PHA Successfully converted 3,855 units to RAD Project-Based Rental Assistance (St. Paul Public Housing Agency)

Date Published: 
October 10th, 2019

From the St. Paul Public Housing Agency's newsletter: 

On October 3, 2019, the PHA successfully closed its RAD transaction converting 3,855 units to RAD Project-Based Rental Assistance (PBRA).  Under RAD PBRA, the PHA retains full ownership, and will continue to maintain and operate this deeply affordable precious asset.  And because we are a debt-free conversion, we have no need to access LIHTC funds or other forms of financing that require the creation of a non-profit affiliate to hold the asset.  RAD also offers the following advantages over traditional public housing funding:

  • Through RAD, we are locking in for 20 years the better 2018 capital and operating funding Congress recently appropriated;

  • We will receive annual inflation adjustments of 2% to 3% on that better money over the next 20 years;

  • We will meet all projected capital needs for the next 20 years without the need for any debt financing.  And we look forward to working within the HUD multi-family regulatory framework with the advantages it offers our converted properties.

Read the  St. Paul Public Housing Agency's article. 

CLPHA Program(s): 
Resource type(s): 

Sorry, this content is only available to members.

If you're a member of CLPHA, please click here to log in.

If you have not created your account, it’s easy to create one. Click here for step-by-step instructions.

You can also click here to watch a webinar site tour that shows CLPHA members how to create website accounts for themselves and provides an overview of the site's functionality.

Otherwise, we invite you to learn more about the many benefits of CLPHA membership.