RAD Reaches $2 Billion Private Investment Milestone
The U.S. Department of Housing and Urban Development (HUD) today announced that its Rental Assistance Demonstration (RAD) program has generated $2 billion in private investment to rehabilitate 30,000 units of former public housing since the initiative launched three years ago. The RAD program allows public housing authorities and owners of HUD-assisted properties to access private financing to rehabilitate and preserve existing affordable housing. HUD estimates that more than $6 billion will be invested into the 185,000 units currently authorized to participate in RAD. HUD has asked Congress to remove the program cap so that any eligible public housing property can be preserved through RAD.