In a new YouTube video, Fannie Mae highlights the Housing Authority of the City of Austin’s (HACA) comprehensive rehabilitation of its Gaston Place community, a 100 unit property for low-income seniors and disabled individuals. HACA partnered with Fannie Mae and Bellwether Enterprise to employ the Rental Assistance Demonstration (RAD) program as a tool to help finance Gaston Place’s repair backlog of nearly $8 million. The full-scale renovation of the community’s apartments included asbestos and mold remediation, remodeling kitchens into open floor plan spaces with modern appliances, and expanding accessibility for Gaston Place’s disabled residents.
“[T]he RAD program is one of the best ways to preserve and improve our existing public housing stock,” said Fannie Mae Director of Multifamily Affordable Housing Angela Kelcher. “By bringing these financing tools, we are able to improve quality of life for these residents and create affordable housing that is really the fabric of our society. It’s an investment in our communities that Fannie Mae wants to continue to make.”