Novogradac Article Shares RAD Program Experience from Investors’ Perspectives

Date Published: 
January 10th, 2019
A recent article in Novogradac & Company, LLP’s latest Journal of Tax Credits discusses PHAs’ partnerships with private investors to undertake RAD transactions from private investors’ perspectives. The investors interviewed, representing developers such as Hunt Capital Partners, R4 Capital, and Citi Community Capital, shared their experiences utilizing the RAD program, noting that while they often had to guide their PHA partners through the process, the transactions have proved worthwhile.
Though the investors observed that they have often have to educate PHAs about some of the nuances of the RAD Program, and that using LIHTCs to finance RAD transactions is sometimes challenging, through time and experience the investors and their PHA partners have become much more comfortable undertaking RAD investments.
As Citi Community Capital director Mahesh Aiyer said, “This is a terrific opportunity to improve the housing stock all over the country… It’s been very successful. It’s taken a while for housing authorities to understand the program, but bit by bit, it’s changed.”
CLPHA Executive Director Sunia Zaterman participated as an expert panelist today at Novogradac’s 2019 Affordable Housing Conference, which focused on Using RAD and the LIHTC to Improve Communities. Zaterman joined moderator Peter Lawrence of Novogradac, Patrick Costigan of the RAD Collaborative/CF Housing Group, Amy McClain of Ballard Spahr, and Jessica Cassella of Klein Horning to give an update on the state of the RAD program.
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