HUD Launches RAD to preserve and strengthen public and other assisted housing

To stem the loss of critically needed public and other forms of subsidized housing as a result of the severe backlog of capital needs, HUD Thursday officially launched its Rental Assistance Demonstration (RAD), the Obama Administration’s groundbreaking strategy to preserve tens of thousands of public and HUD-assisted housing units.  In the near term, RAD is expected to preserve and enhance more than 13,000 units of affordable housing and generate more than $650 million in private capital to address the estimated $26 billion backlog in capital needs faced by public housing authorities in the U.S. RAD allows public housing agencies and private owners of certain at-risk, federally assisted properties to convert their current assistance to long-term Section 8 contracts. Such contracts will allow owners to leverage millions of dollars in debt and equity to better address immediate capital needs and preserve these affordable housing units.  In addition, participating agencies are freed from antiquated public housing rules and restrictions that hindered their ability to best preserve and manage their housing similar to other affordable housing owners and managers.

–  HUD.gov

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2 responses to “HUD Launches RAD to preserve and strengthen public and other assisted housing

  1. Pingback: Friday news roundup 01/11/13 « Nan McKay and Associates

  2. Pingback: Friday news roundup 01/11/13 « Nan McKay and Associates

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