Last week, HUD published a notice in the Federal Register titled “Administrative Guidelines: Subsidy Layering Review for Project-Based Vouchers.” Subsidy layering reviews (SLRs) ensure that excessive public assistance is not used when combining Housing Assistance Payments (HAP) from project-based vouchers with other forms of public assistance from federal, state, or local agencies including through tax assistance or credits. Subsidy layering reviews are not required when a project is already subject to a project-based voucher (PBV) contract (even if it is recapitalized with outside funding) or when PBVs are the only assistance provided to a development. Subsidy layering requirements are required when a PBV project includes other governmental assistance. The Department and, in certain cases, the local Housing Credit Agency are the entities that conduct the review. This notice provides information about subsidy layering reviews with appendices on PHA submissions required, a sample notice of intent to participate in subsidy layering reviews by housing credit agencies, and a sample housing credit agency certification.