RAD was created as a pilot program to test out whether a conversion from public housing to Section 8 could help PHAs repair, renovate, and return needed services to residents where they otherwise couldn’t.
With market-rate rents and home sales prices continuing to rise, Public Housing plays a crucial role in maintaining affordable housing.
The need to preserve existing units is a big part of why the Rental Assistance Demonstration (RAD) program was created in 2011.
LEARNING BENEFITS
Goals of the RAD Program:
Help PHAs become more financially stable through private market financing.
Guarantee long-term affordability and stability for existing public housing residents
Address capital needs and anticipated maintenance and repairs for a selected property over a 20-year period.
Key features are:
. Transfer from the HUD public housing program to the Section 8 program
. Transfer to alternative ownership and management
. Funding for major capital improvements needed over the next 20 years
. Ongoing affordability - rents set at 30% of household income
Who should attend?
. Property Managers
. Property owners
. Leasing Consultants
. Housing Authority Staff
. Tax credit compliance staff
. Developers
. Attorney’s
. Accountants
. Builders