Full Description
The U.S. Department of Housing and Urban Development (HUD) initiated the Rental Assistance Demonstration (RAD) as a tool for preserving affordable housing and addressing the growing backlog of capital improvement needs for public housing and HUD-subsidized projects across the nation. RAD seeks to preserve at-risk affordable housing by converting the federal rental subsidy provided by the public housing program (First Component), or legacy subsidy programs (Second Component) to the Section 8 program, using either project-based-rental assistance (PBRA) or project-based vouchers (PBV).
This Guide details public housing conversions under the First Component, but does not cover the conversion of affordable units in privately-owned properties that receive assistance under legacy subsidy programs under the Second Component.
Table of Contents:
Program Overview
Feasibility Analysis
Resident Engagement
Application Submission
Statutory and Regulatory Waivers and Considerations
Resident Protections
Relocation
CHAP Award and Pre-Financing Plan Milestones
Financing Plan Submission
Closing Process
Post-Conversion Processes
RAD/Section 18 Blend
Restore-Rebuild
Conclusion
