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Rental Assistance Demonstration

Rental Assistance Demonstration. This is RAD. At closing, funding is converted to a Section 8 contract rent. ACC. Section 8. What RAD Can Do. New RAD Notice. FY 2012 rent (from HUD Tool) if apply by 12-31-2013

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Rental Assistance Demonstration

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  1. Rental Assistance Demonstration

  2. This is RAD At closing, funding is converted to a Section 8 contract rent ACC Section 8

  3. What RAD Can Do

  4. New RAD Notice • FY 2012 rent (from HUD Tool) if apply by 12-31-2013 • Exempting those with CHAPs from occupancy criteria of Performance Housing Assessment System (PHAS) • Bundling of multiple project rents • Commitments for multiple-phase projects • Allows Portfolio Awards • Option for distressed HOPE VI projects regardless of DOFA • Allowing MTW Agencies to use block grant in rent setting for 2 or more projects, subject to service level requirements & subsidy layering review

  5. Comparison of PHA fees ACC vs RAD

  6. Development objectives • Partnership with PHAs • Modernize/ Substantially rehab aging rental properties • Demolish/replace severely distressed/obsolete properties • Thin densities/mix incomes via RAD HAPs and transfer authority • Place RAD HAP contracts in off-site, high-amenity locations

  7. Case Study: Hopewell, Virginia Key Features • PHA in Partnership with Experienced Nonprofit Developer, Community Housing Partners • 9% Low Income Housing Tax Credits • Resident Council Input

  8. Case Study: Hopewell, Virginia Pre- Conversion • Public Housing • 30 units • In need of major repair Post-Conversion • Mixed Income Development • 56 units • Demolition/ New Construction

  9. Case Study: Hopewell, Virginia Pre- Conversion Post-Conversion

  10. Case Study: Hopewell, Virginia • Sources & Uses

  11. Case Study: Hopewell, Virginia • Income & Expenses:

  12. What advice would you give to PHAs? “The writing is on the wall – we can’t sustain the public housing or the quality of life the way things have been going.  It became apparent that this old housing stock with diminishing capital funds was not going to be sustainable. ” -Steven Benham, Executive Director, Hopewell Redevelopment and Housing Authority

  13. Visit our website: www.communityhousingpartners.org

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