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Currently, the use of residual receipts at the end of a project’s contract term is governed by regulatory use agreements and is restricted to a small number of uses related to the project itself and to uses that benefit tenants. A bill reintroduced by Representative Erik Paulsen (R-MN) would expand the use of residual receipts by amending the Low Income Housing Preservation and Resident Homeownership Act to allow use of the funds for potentially non-preservation purposes. The bill was introduced on March 4, and was referred to the House Committee on Financial Services.
