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Rental Assistance Demonstration (RAD) PIH Notice 2012-32

Rental Assistance Demonstration (RAD) PIH Notice 2012-32. Key RAD Goals. Build on the proven Section 8 platform Leverage private capital to rehabilitate or develop housing assets Fulfill long term preservation needs. RAD Authority.

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Rental Assistance Demonstration (RAD) PIH Notice 2012-32

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

  2. Key RAD Goals • Build on the proven Section 8 platform • Leverage private capital to rehabilitate or develop housing assets • Fulfill long term preservation needs

  3. RAD Authority • Authorized as part of the Consolidated Further Continuing Appropriations Act of 2012 (Public Law 112-55) • Final program rules outlined in PIH Notice 2012-32 • Update of 2012-32 Coming Soon! • Allows public housing and certain at-risk multifamily legacy programs to convert to long-term Section 8 rental assistance contracts • 2 components • 1st Component, Competitive: Public Housing & Moderate Rehabilitation (Mod Rehab) • 2nd Component, Non-competitive: Mod Rehab, Rent Supplement (Rent Supp) & Rental Assistance Payment (RAP)

  4. RAD Conversion Authority Public Housing Mod Rehab RS & RAP Cap of 60,000 Units, at current funding No Cap , but subject to availability of TPVs PBRA PBV PBV

  5. Public Housing Conversion Rent Levels ACC Section 8

  6. RAD Provisions • After award, must complete a Physical Condition Assessment (PCA) to identify conditions at the property • Can use other PH Funding Sources in the transactions • Reserves • Cap Fund • RHF • Ownership – Publicor non-profit, except to facilitate tax credits • Initial Contract Terms – • PBRA – 20 years, with mandatory renewals • PBV – 15-20, also with mandatory renewals, but PHA also can extend initial contract for additional 15 years • Annual Adjustments to rents – based on Operating Cost Adjustment Factor (OCAF), i.e., lock in funding long term with an increase of inflation factor each year (OCAF)

  7. 30-Day Competitive Initial Awards–Public Housing & Mod Rehab Awards Initial Public Housing Awards Initial Mod-Rehab Awards

  8. Public Housing Initial Awards – Key Characteristics Type of Section 8 Subsidy • 54% Project Based Vouchers (PBV) • 46% Project Based Rental Assistance (PBRA)

  9. Public Housing Initial Awards – Key Characteristics PHA Size • 20% Small (<250 Units) • 58% Medium (251-1,249 Units) • 22% Large (1,250+ Units)

  10. Public Housing Initial Awards – Key Characteristics $ 977 Million in Total Financing Sources • $74 million PHA Supplied (just 7.5% of all financing sources) • $257 million 1st Mortgage • $409 million in 4% & 9% LIHTC • $237 million in Secondary Financing

  11. Initial Conversion Awards– 2nd Component Rent Supp/RAP & MR Requests to Date **Additional requests in the pipeline are those that have received short-term extension to prepare and submit applications by September 30, 2013.

  12. RAD Capital Marketplace www.radcapitalmarketplace.com

  13. 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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