Federal programs & compliance
Project-based vouchers (PBV)
Voucher assistance a housing authority attaches to specific units by contract under 24 C.F.R. Part 983 — HAP terms up to 20 years, extendable.
Definition
Project-based vouchers are Housing Choice Voucher budget authority that a public housing authority attaches to specific units through a competitive award and a HAP contract under 24 C.F.R. Part 983. Initial terms run up to 20 years, with extensions; rents are capped by rent reasonableness and a 110%-of-FMR framework, with special rules for LIHTC units. Statutory limits cap how much of a PHA's authority — and how many units in any one project — can be project-based, with exceptions for elderly, disabled and service-enriched housing.
PBV rides on the tenant-based program's chassis at 24 C.F.R. Part 982: Part 5 income rules, PHA waiting-list admissions, and NSPIRE-standard inspections. Davis-Bacon wages attach to covered new construction and rehabilitation.
Why it matters in an underwrite
PBV is the standard revenue anchor for new-construction 4% LIHTC deals: a 20-year HAP on a share of units converts deep income targeting into bankable contract rent. The award is competitive, so sequence the PHA process against bond and credit calendars — and verify the rent math unit by unit before relying on the award, because rents above what Part 983's caps can pay get trimmed at HAP execution, not waived.
Sources & related guides
See also
See the term in the law itself
Read the controlling text in the Code Library, or ask the AI how it applies to your project.
Last reviewed 2026-07-29. General information, not legal advice.