This book is intended to help readers gain a basic understanding of the Project-Based Voucher (PBV) program and the associated thicket of regulations and processes. Section II describes the creation of the program and provides an overview of the evolution of the regulations and guidance governing the PBV program. Sections III-XII explain the practical issues surrounding the use of the PBV program, including how individual programs are set up, how to implement PBV assistance at a project, and how the program should be monitored during its operations. The two Appendices provide: (1) the changes to the PBV Program under the Rental Assistance Demonstration Program (RAD), and (2) a bibliography of primary HUD guidance on the PBV program.