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$1.3 Trillion Omnibus Bill Would Increase HUD Funding by nearly $5 billion, Expand RAD Program
A $1.3 trillion fiscal year (FY) 2018 omnibus spending bill passed by the House today would increase the U.S. Department of Housing and Urban Development (HUD) budget by $4.7 billion–nearly 10 percent. The legislation would also extend the Rental Assistance Demonstration (RAD) by four years until 2024 and raise the public housing cap from 225,000 units to 455,000 units. The legislation would expand RAD authority to include for the first time the approximately 120,000 units in the section 202 project rental assistance contract (PRAC) inventory.
HUD’s Office of Recapitalization Director Thomas R. Davis will discuss the state of the RAD program and how to prepare for its future in a keynote address at the Novogradac 2018 RAD Public Housing Conference in Philadelphia, April 26-27.
A more in-depth analysis of the HUD funding levels is available on the Notes from Novogradac blog.