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Rental Assistance Demonstration (RAD) PIH Notice 2012-32, REV-1

Rental Assistance Demonstration (RAD) PIH Notice 2012-32, REV-1 Live Meeting with Midwest PIH Network 7-12-13 Gregory A. Byrne gregory.a.byrne@hud.gov. RAD Basics. What? Allows 60,000 public housing units to convert to long-term Section 8 rental assistance contracts Why?

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Rental Assistance Demonstration (RAD) PIH Notice 2012-32, REV-1

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  1. Rental Assistance Demonstration (RAD) PIH Notice 2012-32, REV-1 Live Meeting with Midwest PIH Network 7-12-13 Gregory A. Byrne gregory.a.byrne@hud.gov

  2. RAD Basics What? • Allows 60,000 public housing units to convert to long-term Section 8 rental assistance contracts Why? • Access private debt and equity to finance capital needs • Program simplification/streamlining • Better platform for long-term preservation Conversion Options • Project-Based Rental Assistance (PBRA) • Project-Based Vouchers (PBV)

  3. RAD Basics (cont.) Financing Options • No debt • Debt-only • Tax credits/other “soft funds” Applications • Initial application period – September 24-October 24, 2012 • Open application period – through September 30, 2015 Choice-Mobility • PBVs = next available voucher after 1 year • PBRA = next available voucher after 2 years; however, PHA may place limit on not more than 15% per project per year and not more than 33% of voucher turnover Note: Choice-Mobility exemption available for 10% of all awards for PH-only PHAs

  4. RAD Awards Trend Chart

  5. RAD Basics (cont.) • Ownership – Public or non-profit, except to facilitate tax credits • Contract Rents Operating Fund (with Operating Fund Allocation Adjustment) + Capital Fund + Tenant Rents = RAD Contract Rent Notes: • HUD will honor the FY 2012 RAD contract rents for all applications received before end of CY 2013 (applies to individual applications, portfolio awards, and multi-phase awards) • PHA may adjust Contract Rents across multiple projects as long as aggregate subsidy does not exceed current funding (“rent bundling”)

  6. Public Housing Conversion Rent Levels ACC Section 8

  7. Application Snapshot

  8. RAD Inventory Toolkit Snapshot

  9. Conversion Steps – Public Housing HUD Publishes Final Notice PHAs submits Excel-based Application to HQ HQ reviews application and requests Field Office input on Eligibility HQ issues awards/Commitments to Enter Housing Assistance Payments Contract (CHAPs) • PHAs have 6 months to submit Financing Plan to HQ for review • PHA • Asset Management • Subsidy • Administration PBV • Project converts • Remove from ACC • Release DOT • Execute HAP • Execute RAD Use • Agreement • Close Financing • PIH • Voucher Oversight • HUD issues RAD Conversion Commitment • Multifamily Housing • Asset Management • Subsidy • Administration PBRA

  10. RENTAL ASSISTANCE DEMONSTRATION (RAD)Various Considerations in Choosing PBRA vs. PBV

  11. RENTAL ASSISTANCE DEMONSTRATION (RAD)Various Considerations in Choosing PBRA vs. PBV

  12. RAD Web Page RAD Notice, application materials, and additional resources can be found at www.hud.gov/rad Email questions to rad@hud.gov

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