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HUD RAD Program Updates - Key Changes and Improvements in June 2014

The June 2014 update on the HUD RAD program highlights critical changes affecting the waiting list and application processes. Approximately 4% of the 60,000 reserved units have been withdrawn or revoked. HUD will continue to collaborate with Congress on unit caps and expedite RAD application reviews. Key improvements include streamlined submission requirements, centralized processing for FHA/RAD approvals, and updated guidance on resident relocation and energy efficiency. PHAs are encouraged to submit more applications and refine proposals to enhance their chances of success.

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HUD RAD Program Updates - Key Changes and Improvements in June 2014

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  1. RAD Program Update – June 2014 *Withdrawn/revoked units represent approximately 4% of 60,000 reserved units

  2. Waiting List – The “Over 60K” Club What will HUD do for waiting list applicants? • Continue to work with Congress to lift the unit cap • Complete reviews of RAD applications – expect most reviews will be completed within 30 days, the rest in 60 days • Issue conditional approvals pending the lifting of the unit cap • Provide technical assistance for applicants to help prepare to make transactions go smoothly • If and when CHAPs are withdrawn/revoked, pull projects from wait list – small number to date

  3. What Waiting List PHAs can Do • Submit more applications! • Study • PIH Notice 2012-32 REV 1 • Training Materials • Talk with your peers • Communicate with residents • Procure a RAD PCA • Refine your proposal • Compile your development team • Amend your Annual Plan

  4. RAD Closings To Date RAD Closings as of 6/4/14

  5. Cumulative RAD Closings in Next 45 Days RAD Closings as of 6/4/14 and Active RCCs

  6. Cumulative RAD Closings *Projections based on current RAD pipeline estimated closing dates

  7. Delivering Results: Key Program Improvements • LIHTC Fast Tracking Fast Track checklist and instructions just posted on RAD Resource Desk • Streamlined submission requirements • Compresses milestones to one deadline 60 days after award/approval • Ability to extend the 60 day deadline as requested by PHA • Risk-based processing – accounts for extensive review of lender/investor • Focuses HUD review on areas where we add value • Helps PHA & development team meet LIHTC time frames

  8. Key Program Improvements • FHA/RAD Fast Tracking • 5 FHA closings to date; several in processing • Centralized processing • Contract support for Section 223(f)/RAD underwriting • Special centralized team in Chicago for Section 221(d)(4)s • Streamlined approval processes • One approval committee replaces RAD/FHA loan committees • Waivers of PCAs and most market studies for Section 221(d)(4)s

  9. Key Program Improvements • Updated Guidance • Relocation Notice • Clarifies process for resident relocation in RAD conversions • Demystifies program requirements to shorten approval process • Closing Documents • Clarifying lender rights and responsibilities in event of foreclosure • Clarifying HAP contract language with regard to future changes in policy • Conversion Guides • Written protocols on PBRA and PBV conversion • Public Housing close-out guide

  10. Key Program Improvements • Updated Guidance, Continued… • Energy Efficiency • New guidance on Utility Baselines (requirement of PCAs) – may be provided after closing • FAQ document on EPCs forthcoming – will address treatment of EPCs for RAD projects • 2014 Rent Levels • FY14 Rents just posted on RAD Resource Desk • FAQs New FAQs on Resource Desk on key topics - utility allowances, rehab assistance payments, and removing units from PIC.

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