HUD Publishes Supplement to RAD Notice, Including Changes to Section 202 PRAC Conversions, Faircloth-to-RAD Tools
The U.S. Department of Housing and Urban Development (HUD) today published a supplement to its notice concerning the Rental Assistance Demonstration (RAD) program. The supplement includes changes that affect contract rent flexibilities for Section 202 Project Rental Assistance Contract (PRAC) conversions, expand the Faircloth-to-RAD tools, expand resident engagement requirements for public housing conversions and more. RAD allows public housing authorities (PHAs) to convert Section 9 (public housing) funding to Section 8 (rental assistance) funding with private ownership for public housing and HUD’s other nonpublic housing legacy rental assistance programs through leveraging public and private debt and equity. HUD reports that more than 230,000 deeply affordable rental units have been preserved and more than $17 billion has been raised to improve housing through RAD.
The Novogradac Rental Assistance Demonstration Handbook is your guide to the RAD program, from consideration through development and post-development compliance.