Rental Assistance Demonstration (RAD) Overview

Slides:



Advertisements
Similar presentations
Rental Assistance Demonstration (RAD) Informational Meeting Cloud Laird Room December 2, 2013 & Dogwood Community Room December 3, 2013.
Advertisements

WAHA Spring Conference April 9, For your continued dedication and work serving our residents! WI PHAs continue to do a great job of administering.
T RANSFORM R ENTAL A SSISTANCE NALHFA – 2011 Annual Education Conference David Lipsetz US Dept of Housing and Urban Development May 19, 2011.
1 Rental Assistance Demonstration “RAD” Program Homes Within Reach November18, 2014 Martin Walsh Reno & Cavanaugh, PLLC.
1 RAD P ROGRAM U PDATE – J UNE 2014 No. ProjectsNo. Units Total Active Public Housing CHAPs29038,173 Total Active Mod Rehab CHAPs7878 Closed Public Housing353,184.
WHY RAD? Mississippi Home Conference Biloxi, MS February 20, 2013 Gregory A. Byrne Senior Program Manager HUD
Legislative Outlook for Housing CAHEC Partners Conference Robert Rozen Washington Council Ernst & Young May 2013.
RENTAL ASSISTANCE DEMONSTRATION NOTICE PIH (HA) ISSUED: July 26, 2012 R ENTAL A SSISTANCE D EMONSTRATION (RAD) 1.
Rental Assistance Demonstration (RAD) PIH Notice , REV-1
HOUSING CHOICE VOUCHER PROGRAM PROJECT-BASED ASSISTANCE.
HUD Notice Rental Assistance Demonstration (RAD) – Partial Implementation and Request for Comments April 2012.
Rental Assistance Demonstration (RAD) PIH Notice
HUD Notice Rental Assistance Demonstration (RAD) – Partial Implementation and Request for Comments April 2012.
RENTAL ASSISTANCE DEMONSTRATION RAD RAD 101 AND PROGRAM UPDATE 6/9/20151.
HUD Rental Housing Policy, : Answering the Call Housing California April 27, 2011 Margaret Salazar, Senior Housing Program Specialist Office of.
Affordable Housing Preservation Summit An Overview of Financing and Servicing Options. Wells Fargo Bank Reine Yazbeck.
U.S. Dept. of Agriculture Rural Development 538 Program Offering Financial Advice and Solutions to Health Care, Senior Living, and Housing Providers. Brian.
FHLBank Atlanta 1 1 Federal Home Loan Bank of Atlanta June 19, 2013 Joel Brockmann Rental Production Manager Community Investment Services.
RAD: A New Source of Rental Subsidy September 29, 2013.
RAD Workshop WCAH July 25, 2013 Presented by: C. Ray Baker & Associates.
Rental Assistance Demonstration (RAD) Opportunity July 13, 2015 Resident Information Meeting Housing Authority of the City of Milwaukee.
Expanded Flexibilities for RAD: Key Changes in the Revised RAD Notice July 16, 2013.
FHA Lending & RAD Susan Hall, CEO of HCM Sheri Davis, Deputy Chief UW of HCM July 30, 2014 Highland Commercial Mortgage
Welcome 1 Southern Mortgage Advisory Council. 2 Firm LIHTC Project commitments in FY14 Doubled those in FY13 FHA LIHTC Volume
11/12/13 RAD FOR MOD REHAB PROPERTIES MTM Consulting LLC.
RAD-All the Latest News! Texas Housing Conference July 28-30, 2014 Hilton Hotel Austin, TX.
Key Differences Between DHCD’s MTW Program and HUD’s Rental Assistance Demonstration (RAD) Program.
Rental Assistance Demonstration. This is RAD 2 ACCSection 8 At closing, funding is converted to a Section 8 contract rent.
National Housing Conference Annual Budget Forum Michael Bodaken February 24, 2012.
Rental Assistance Demonstration (RAD) PIH Notice
RAD-All the Latest News! Texas Housing Conference July 28-30, 2014 Hilton Hotel Austin, TX.
Rental Assistance Demonstration HUD Office of Public & Indian Housing Conference Meridian, Mississippi, April 23, 2012 Vincent O’Donnell Vice President,
Rental Assistance Demonstration Presentation to TRACS Industry Working Group 4/7/16.
RENTAL ASSISTANCE DEMONSTRATION (RAD) RADical Transformation of Public Housing NCSHA’s Housing Credit Connect.
RAD Overview December 12, RAD D EMAND—PROJECTED V. ACTUAL.
Evaluating Utility Allowance Options: UAs from the PHA Perspective Samantha Sowards Nan McKay & Associates.
Section 8 Compliance Essentials
Compliance Challenges in the RAD Portfolio
Compliance Challenges in the RAD Portfolio June 22, 2017
What is RAD ? The Rental Assistance Demonstration (RAD) is a voluntary program of the Department of Housing and Urban Development (HUD). RAD seeks to.
Rental Assistance Demonstration (RAD) Update
Rental Assistance Demonstration (RAD) Update
RAD Program Outline Lexington Housing Authority Lexington, NC
Oklahoma Housing Finance Agency
Financing Permanent Supportive Housing
Rental Assistance Demonstration (RAD) Update
Rental Assistance Demonstration (RAD) Update
Tenant Qualification Seminar Blended Project Challenges
AFFORDABLE HOUSING OUTLOOK: FEDERAL BUDGET, POLICY & TAX REFORM
Rental Assistance Demonstration (RAD) Update
Using LIHTCs to Preserve Rural Affordable Housing
National Housing & Rehabilitation Association Summer Institute
Rental Assistance Demonstration (RAD) Final Notice Overview
The Development Team Texas Rural Rental Housing Preservation Academy Session #4 June 6 – Start w/ brief overview of Greystone – who we are and what.
Housing Authority of the County of San Bernardino
Presented by: Naomi W. Byrne, principal Stinger consulting, llc
RAD Program Overview.
Oakland Housing Authority MTW Conference May 2, 2018
Overview of Rural Rental Housing Program RD-USDA
RAD: The Latest Update Moderator: Barry Palmer, Coats Rose, P.C.
NLIHC Public Housing Resident Webinar September 18, 2012
NAVIGATING THE RAD PROCESS
Rental Assistance Demonstration (RAD) Mod Rehab and Public Housing
Where’s the Money? Federal Budget Updates
Procurement After Rental Assistance Demonstration (RAD)
May 15, 2018 Kerry Smyser, DCHA Jeff Lines, TAG Associates
RAD for Developers September 5, 2013 Chicago.

Conversion of Section 202 PRACs under the Rental Assistance Demonstration (RAD) October 7, 2019.
Repositioning Options from Section 18 to the Rental Assistance Demonstration (RAD) September 12, 2019 September 20, 2019.
Presentation transcript:

Rental Assistance Demonstration (RAD) Overview Moderator: Terri Anderson, Anderson Development & Construction, LLC Panelists: Don Bernards, Baker Tilly Virchow Krause, LLP William Lavy, HUD Catalina Vielma, National Equity Fund, Inc. Mark Ragsdale, PNC Real Estate Jeff Weiss, Alden Torch Financial LLC

Background The Solution The Problem Deferred public housing capital repair needs. 2010 estimate in excess of $25.6B across the portfolio (>$23k per unit) Public housing platform creates barriers to accessing private capital 10,000-15,000 public housing units lost each year Multifamily “legacy” program properties at risk of loss of affordability The Solution RAD created in FY2012, expanded in FY2015 & FY 2017 Allows public housing and at-risk legacy properties to convert to long-term Section 8 Housing Assistance Payment (HAP) contracts HAP contracts facilitate new financing and preserve affordability Background

RAD Program Structure Rent Supplement Rental Assistance Payment Public Housing Section 8 Moderate Rehabilitation McKinney Vento Single Room Occupancy (SRO) RAD Conversion PBRA (Section 8 Project-Based Rental Assistance) PBV (Section 8 Project Based Voucher) Program rules set forth in PIH Notice 2012-32 Rev 3

Status: Public Housing Conversions 63,765 public housing units converted from Public Housing to Section 8 $4.07 Billion (>$60k per unit) in construction investment PHAs would have needed 46 years to accumulate enough public housing Capital Funds to complete a similar amount of construction. 39,000 Construction Trade Jobs generated and an additional 36,000 indirect jobs induced in the surrounding local economies. 225,000 Units awarded/reserved under the existing cap (recently increased by 40,000 units in FY 17 Approps Act) 29,000 units on the waiting list

Financing Public Housing Conversions 44% of transactions involve significant work – from $25K to new construction 42% of transactions involve either 4% LIHTC or 9% LIHTC A major driver of the deeper-investment transactions, particularly those using 4% LIHTC, is accessing the value of the existing real estate (most significantly, by tapping into acquisition credits). * Data through June 16, 2017. PH RAD Status

Status: Legacy Program Conversions Conversions & Outstanding Pipeline Rent Supp/RAP Transactions: 33 properties remaining in portfolio 21 active transactions in the RAD 2 Pipeline 17 properties have contracts that expire in 2017 We hope to wind down the Rent Supp & RAP programs in the next few years Mod Rehab Transactions: 9 active transactions in the RAD 2 Pipeline 3 applications in process Substantial opportunities for Mod Rehab properties NOTE: Data derived from RAD 2 closed transactions only through June 15, 2017. Legacy Program Conversions

FY 18 Budget Proposals Eliminate the cap on the public housing units that can convert at no cost and eliminate application deadline Allow Section 202 Project Rental Assistance Contracts (PRACs) to convert under 2nd Component at no cost Authorize a tenant’s right to continued occupancy under the 2nd component Align ownership and control requirements in tax credit partnerships and in the event of foreclosure, bankruptcy, or default with baseline standard