89%          0.0%
48035        Bosque County, Texas          -0.41%          5.4%
48047        Brooks County, Texas           0.21%          5.2%
48053        Burnet County, Texas           1.42%          5.1%
48055       Caldwell County, Texas          1.54%          5.2%
48063         Camp County, Texas            0.59%          5.8%
48079       Cochran County, Texas          -0.73%          5.5%
48081         Coke County, Texas            0.18%          4.2%
48091        Comal County, Texas            3.94%          7.0%
48093      Comanche County, Texas          -0.73%          0.4%
48097        Cooke County, Texas            0.38%          4.4%
48101         Cottle County, Texas         -1.34%          4.3%
48103         Crane County, Texas           3.42%          0.0%
48105       Crockett County, Texas          0.00%          0.0%
48109      Culberson County, Texas         -1.04%          4.5%
48115       Dawson County, Texas           -0.29%          1.9%
48121        Denton County, Texas           3.29%          6.3%
48131         Duval County, Texas          -0.56%          4.9%
48135         Ector County, Texas           3.32%          5.2%



                                61
                                      Average
                                       Annual         Rental
County                               Population      Vacancy
 FIPS                               Growth (2012-   Rate (ACS
 Code          County Name              2015)       2010-2014)
01007     Bibb County, Alabama         -0.09%          0.5%
01011    Bullock County, Alabama        0.29%          2.7%
01013     Butler County, Alabama       -0.42%          4.2%
01015    Calhoun County, Alabama       -0.48%          4.1%
48139       Ellis County, Texas         2.09%          6.1%
48143       Erath County, Texas         1.38%          4.4%
48151      Fisher County, Texas        -0.09%          3.6%
48153       Floyd County, Texas        -2.48%          5.2%
48157    Fort Bend County, Texas        4.54%          7.3%
48169      Garza County, Texas         -0.21%          5.3%
48171     Gillespie County, Texas       1.06%          7.0%
48173    Glasscock County, Texas        1.51%          0.0%
48195     Hansford County, Texas        0.52%          3.9%
48197    Hardeman County, Texas        -1.80%          0.0%
48205      Hartley County, Texas        0.22%          0.0%
48209       Hays County, Texas          4.93%          5.6%
48211     Hemphill County, Texas        1.57%          5.8%
48215     Hidalgo County, Texas         1.41%          6.1%
48221       Hood County, Texas          2.05%          6.2%
48223     Hopkins County, Texas         0.77%          5.2%
48227     Howard County, Texas          1.56%          4.8%
48229     Hudspeth County, Texas        0.48%          2.7%
48235       Irion County, Texas        -0.41%          0.0%
48237        Jack County, Texas        -0.48%          1.2%
48243    Jeff Davis County, Texas      -2.14%          3.1%
48249    Jim Wells County, Texas       -0.22%          3.5%
48251     Johnson County, Texas         1.41%          6.0%
48257     Kaufman County, Texas         2.45%          6.5%
48259     Kendall County, Texas         4.16%          5.3%
48261      Kenedy County, Texas        -2.63%          0.0%
48269       King County, Texas          1.57%          0.0%
48273     Kleberg County, Texas        -0.28%          1.6%
48285      Lavaca County, Texas         0.66%          3.7%
48293    Limestone County, Texas       -0.43%          1.4%
48301      Loving County, Texas        13.45%          0.0%
48303     Lubbock County, Texas         1.53%          7.2%



                              62
                                       Average
                                        Annual         Rental
County                                Population      Vacancy
 FIPS                                Growth (2012-   Rate (ACS
 Code          County Name               2015)       2010-2014)
01007      Bibb County, Alabama         -0.09%          0.5%
01011    Bullock County, Alabama         0.29%          2.7%
01013     Butler County, Alabama        -0.42%          4.2%
01015    Calhoun County, Alabama        -0.48%          4.1%
48305       Lynn County, Texas          -0.28%          4.6%
48315      Marion County, Texas         -0.48%          4.3%
48317      Martin County, Texas          4.16%          8.9%
48319      Mason County, Texas          -0.12%          2.6%
48323     Maverick County, Texas         1.09%          6.2%
48325      Medina County, Texas          1.12%          6.4%
48327      Menard County, Texas         -0.91%          3.7%
48329      Midland County, Texas         3.05%          7.2%
48333       Mills County, Texas          0.45%          5.2%
48339    Montgomery County, Texas        3.49%          8.7%
48341       Moore County, Texas         -0.29%          4.9%
48349      Navarro County, Texas         0.16%          3.7%
48351      Newton County, Texas         -0.79%          5.8%
48355      Nueces County, Texas          1.12%          6.4%
48357     Ochiltree County, Texas        0.43%          0.0%
48359      Oldham County, Texas          0.37%          0.0%
48367       Parker County, Texas         1.72%          3.2%
48369      Parmer County, Texas         -1.34%          3.6%
48371       Pecos County, Texas          1.30%          4.3%
48381      Randall County, Texas         1.41%          5.9%
48389      Reeves County, Texas          1.93%          3.7%
48391      Refugio County, Texas         0.24%          3.3%
48393      Roberts County, Texas        -1.23%          0.0%
48397     Rockwall County, Texas         3.09%          2.1%
48401        Rusk County, Texas         -0.48%          4.4%
48407    San Jacinto County, Texas       0.51%          5.3%
48413     Schleicher County, Texas      -0.41%          0.0%
48419      Shelby County, Texas         -0.81%          3.9%
48423       Smith County, Texas          1.20%          6.7%
48425     Somervell County, Texas        0.59%          2.3%
48431      Sterling County, Texas        4.45%          8.7%
48435       Sutton County, Texas        -0.14%          2.9%



                              63
                                        Average
                                         Annual         Rental
County                                 Population      Vacancy
 FIPS                                 Growth (2012-   Rate (ACS
 Code           County Name               2015)       2010-2014)
01007      Bibb County, Alabama          -0.09%          0.5%
01011     Bullock County, Alabama         0.29%          2.7%
01013      Butler County, Alabama        -0.42%          4.2%
01015     Calhoun County, Alabama        -0.48%          4.1%
48437      Swisher County, Texas         -1.48%          4.9%
48443       Terrell County, Texas        -2.84%          0.0%
48451     Tom Green County, Texas         1.34%          4.8%
48453       Travis County, Texas          2.37%          5.0%
48455       Trinity County, Texas         0.20%          5.8%
48461       Upton County, Texas           3.86%          2.1%
48469      Victoria County, Texas         1.14%          5.8%
48471       Walker County, Texas          1.06%          7.3%
48473       Waller County, Texas          3.15%          8.8%
48475        Ward County, Texas           2.57%          3.0%
48479        Webb County, Texas           1.23%          5.0%
48487      Wilbarger County, Texas       -0.57%          5.6%
48491     Williamson County, Texas        3.67%          6.2%
48493       Wilson County, Texas          2.25%          2.2%
48503       Young County, Texas          -0.05%          5.2%
48507       Zavala County, Texas          0.81%          0.7%
49005        Cache County, Utah           1.37%          3.7%
49011        Davis County, Utah           2.05%          4.1%
49013      Duchesne County, Utah          3.05%          5.0%
49029       Morgan County, Utah           4.08%          4.1%
49035      Salt Lake County, Utah         1.32%          5.3%
49047        Uintah County, Utah          3.02%          6.4%
49049         Utah County, Utah           2.12%          2.9%
49051       Wasatch County, Utah          4.75%          4.7%
49053     Washington County, Utah         2.48%          6.0%
50001     Addison County, Vermont         0.17%          3.9%
50003    Bennington County, Vermont      -0.33%          3.7%
50005    Caledonia County, Vermont       -0.33%          5.7%
50007    Chittenden County, Vermont       0.55%          2.5%
50009      Essex County, Vermont         -0.32%          5.8%
50011     Franklin County, Vermont        0.38%          5.8%
50015     Lamoille County, Vermont        0.38%          2.4%



                               64
                                           Average
                                            Annual         Rental
County                                    Population      Vacancy
 FIPS                                    Growth (2012-   Rate (ACS
 Code            County Name                 2015)       2010-2014)
01007        Bibb County, Alabama           -0.09%          0.5%
01011      Bullock County, Alabama           0.29%          2.7%
01013       Butler County, Alabama          -0.42%          4.2%
01015      Calhoun County, Alabama          -0.48%          4.1%
50017       Orange County, Vermont          -0.06%          5.3%
50023    Washington County, Vermont         -0.42%          2.6%
50025     Windham County, Vermont           -0.47%          3.8%
51001     Accomack County, Virginia         -0.34%          2.7%
51007       Amelia County, Virginia          0.43%          0.0%
51009      Amherst County, Virginia         -0.55%          1.8%
51011    Appomattox County, Virginia         0.61%          3.5%
51013     Arlington County, Virginia         1.11%          5.8%
51021        Bland County, Virginia         -0.69%          0.0%
51029    Buckingham County, Virginia        -0.03%          2.6%
51031     Campbell County, Virginia          0.12%          4.4%
51033      Caroline County, Virginia         1.14%          5.9%
51037      Charlotte County, Virginia       -0.53%          2.7%
51047      Culpeper County, Virginia         1.14%          3.0%
51049    Cumberland County, Virginia        -0.49%          0.0%
51059       Fairfax County, Virginia         0.62%          3.4%
51061      Fauquier County, Virginia         1.04%          6.8%
51065      Fluvanna County, Virginia         0.41%          2.6%
51069     Frederick County, Virginia         1.22%          3.3%
51075     Goochland County, Virginia         1.39%          0.7%
51077      Grayson County, Virginia          1.72%          6.8%
51083       Halifax County, Virginia        -0.62%          1.5%
51085      Hanover County, Virginia          0.92%          2.9%
51091      Highland County, Virginia        -0.56%          4.9%
51101    King William County, Virginia       0.61%          0.0%
51107      Loudoun County, Virginia          3.54%          3.2%
51111     Lunenburg County, Virginia        -0.85%          1.3%
51113      Madison County, Virginia         -0.10%          4.8%
51117    Mecklenburg County, Virginia       -0.69%          1.5%
51119     Middlesex County, Virginia        -0.62%          5.8%
51121    Montgomery County, Virginia         0.68%          3.8%
51127     New Kent County, Virginia          2.12%          1.8%



                                 65
                                              Average
                                               Annual         Rental
County                                       Population      Vacancy
 FIPS                                       Growth (2012-   Rate (ACS
 Code              County Name                  2015)       2010-2014)
01007         Bibb County, Alabama             -0.09%          0.5%
01011       Bullock County, Alabama             0.29%          2.7%
01013        Butler County, Alabama            -0.42%          4.2%
01015       Calhoun County, Alabama            -0.48%          4.1%
51131     Northampton County, Virginia         -0.15%          0.9%
51135       Nottoway County, Virginia          -0.21%          5.0%
51143     Pittsylvania County, Virginia        -0.46%          5.0%
51145       Powhatan County, Virginia          -0.14%          0.0%
51147    Prince Edward County, Virginia        -0.32%          2.5%
51153    Prince William County, Virginia        1.61%          4.1%
51155        Pulaski County, Virginia          -0.40%          3.8%
51157    Rappahannock County, Virginia         -0.32%          0.0%
51161       Roanoke County, Virginia            0.49%          5.3%
51177     Spotsylvania County, Virginia         1.12%          5.2%
51179        Stafford County, Virginia          1.85%          6.2%
51191     Washington County, Virginia          -0.28%          3.7%
51197         Wythe County, Virginia           -0.20%          5.7%
51510        Alexandria city, Virginia          1.40%          4.2%
51540      Charlottesville city, Virginia       1.56%          6.6%
51550        Chesapeake city, Virginia          1.04%          6.0%
51580        Covington city, Virginia          -0.58%          5.1%
51595          Emporia city, Virginia          -1.75%          2.1%
51600          Fairfax city, Virginia           1.29%          4.6%
51620          Franklin city, Virginia          0.22%          2.5%
51660       Harrisonburg city, Virginia         0.93%          3.9%
51678         Lexington city, Virginia          1.46%          4.6%
51683         Manassas city, Virginia           1.17%          5.9%
51685      Manassas Park city, Virginia         0.55%          3.3%
51735         Poquoson city, Virginia          -0.18%          0.0%
51770         Roanoke city, Virginia            0.61%          5.1%
51775           Salem city, Virginia            0.56%          4.8%
51800          Suffolk city, Virginia           1.13%          6.1%
51810     Virginia Beach city, Virginia         0.52%          5.4%
51830      Williamsburg city, Virginia          0.77%          3.9%
53001      Adams County, Washington             0.51%          1.1%
53003      Asotin County, Washington            0.35%          1.0%



                                   66
                                              Average
                                               Annual         Rental
County                                       Population      Vacancy
 FIPS                                       Growth (2012-   Rate (ACS
 Code               County Name                 2015)       2010-2014)
01007           Bibb County, Alabama           -0.09%          0.5%
01011         Bullock County, Alabama           0.29%          2.7%
01013          Butler County, Alabama          -0.42%          4.2%
01015         Calhoun County, Alabama          -0.48%          4.1%
53005       Benton County, Washington           1.40%          6.6%
53011         Clark County, Washington          1.67%          4.0%
53015       Cowlitz County, Washington          0.53%          5.1%
53017       Douglas County, Washington          1.00%          5.6%
53021       Franklin County, Washington         1.14%          1.6%
53029        Island County, Washington          0.57%          5.6%
53033         King County, Washington           1.76%          3.9%
53049        Pacific County, Washington         0.49%          5.9%
53051    Pend Oreille County, Washington        0.27%          5.7%
53053        Pierce County, Washington          1.30%          5.9%
53057        Skagit County, Washington          1.07%          5.3%
53061     Snohomish County, Washington          1.77%          4.8%
53063      Spokane County, Washington           1.04%          5.9%
53065       Stevens County, Washington          0.17%          5.2%
53067      Thurston County, Washington          1.36%          5.4%
53069    Wahkiakum County, Washington           0.42%          2.9%
53071    Walla Walla County, Washington         0.50%          5.3%
53073      Whatcom County, Washington           1.18%          4.6%
53077       Yakima County, Washington           0.27%          4.2%
54001      Barbour County, West Virginia       -0.31%          5.4%
54015        Clay County, West Virginia        -1.28%          4.7%
54021      Gilmer County, West Virginia        -0.98%          2.6%
54027    Hampshire County, West Virginia       -0.46%          2.7%
54037     Jefferson County, West Virginia       1.17%          6.5%
54041       Lewis County, West Virginia         0.02%          5.5%
54043      Lincoln County, West Virginia       -0.35%          3.5%
54061    Monongalia County, West Virginia       1.21%          5.3%
54071    Pendleton County, West Virginia       -1.28%          3.1%
54077      Preston County, West Virginia        0.05%          5.2%
54079      Putnam County, West Virginia         0.17%          5.7%
54089     Summers County, West Virginia        -1.30%          3.3%
54091      Taylor County, West Virginia        -0.16%          0.0%



                                  67
                                           Average
                                            Annual         Rental
County                                    Population      Vacancy
 FIPS                                    Growth (2012-   Rate (ACS
 Code             County Name                2015)       2010-2014)
01007         Bibb County, Alabama          -0.09%          0.5%
01011       Bullock County, Alabama          0.29%          2.7%
01013        Butler County, Alabama         -0.42%          4.2%
01015       Calhoun County, Alabama         -0.48%          4.1%
54095      Tyler County, West Virginia      -0.20%          5.3%
54097     Upshur County, West Virginia       0.37%          5.5%
54101    Webster County, West Virginia      -1.00%          0.7%
54105      Wirt County, West Virginia        0.37%          3.4%
55009       Brown County, Wisconsin          0.74%          5.6%
55013      Burnett County, Wisconsin        -0.44%          3.9%
55017     Chippewa County, Wisconsin         0.27%          4.0%
55025        Dane County, Wisconsin          1.31%          3.2%
55033       Dunn County, Wisconsin           0.43%          4.5%
55035     Eau Claire County, Wisconsin       0.40%          3.2%
55037      Florence County, Wisconsin       -0.01%          3.0%
55039    Fond du Lac County, Wisconsin       0.04%          5.7%
55045       Green County, Wisconsin          0.27%          3.7%
55047    Green Lake County, Wisconsin       -0.38%          5.3%
55053      Jackson County, Wisconsin         0.16%          5.6%
55055     Jefferson County, Wisconsin        0.07%          5.7%
55063     La Crosse County, Wisconsin        0.42%          3.9%
55065     Lafayette County, Wisconsin       -0.04%          4.8%
55067     Langlade County, Wisconsin        -0.86%          1.9%
55069      Lincoln County, Wisconsin        -0.59%          4.6%
55073     Marathon County, Wisconsin         0.31%          5.4%
55075     Marinette County, Wisconsin       -0.46%          2.5%
55078    Menominee County, Wisconsin         1.48%          0.0%
55079     Milwaukee County, Wisconsin        0.09%          3.8%
55081      Monroe County, Wisconsin          0.33%          4.1%
55083       Oconto County, Wisconsin        -0.01%          4.2%
55087     Outagamie County, Wisconsin        0.80%          4.4%
55089      Ozaukee County, Wisconsin         0.30%          3.7%
55093       Pierce County, Wisconsin         0.19%          5.0%
55095        Polk County, Wisconsin         -0.08%          5.7%
55097      Portage County, Wisconsin        -0.04%          5.4%
55103      Richland County, Wisconsin       -0.57%          5.2%



                                 68
                                              Average
                                               Annual         Rental
County                                       Population      Vacancy
 FIPS                                       Growth (2012-   Rate (ACS
 Code              County Name                  2015)       2010-2014)
01007          Bibb County, Alabama            -0.09%          0.5%
01011        Bullock County, Alabama            0.29%          2.7%
01013         Butler County, Alabama           -0.42%          4.2%
01015        Calhoun County, Alabama           -0.48%          4.1%
55105         Rock County, Wisconsin            0.24%          4.8%
55107         Rusk County, Wisconsin           -0.44%          2.1%
55109       St. Croix County, Wisconsin         0.87%          4.5%
55113        Sawyer County, Wisconsin          -0.35%          4.0%
55115       Shawano County, Wisconsin          -0.25%          4.8%
55119        Taylor County, Wisconsin          -0.04%          5.0%
55121     Trempealeau County, Wisconsin         0.20%          5.7%
55127      Walworth County, Wisconsin          -0.08%          4.7%
55131     Washington County, Wisconsin          0.26%          5.1%
55133      Waukesha County, Wisconsin           0.32%          4.4%
55139      Winnebago County, Wisconsin          0.16%          5.8%
55141         Wood County, Wisconsin           -0.43%          5.0%
56011         Crook County, Wyoming             1.37%          4.1%
56015        Goshen County, Wyoming            -0.69%          2.8%
56017      Hot Springs County, Wyoming         -0.73%          3.7%
56021        Laramie County, Wyoming            0.78%          5.4%
56025        Natrona County, Wyoming            1.46%          5.7%
56031         Platte County, Wyoming            0.30%          1.2%
56033       Sheridan County, Wyoming            0.47%          5.2%
56043       Washakie County, Wyoming           -0.45%          4.5%
56045        Weston County, Wyoming             0.79%          3.7%
72001     Adjuntas Municipio, Puerto Rico      -0.94%          3.1%
72009     Aibonito Municipio, Puerto Rico      -1.57%          1.5%
          Barranquitas Municipio, Puerto
72019                   Rico                   -0.78%         4.2%
72023    Cabo Rojo Municipio, Puerto Rico      -0.59%         2.7%
72027     Camuy Municipio, Puerto Rico         -1.37%         2.1%
72029    Canóvanas Municipio, Puerto Rico      -0.48%         5.2%
72033      Cataño Municipio, Puerto Rico       -1.92%         4.2%
72035      Cayey Municipio, Puerto Rico        -1.23%         4.2%
72039      Ciales Municipio, Puerto Rico       -1.58%         2.9%
72043     Coamo Municipio, Puerto Rico         -0.50%         5.4%



                                  69
                                                  Average
                                                   Annual         Rental
County                                           Population      Vacancy
 FIPS                                           Growth (2012-   Rate (ACS
 Code                County Name                    2015)       2010-2014)
01007           Bibb County, Alabama               -0.09%          0.5%
01011          Bullock County, Alabama              0.29%          2.7%
01013           Butler County, Alabama             -0.42%          4.2%
01015         Calhoun County, Alabama              -0.48%          4.1%
72054       Florida Municipio, Puerto Rico         -0.86%          4.2%
72061     Guaynabo Municipio, Puerto Rico          -1.59%          3.5%
72063       Gurabo Municipio, Puerto Rico           0.55%          4.3%
72065       Hatillo Municipio, Puerto Rico         -0.59%          5.1%
           Hormigueros Municipio, Puerto
72067                    Rico                      -1.07%         5.3%
72071       Isabela Municipio, Puerto Rico         -1.14%         5.8%
72075     Juana Díaz Municipio, Puerto Rico        -1.20%         4.1%
72079        Lajas Municipio, Puerto Rico          -1.59%         5.1%
72081        Lares Municipio, Puerto Rico          -2.31%         1.6%
72083     Las Marías Municipio, Puerto Rico        -2.25%         2.5%
72085    Las Piedras Municipio, Puerto Rico        -0.37%         5.5%
72087        Loíza Municipio, Puerto Rico          -2.06%         1.0%
72093      Maricao Municipio, Puerto Rico          -1.24%         2.1%
72101      Morovis Municipio, Puerto Rico          -0.64%         3.0%
72107      Orocovis Municipio, Puerto Rico         -1.37%         5.4%
72111      Peñuelas Municipio, Puerto Rico         -2.26%         4.5%
            Quebradillas Municipio, Puerto
72115                    Rico                      -1.17%         1.2%
72119    Río Grande Municipio, Puerto Rico         -1.24%         5.6%
72123       Salinas Municipio, Puerto Rico         -1.21%         4.2%
72133    Santa Isabel Municipio, Puerto Rico       -0.83%         2.3%
72135      Toa Alta Municipio, Puerto Rico         -0.14%         4.8%
72139    Trujillo Alto Municipio, Puerto Rico      -1.58%         5.7%
72145     Vega Baja Municipio, Puerto Rico         -1.79%         3.6%
72149      Villalba Municipio, Puerto Rico         -1.96%         2.5%
72151      Yabucoa Municipio, Puerto Rico          -1.63%         4.2%




                                     70
           Attachment B: Sample Format for Owner Identification of Households

Name of Owner:        __________________________

Property Name:        __________________________

Property Address:     __________________________

County Name:          __________________________

      1. Below is a list of unassisted units occupied by at-risk households,
         accompanied by a calculation that demonstrates that each at-risk household
         has an annual income equal to or less than HUD’s FY 2016 low income
         limit, and the household would (in the absence of this voucher assistance)
         have to pay more than 30 percent of their adjusted monthly income for rent.

       Unit   Household Size of the Household’s HUD’s FY            Household’s   Applicable     Applicable
       Number Name      Household Annual        2016 Low            Adjusted      Monthly        Monthly
                        (e.g., 4    Income      income              Monthly       Rent of this   Rent/
                        person                  Limit for a         Income        Unit           Adjusted
                        household)              Household                                        Monthly
                                                      this Size                                  Income
                                                                                                 [more than
                                                                                                 30%]
  1
  2
  3
  4
  5
  6
  7
  8
  9
 10
     2. Below is a list of unassisted units occupied by households determined not
        to be at-risk, accompanied by a calculation that demonstrates that each
        household has an annual income greater than HUD’s FY 2016 low income
        limit, or the household would not (in the absence of voucher assistance)
        have to pay more than 30 percent of their adjusted monthly income for
        rent.


      Unit   Household Size of the Household’s         HUD’s FY      Household’s   Applicable     Applicable
      Number Name      Household Annual                2016 Low      Adjusted      Monthly        Monthly
                       (e.g., 4    Income              income        Monthly       Rent of this   Rent/
                       person                          Limit for a   Income        Unit           Adjusted
                       household)                      Household                                  Monthly
                                                       this Size                                  Income
                                                                                                  [not more
                                                                                                  than 30%]

 1
 2
 3
 4
 5
 6
 7
 8
 9
10

     10. Below is a list of unassisted units occupied by households that did not
         provide me with income information.
                    Unit Number                              Household Name
         1
         2
         3
         4
         5
         6
         7
         8
         9
        10
          Attachment C: Owner’s Checklist for Determining At-Risk Households

The process to identify at-risk households is described in steps 1 - 5 below. Owners that have
verified resident incomes within 12 months of the submission of the request for assistance under
this Notice {Insert Notice #} can skip steps 2 and 3 below.

Step 1: Notification of residents.

The Owner must…

    Notify (in writing) all current residents of unassisted units at the property that he/she will
     be applying for assistance under this Notice.
    Notify (in writing) all those who also resided at the property at the time of the mortgage
     maturity, rental assistance contract expiration, or affordability restriction expiration, if
     such event occurred before the owner submits the request for assistance.
    Provide notification prior to applying for assistance under this Notice.
    For those properties assisted with active project-based rental assistance contracts under
     Section 8 of the US Housing Act, and those properties with FHA-insured or Direct loans,
     in accordance with 24 CFR Part 245, the owner must also notify legitimate tenant
     organizations at the property.

The Owner’s Notice must state that…

    The Owner will be identifying at-risk households according to the residents’ income.
    If any resident contests the income determination made by the owner (and if the owner’s
     request for assistance is selected for funding), such resident will have the opportunity to
     have their income calculated for eligibility purposes by the administering PHA.
    The owner’s application for assistance is not a guarantee that the property and residents
     will receive assistance under this Notice.

The Owner must ensure that any and all communications are…

    Provided in a manner that is effective for persons with hearing, visual, and other
     communications-related disabilities consistent with Section 504 of the Rehabilitation Act
     of 1973 (see 24 CFR § 8.6), and, as applicable, the Americans with Disabilities Act;
    Provided in a manner that is effective for persons who have limited English proficiency
     and should refer to HUD’s published Final Guidance to Federal Financial Assistance
     Recipients: Title VI Prohibition Against National Origin Discrimination Affecting
     Limited English Proficient Persons (LEP Guidance) (72 FR 2732, published January 22,
     2007) for assistance and information regarding LEP obligations.
Step 2: Request for income information.

The Owner must…

    Request income information from each resident of the affected property.

    Identify each resident who provided income information.

    Identify each resident who did not provide income information.

           o Residents are not required to share income information with the owner. If a
             resident chooses not to disclose income information, such resident will be
             identified in the owner’s request for assistance as a “household that did not
             provide income information to the owner”, and such household will not receive
             assistance through this Notice.


    Maintain documentation showing that each family was notified in writing that their
     failure to provide income information to the owner means the family will not have the
     opportunity to receive rental assistance through this Notice.

Step 3: Calculation of annual income.

This calculation is a streamlined version of the calculation that PHAs use to determine income
eligibility for the voucher program.

The Owner determines annual income by…

    Adding all income to be received by each household in the next 12 months, excluding
     income from:
           o Live-in aides, foster children and foster adults;
           o Full-time students residing with their families and student financial assistance in
             excess of tuition and other required fees and charges;
           o Foster care or adoption assistance payments;
           o Supplemental Nutrition Assistance Program (SNAP; formerly known as Food
             Stamps);
           o   Low Income Home Energy Assistance Program (LIHEAP); and
           o Earned Income Tax Credit refunds.

Step 4: Comparison to HUD’s low income limits.

The Owner must…
    Compare the household’s annual income with HUD’s most current low income limits.
     For this comparison, owners must know the size of the household (e.g., 4 person
     household). Owners may find HUD’s low income limits by visiting
     http://www.huduser.org/portal/datasets/il.html.
          o The Owner selects the state and county in which the property is located.
          o Relevant information is located in the row labeled “Low (80%) Income Limits.”
                    If the household’s annual income is greater than the low income limit
                     found in this row, the household is not an at-risk household.
                           For example, if the “Low (80%) Income Limits” row lists $60,000
                            as the limit for a 4 person household, and the annual income for the
                            4 person household in question is $60,001, then this household is
                            not an at-risk household.
          o If the household’s annual income is equal to or less than the low income limit,
            then the owner moves on to step 5 below.

Step 5. Calculation of adjusted monthly income and rent burden.

The Owner adjusts the annual income (AMI) by…

    Deducting $480 from the annual income for each dependent in the household;
    Deducting $400 from the annual income if the household’s head, spouse, or sole member
     is a person with disabilities or is at least 62 years of age.
    Dividing this adjusted annual income by 12 to determine the household’s adjusted
     monthly income.
The Owner determines rent burden by…
    Dividing the household’s applicable monthly rent (see page 9 of the Notice for
     determination of applicable monthly rent) by the household’s adjusted monthly income to
     determine whether the household qualifies as rent burdened (Applicable Monthly Rent
     ÷ AMI)
          o Families qualify as rent burdened if, in the absence of this voucher assistance,
            they would have to pay more than 30 percent of their adjusted monthly income for
            rent. For example, consider the following 2 different households:

               Household A                                    Household B
 AMI is $3,995                                  AMI is $4,000
 Applicable Monthly Rent is $1,200              Applicable Monthly Rent is $1,200

 The owner divides $1,200 by $3,995, which      The owner divides $1,200 by $4,000, which
 equals approximately 0.3004 (rounded to        equals 0.30 (30%).
 31%)
 Household A has to pay more than 30 percent    Household B does not have to pay more than
 of its adjusted monthly income for rent.       30 percent of its adjusted monthly income for
                                                rent.
 This household is an at-risk household.        This household is not an at-risk household.

Step 6: Owner Certification

    The owner must submit a statement certifying that the applicable monthly rents used in
     calculation of at-risk and not at-risk households are accurate according to the terms of
     this Notice.
    The owner’s request for assistance must include a list of the households determined to be
     at-risk and not to be at-risk. Owner may use Attachment B.
    Attachment D: Owner’s Checklist for Requesting Enhanced Voucher or Project-Based
                                  Voucher Assistance

The owner must submit the following items as part of the request for Enhanced Voucher or
Project-Based (PBV) assistance. Failure to submit accurate information may result in processing
delays or denial of assistance.

The Owner must submit a request for assistance to the HUD Multifamily Hub/Program Center
(PC) Director, with a copy to the HUD Project Manager.

The request must include the following information:

        The property name and address, including the name of the county in which the property is
         located

        The date of the mortgage maturity, rental assistance contract expiration, or affordability
         restriction expiration (Check applicable eligibility category)

         □ Mortgage maturity or affordability restriction expiration date in FY 2016 or prior to
           FY 2016

         □ For RAP contracts – contract expiration date before FY 2012

         □ For Rent Supplement contracts – contract expiration date before FY 2000

        Copy of all affordability restriction documents, rental assistance contracts, and renewals,
         and mortgage note documents related to the expired mortgage, contract or affordability
         restriction; (underline or highlight those that apply)

        Narrative statement explaining how the property meets the description of Category 1,
         Category 2, or Category 3, as defined in the Notice

        A statement identifying the type of assistance being requested:

                            □ Enhanced Vouchers
                            □ PBV assistance

        A statement certifying that the owner is in compliance with the civil rights threshold
         requirements set forth at section 3 (“Eligibility”) of this Notice

        A statement certifying that the applicable monthly rents used in calculation of at-risk and
         not at-risk households are accurate according to the terms set forth at section 5
         (“Identifying At-Risk Households”) of this Notice

        A list of unassisted units (identified by unit number and household name) currently
         occupied by at-risk households
      A list of unassisted units (identified by unit number and household name) determined not
       to be at-risk

      Documentation (i.e., lease, rent roll, rental payment receipts, etc) for each household that
       demonstrates the household resided at the property at the time of the mortgage maturity,
       rental assistance contract expiration, or affordability restriction expiration

      List of at-risk households accompanied by a calculation that demonstrates that each at-
       risk household has an annual income equal to or less than HUD’s most recently issued
       low income limit

      Calculation demonstrates that in the absence of voucher assistance, the household would
       have to pay more than 30 percent of their adjusted monthly income for rent.

      List of households determined not to be at-risk accompanied by a calculation that
       demonstrates that each household has an annual income greater than HUD’s low income
       limit or the household would not (in the absence of voucher assistance) have to pay more
       than 30 percent of their adjusted monthly income for rent

    □ Calculation for each list of households must include:

           o Size of the household
           o Household’s annual income
           o The applicable HUD low income limit for a household this size
           o The household’s adjusted monthly income
           o The applicable monthly rent of the unit (see section 5, step 5 for the different
             meanings of “applicable monthly rent”)
           o The percentage of the household’s adjusted monthly income spent on rent in the
             absence of this voucher assistance (applicable monthly rent ÷ adjusted monthly
             income)

      For properties where the mortgage maturity, rental assistance contract expiration, or
       affordability restriction expiration happened before the owner submits the request for
       assistance:

        □ Documentation (such as a lease, rent roll, or rental payment receipt) showing that the
          households determined to be at-risk resided at the property at the time of the
          mortgage maturity, rental assistance contract expiration, or affordability restriction
          expiration

        □ Documentation (such as a lease, rent roll, or rental payment receipt) showing and the
          households determined not to be at-risk resided at the property at the time of the
          mortgage maturity, rental assistance contract expiration, or affordability restriction
          expiration; and
A list of unassisted units (identified by unit number and household name) currently occupied by
households (that also resided at the property at the time of the mortgage maturity, rental
assistance contract expiration, or affordability restriction expiration) that did not provide income
information to the owner.
                 Attachment E: Multifamily Verification of Owner’s Request

Once the Multifamily Hub/PC Director has received the owner’s complete request for assistance,
(refer to Attachment D if submitted by the Owner) the Multifamily Hub/PC Director or designee
will review the application(s) to verify eligibility under the categories identified in the Notice
and that all supporting documentation is accurate.

Mark N/A in the box if not applicable.

 If the property had or has a Section 202 Direct Loan or a Section 236 or 221(d)(3)-(d)(5)
  Below Market Interest Rate (BMIR) primary mortgage that matured (or will mature) in FY
  2016 or prior to FY 2016, this includes loans where the permission of the Secretary was a
  requirement prior to mortgage prepayment, as well as loans where permission of the
  Secretary was not a requirement prior to prepayment, verify…

        □ The mortgage maturity date (day, month, and year) by reviewing the actual mortgage
          note.
                Verify that the mortgage was not prepaid prior to mortgage maturity; and
                Verify that there are residents residing at the property that were residing at the
                 property as of the date of mortgage maturity
        □ The number of households identified by the owner as at-risk households does not
          exceed the total number of unassisted units at the property.
        □ The households identified by the owner as at-risk households, and the households
          determined by the owner not to be at-risk, did reside at the property at the time of the
          mortgage maturity.

 If the owner’s RAP contract expired prior to FY 2012, or Rent Supplement contract expired
  prior to FY 2000, verify...

        □ The contract reached its expiration date, and did not terminate prior to the expiration
          date due to the prepayment of the underlying mortgage at the property; and
        □ There are residents residing at the property that were residents of the property at the
          time of contract expiration;
        □ The number of households identified by the owner as at-risk households does not
          exceed the number of units on the original Rent Supplement or RAP contract
        □ The number of units on the original contract
        □ No more than the total number of unassisted units at the property or the number of
          units on the original Rent Supplement or RAP contract are identified as eligible
          at-risk households
        □ The households identified by the owner as at-risk households, and the households
          determined by the owner not to be at-risk, did reside at the property at the time of the
          rental assistance contract expiration.
        □ For RAP contracts, vouchers were not provided to residents prior to FY 2012

                          □ If yes, owners request for assistance does not meet the
                            requirements. Multifamily HUB/PC Director, or designee notifies
                            owner in writing of denial of request.

 If the property had an underlying HUD-imposed affordability restriction that expired (or will
  expire) in FY 2016 or prior to FY 2016, verify…

        □ There are residents residing at the property that were residents of the property at the
          time of the expiration of the HUD-imposed affordability restriction.
        □ The affordability restriction was a HUD-imposed agreement.
        □ Affordability restriction imposed by an Agency other than HUD? If yes, owners
          request for assistance does not meet the requirements. Multifamily HUB/PC
          Director, or designee notifies owner in writing of denial of request.
           (HUD-imposed agreement may include, but is not limited to, the Preservation
           programs under the Title II Emergency Low Income Housing Preservation Act
           (ELIHPA) and the Low-Income Housing Preservation and Resident
           Homeownership Act (LIHPRHA), Section 236(e)(2) Decoupling Use Agreement,
           Section 250 Prepayment Use Agreement, a Section 219 Prepayment Use
           Agreement, or an Interest Reduction Payments Agreement associated with a state
           non-insured 236 mortgage).
        □ The expiration of affordability restrictions (month, day and year) verified by review
          of actual affordability restriction document. (Expiration must occur in FY2016 or
          prior to FY2016 in accordance with the Notice).
        □ The expiration in fact removes/removed affordability restrictions on unassisted units
          at the property by review of the specific provisions of the affordability restriction and
          mortgage note.
        □ The number of households identified by the owner as at-risk households does not
          exceed the total number of unassisted units at the property.
        □ The households identified by the owner as at-risk households, and the households
          determined by the owner not to be at-risk, did reside at the property at the time of the
          affordability restriction expiration.
        □ The property does not have an active Section 202 Direct Loan, or an active Section
          221(d)(3)-(d)(5) or Section 236 FHA-insured or HUD-held mortgage
        □ The property is located in a low-vacancy area (low-vacancy areas are listed in
          Attachment A)
If the documentation submitted in the owner’s request fails to demonstrate that every household
(at-risk and not at-risk) resided at the property at the time of the mortgage maturity, rental
assistance contract expiration, affordability restriction expiration, the Multifamily Hub/PC
Director or designee must advise the owner to submit corrected documentation or remove these
households from the request if the owner wishes to be further considered for funding.

 Did the owner submit documentation (ex: rent rolls or copies of lease agreements) that
  demonstrates each household occupied units at the project at the time of the mortgage
  maturity, rental assistance contract expiration, or affordability restriction expiration?
        □ Yes, send a copy of the owner’s request for assistance to the PH Field Office Director
          along with all completed worksheets, checklists, and required documentation.
          Request made to the PH Field Office Director to identify and invite a PHA (that
          currently administers the HCV program and has jurisdiction over the area in which
          the property is located) to administer the voucher assistance.
        □ No, owner’s request for assistance does not meet the requirements. Multifamily
          Hub/PC Director or designee notifies owner in writing of denial of request.
   Attachment F: Procedures for Processing Request—Office of Public Housing (Field)

The steps below outline the process the Public Housing Field Office Director follows after
receiving the owner’s verified request for EV or PBV               What if the invited PHA does not have
assistance (refer to Attachment D & E) from the Multifamily                   a PBV program?
Hub/PC Director or designee.
                                                                  If the PHA does not have an established PBV
Step 1: Multifamily Hub/PC Director submits request to            program and wishes to accept administration
the Public Housing (PH) Field Office Director                     of PBV assistance, the PHA must demonstrate
                                                                  to the PH Field Office Director the ability to
                                                                  comply with all regulatory and statutory
The Multifamily Hub/PC Director or designee will…                 requirements involved in establishing a PBV
                                                                  program within the timeframe necessary to
    Submit a copy of the owner’s request for assistance to       provide assistance to eligible at-risk
     the Public Housing (PH) Field Office Director                households. Acceptable documentation
                                                                  includes copies of, or certification from PHA
    Submit all completed worksheets, checklists and              concerning compliance with, PHA Plan
     required documentation to the PH Field Office                requirements for the PBV program, site
     Director.                                                    selection requirements, PBV administrative
                                                                  plan requirements, and compliance with 24
                                                                  CFR 983.6 concerning maximum amount of
    Request that the PH Field Office Director identify and       PBV assistance.
     invite a public housing authority (PHA) that currently
     administers the HCV program and has jurisdiction over the area in which the property is
     located to administer the voucher assistance.

Step 2: PH Field Office Director identifies and invites appropriate local PHA

The PH Field Office Director or designee must…

    Determine the appropriate PHA to administer the EVs, TPVs, and/or PBV assistance in
     accordance with established criteria for selection of PHA administration of tenant
     protection vouchers, including, but not limited to, jurisdiction, and PHA administrative
     capacity.
    Invite the PHA to administer assistance under this Notice in writing. (The PHA will have
     the opportunity to agree or decline to administer the enhanced vouchers or PBV
     assistance).
Step 2a: For Enhanced Voucher Assistance.

       Did the PHA agree to administer the EV assistance?

            Yes- move on to step 2a.1 below
            No – the owner’s request is denied
                  (PH Field Office notifies Multifamily HUB/PC and Multifamily will
                  notify the owner, in writing, of the denial).
Step 2a.1: PH Field Office Director sends information to the PHA.

The PH Field Office Director or designee provides:

    written request to the PHA to administer
    A copy of the owner’s request for assistance
    All other supporting documentation

Step 2b: For PBV Assistance.

Did the PHA agree to enter into a PBV HAP contract?

    Yes- move on to step 2b.1 below
    No - If No, will the PHA agree to administer enhanced voucher assistance?
               Yes, move to Step 2a.1 above
               No, move to Step 3 below

Step 2b.1: PHA agrees to administer PBV assistance

Does the PHA have an established PBV program?

    Yes (move to Step 2b.2)
    No (move to Step 2b.3)

Step 2b.2: PH Field Office Director sends information to the PHA.

The PH Field Office Director or designee provides:

    written request to the PHA to administer
    A copy of the owner’s request for assistance
    All other supporting documentation


Step 2b.3

PHA must provide documentation to PH Field Office demonstrating the PHA’s ability to comply
with all regulatory and statutory requirements

       Does documentation demonstrate PHA’s ability to enter into a PBV HAP contract?

             Yes (move to step 2b.2 above)
             No (move to step 3 below)
Step 3: PHA declines or is unable to administer PBV assistance

If the PHA does not wish to or is unable to administer PBV assistance, the PH Field Office
Director or designee will:

    make a reasonable effort to find an alternate PHA with jurisdiction and administrative
     capacity willing to administer PBV assistance.

    Did the PH Field Office Director find an Alternate PHA to administer PBV
     assistance?

                   Yes
                   No

            If Yes, does alternate PHA have the capacity to administer PBV assistance in
             accordance with all statutory and regulatory requirements of PBV program?

                   Yes, (move to Step 2b.2 above)


            If No, is the PHA willing to administer enhanced voucher assistance if it does
             not have the capacity to administer PBV assistance in accordance with all
             statutory and regulatory requirements of PBV program?

                   Yes, (move to Step 2b.2 above)
                   No, – the owner’s request is denied
                    (PH Field Office notifies Multifamily HUB/PC and Multifamily will
                    notify the owner, in writing, of the denial).

Step 4: PH Field Office Director submits request to Headquarters.

Once PHA is selected and determines eligibility of all at-risk households, the PH Field Office
Director or designee submits the following information to the HUD Office of Housing Vouchers
Financial Management Division (FMD) at PIHConversionActions@hud.gov, with “2016 TPV
Set-Aside” in the subject line.

    PHA’s completed HUD-52515
    Owner’s request for assistance and all supporting documentation
    Additional documentation as needed
                                       Attachment G: PHA’s Checklist

The following steps outline the PHA’s process for determining eligibility for all at-risk
households identified by the owner and processing PBV or EV                    Income-Targeting and Other
assistance.                                                                            Requirements

Step 1: PHA receives a copy of the owner’s request and all other                                Families admitted to the HCV
supporting documentation from the PH Field Office Director.                                      program with enhanced
                                                                                                 vouchers are special admissions
                                                                                                 under 24 CFR 982.203 and are
Step 2: Determine eligibility of all at-risk households identified by                            not subject to income-targeting
the owner                                                                                        requirements under 24 CFR
                                                                                                 982.201(b)(2) for families
    Did PHA use applicable low-income limits to determine                                       selected from the PHA’s waiting
                                                                                                 list.
     income eligibility?
                                                                                                Families admitted to the HCV
    Does PHA’s administrative plan allow for the provision of                                   program with PBV assistance
     HCV assistance to these low-income families?                                                must be selected from the PHA
                                                                                                 waiting list in accordance with 24
                                                                                                 CFR 983.251(b) (“Protection of
            Yes                                                                                 in-place families”) and are also
                                                                                                 not subject to the income-
            No, the PHA must amend its administrative plan in                                   targeting requirements under 24
             order to administer the enhanced vouchers or PBV                                    CFR 982.201(b)(2).
             assistance. This administrative plan requirement is
             consistent with 24 CFR 982.201(b)(1)(iii). (See
             paragraph 6 Step 8 of Notice)

Does each household identified meet the applicable rent burden threshold?

                  (i.e., if applicable monthly rent for that household’s unit divided by the
                  household’s adjusted monthly income (as calculated by the PHA in
                  accordance with 24 CFR 5.611) is more than 30 percent (see section 5, step
                  for the different meanings of “applicable monthly rent”)



    Yes
    No, Families not meeting the applicable rent burden threshold are not eligible for
     assistance under this Notice and must not be included in the PHA’s request for
     voucher assistance.

In order to reduce processing time and where applicable, HUD will permit the PHA to use the
owner’s most recent family income examination (form HUD-50059).

            The PHA is never required to use the owner certifications and may choose
            to conduct its own income determination and verification. PHAs should be
            aware that many owners will not have form HUD-50059 for the households
            being assisted through this Notice.
Are the owner’s HUD-50059s six months old or less?

    Yes
    No, PHA must determine eligibility in accordance with 24 CFR 982.201

If yes, did PHA determine that the owner certifications are acceptable after reviewing a small
sample of at least 20% for accuracy.

    Yes
    No

Step 3: PHA Notification of residents.

Families determined by owner not to be at-risk

    PHA notifies all residents still residing at the property in writing of owner’s
     determination
    Include an invitation to have income calculated by PHA for eligibility purposes if they
     disagree with owner’s determination.
    PHA does not provide notification to households that did not provide income information
     to the owner (as identified in the owner’s request for assistance)

All Families

    PHA notifies all residents in writing of the type of assistance they may be receiving
     including a brief description of the type of assistance
    PHA schedules a briefing with eligible residents to inform tenants of program
     requirements, tenant rights and obligations

Step 4: Submit form HUD-52515 to PH Field Office Director

The PHA…

    Completes the Section 8 Tenant-Based Assistance Funding Application (Form HUD-
     52515). Be sure to include all of the following information:
            PHA name and mailing address
            PHA code number (for example, CT002)

            Electronic mail address (email)
            Telephone number
            Facsimile telephone number
    Follows these instructions for completing the remainder of the form:
            Do not complete Section A.
            Under Section B of the form, only complete the box for total dwelling units under
             vouchers. Insert the number of eligible families as determined by the PHA’s
             eligibility determinations.
            Do not complete Section C.
            Under Section D of this form, the PHA must identify whether the assistance will
             be for enhanced vouchers or PBV assistance.
    Submit the completed form to the PH Field Office Director for processing.


GUIDANCE REMINDERS
   A. Procedures for Processing Enhanced Voucher Assistance
After receiving the ACC documents and transmittal letter from HUD’s Section 8 Financial
Management Center (FMC), the PHA must issue vouchers to the eligible families.

    Special Payment Standard: The PHA must use the enhanced voucher payment standard
     when calculating the voucher subsidy for a family staying in the project (See PIH Notice
     2001-41).

    Rent Reasonableness: The PHA must determine if the proposed rent for the family’s unit
     is reasonable using the same methodology it uses for any other potential units under the
     HCV program (see Notice PIH 2011-46).


   B. Procedures for Processing PBV Assistance
After the PHA receives the ACC documents and transmittal letter from FMC, it must verify
whether the owner’s request for PBV assistance meets the statutory and regulatory requirements
of the PBV program, including:
    The prohibition of assistance for ineligible units (24 CFR 983.53)
    The prohibition of assistance for units in subsidized housing (24 CFR 983.54)
    The prohibition of excess public assistance (24 CFR 983.55)
    The cap on number of PBV units in each building (24 CFR 983.56)
    The site selection standards (24 CFR 983.57)
    The environmental review (24 CFR 983.58) and
    All other program requirements, including all applicable fair housing and civil rights
     requirements.
   C. Units Covered Under the PBV HAP Contract
PHA shall not include units under the PBV HAP contract that:
    were occupied by at-risk households at the time of the owner’s request for assistance, but
     prior to HAP execution are:

            vacant; or
            the occupant family was determined ineligible for admission to the HCV program
             at the time of the PHA’s eligibility determinations
PHA has verified that only the units occupied by eligible families will be included under the
PBV HAP contract.
    Yes (If yes, PHA may execute HAP contract in based on ACC effective date provided by
     FMC (unless execution has been delayed (if so, the PHA must notify their PH Field
     Office representative)
    No (If no, the PHA shall not enter into the HAP contract until all steps above have been
     verified)
                   Attachment H: HUD HQ FMD and FMC’s Checklist

The Financial Management Division…

    Reviews the submission from the PH Field Office Director for accuracy
    Calculates the budget authority for the assistance
    Assigns funds to the PHA, using the information from Section B of the HUD-52515 to
     determine the amount of funding the PHA will be assigned.
    Calculates the special fee for the extraordinary costs associated with administering the
     assistance under this Notice.
    The fee is $200 per unit for the higher number of units as determined below:
      □ The number of at-risk households at the property that were identified in the owner’s
        request for assistance; or

      □ The number of families that are eligible to receive assistance (as determined by the
        PHA and identified in Section B of the HUD-52515).

    Send the calculation and other required documentation to PIH Budget and the Financial
     Management Center (FMC) to complete the processing.

The Financial Management Center (FMC)…

    Prepares the Annual Contribution Contract (ACC) documents and ACC transmittal letter
     using the information provided by the FMD.
    Forwards the transmittal letter and ACC to the PHA with a copy of the letter to the PH
     Field Office Director.
    Adjusts effective date of ACC amendment when necessary

Source: Legislative text reproduced verbatim
Plain English

PIH Notice 2016-12 makes up to $5 million in Tenant Protection Vouchers (TPVs) available for fiscal year 2016 to assist low-income renters in low-vacancy areas who face rent burdens exceeding 30 percent of their adjusted monthly income following a HUD-insured mortgage maturity, expiration of certain rental assistance contracts, or expiration of HUD-imposed affordability restrictions. The vouchers may be issued as either enhanced tenant-based vouchers or project-based vouchers administered through local Public Housing Agencies. Funding is awarded on a rolling basis until exhausted, and eligibility is limited to properties and households meeting specific income, location, and triggering-event criteria defined in the notice.

Written by anthropic/claude-sonnet-4.6 · Reviewed on October 7, 2026

Plain English — not legal advice.

For Property Managers

Under PIH Notice 2016-12, compliant property owners submit a written request to the HUD Multifamily Hub/Program Center Director that documents the qualifying triggering event, identifies at-risk households through a prescribed income and rent-burden calculation, certifies civil rights compliance, and specifies whether enhanced vouchers or project-based voucher assistance is sought. Owners notify all current unassisted residents in writing before applying, provide accessible communications for persons with disabilities or limited English proficiency, and maintain documentation of household occupancy at the time of the triggering event. Applications are accepted on a rolling basis during FY 2016 until funds are exhausted.

General guidance for property managers — not legal advice for your specific situation. Consult an attorney for advice on your case.

For Tenants

PIH Notice 2016-12 establishes protections for low-income renters in low-vacancy areas whose housing affordability is threatened by a mortgage maturity, contract expiration, or affordability restriction expiration. Eligible residents have the right to contest an owner's income determination and request that the administering Public Housing Agency calculate their income independently. Tenants who believe they qualify may contact a local tenant-rights organization or HUD's Housing Voucher Management and Operations Division at (202) 708-0477 to learn about available options.

General guidance for tenants — not legal advice for your specific situation. Consult a tenant-rights organization or attorney for advice on your case.

Generated October 7, 2026 — auto-generated, not yet human-reviewed. See /transparency for methodology.

Effective Timeline

Current
Oct 6, 2026
Click on timeline segments to view historical versions.

References Out

No outbound references recorded yet for this provision.

References In

No inbound references recorded yet for this provision.

Related Rules

§ 574.605
§ 574.605 Applicability of uniform administrative requirements, cost principles, and audit requirements for Federal awards.
§ 574.625
§ 574.625 Conflict of interest.
§ 574.645
§ 574.645 Coastal barriers.

Source Information

Snapshot SHA:
Fetched:Oct 6, 2026, 09:51 PM UTC