PBVs and TBVs are both types of Housing Choice Vouchers, but they operate very differently. Here’s what each one means and how they’re used.
PBV: Project-Based Voucher #
- Attached to a specific unit in a specific property
- Tenant must live in that unit to receive assistance
- Typically used in new construction or preservation deals
TBV: Tenant-Based Voucher #
- Follows the tenant, not the unit
- Allows the renter to choose any qualifying unit
- Provides more flexibility and portability
? Pro Tip: Some housing programs allow PBVs to convert to TBVs after a minimum occupancy period (usually 1 year).