In contrast with funding PHAs at the entity level (pre-asset management), the final rule establishes a system of project-based funding, one of the first building blocks of asset management.
Under project-based funding, PHAs will complete a separate subsidy form for each project. A major component of a projects subsidy calculation will be its Project Expense Level, or PEL. The PEL is a model-generated estimate of the cost to operate the project, excluding utilities and taxes. It is based on the costs of operating other federally-assisted housing projects with similar characteristics (building type, location, number of bedrooms per unit, etc.)
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