HUD’s Office of Affordable Housing Preservation (OHAP) created a webpage for the Section 202 Senior Preservation Rental Assistance Contracts (SPRACs) program. The webpage allows users to download a list of properties that are potentially eligible for SPRACs. The purpose of the SPRAC program is to prevent displacement of income-eligible elderly residents when a Section 202 Direct Loan property that has an original interest rate of 6% or less is refinanced and the owner does not anticipate debt service savings from the refinance. A Federal Register Notice on January 8 explained HUD’s proposed method of allocating $16 million for SPRAC and provided a 60-day comment period (see Memo, 1/11). The new SPRAC web page is located on the Multifamily Preservation webpage, under the section entitled “Tools for Preservation of Section 202 Properties.”