Specifications include, but are not limited to: 4.1.1 The PBV Program is administered by BHA under an annual contributions contract (ACC) with HUD. Unlike the HCV program where the assistance is tenant-based, the PBV program attaches the assistance to the structure. 4.1.2 Under the PBV program, BHA will enter into a Housing Assistance Payments (HAP) contract with an owner for one of the following categories: Existing Housing: Units that substantially comply with Housing Quality Standards (HQS) on the contract award date. Rehabilitated Housing (Not Yet Rehabilitated): Units that do not substantially comply with the HQS on the contract award date that are developed, pursuant to an agreement between BHA and the owner for use under the PBV program. New Construction (Not Yet Constructed): Units that do not exist on the contract award date and are developed after the date of selection pursuant to an agreement between the public housing authority (PHA) and the owner, for use under the PBV program. With newly constructed or rehabilitated housing, the housing is developed under an agreement between the owner and BHA. In the agreement, BHA agrees to execute a HAP contract after the owner completes the construction or rehabilitation of the units.