RAD: A Key Tool for Preserving and Recapitalizing Public Housing
The Rental Assistance Demonstration (RAD) is a preservation program focused on protecting and improving the nation’s at-risk public housing stock. RAD allows housing authorities to leverage private capital through a variety of proven financing tools as a key solution in tackling the nearly $26 billion in unmet capital backlog needs in the Public Housing Program. RAD was authorized with a unit cap of 60,000 in the FY12 appropriations bill. However, RAD applications seeking commitments for over 180,000 units have already been received. During its initial authorization, RAD did not receive incremental funding due to the constrained fiscal environment.
Expanding RAD to Meet the Need
CLPHA urges Congress to:
Joint industry letter urging Congress to increase RAD cap in FY15 appropriations (5/16/2014)
Coalition News Release
Coalition Letter of Support - House
Coalition Letter of Support - SenateHUD Overview of RAD proposal
Legislative Draft of RAD Proposal
Reports from Recap Real Estate Advisors:
RAD Conversion Case Studies (Summer 2012 CLPHA meeting)
Presentations from the RAD workshop in Chicago (September 6-7, 2012)
RAD Capital Marketplace Website (launched August 2012)
CLPHA, the National Equity Fund, and Enterprise Community Investment have launched the RAD Capital Marketplace, a website tool designed to encourage contact and information sharing among housing authorities considering a conversion of assistance under RAD and the lenders, investors, development partners, financial intermediaries, professional financing advisors, and consultants who offer services and products that housing authorities may wish to use in preparing their application and/or financing plan.