8 CLPHA Members Make HUD’s List of Top Ten PHAs Most Active in RAD; 46,500 Families Transformed
HUD has announced that PHAs and their partners have used the Rental Assistance Demonstration (RAD) to generate over $15 billion in construction investments since the program’s launch in 2013. Over 185,000 homes have been preserved, rehabilitated, and built thanks to RAD as of October 2022. RAD has facilitated the conversion of 1,533 public housing properties to a Section 8 platform, meaning that affordable housing has been preserved and secured for approximately 468,000 people.
RAD’s Resource Desk highlights the top ten PHAs most active in RAD, eight of which are CLPHA members:
- New York City Housing Authority
- Chicago Housing Authority
- Housing Opportunity Management Enterprises (El Paso, TX)
- Housing Authority of Baltimore City
- Inlivian (Charlotte, NC)
- Fort Worth Housing Solutions
- St. Paul Public Housing Agency
- Cuyahoga Metropolitan Housing Authority
Together these PHAs have closed 224 transactions resulting in 46,507 transformed units – nearly 30% of all closed units nationally. Congratulations to these eight high-achieving CLPHA members!
HUD has also documented the success of RAD projects across the country via photo essays and case studies. You can visit HUD’s website to see compelling visual stories of how the aforementioned CLPHA member PHAs’ RAD redevelopments have transformed their communities and improved residents’ lives.
CLPHA was instrumental in the development of the RAD program – early into the Obama Administration, we strongly advocated for tools that would give PHAs the ability to preserve and improve public housing properties and address the $70 billion-dollar nationwide backlog of deferred maintenance. Authorized by Congress in 2012 and launched in 2013, RAD allows public housing agencies to leverage public and private debt and equity in order to reinvest in public housing stock.
Through the first five years of the program, PHAs invested on average $55,000 per home. In 2022, PHAs have invested an average of $144,000 per home thanks to their ability to use RAD-Section 18 blends. Overall, 62 PHAs used blended transactions to finance $6 billion at 30,647 public housing units across 142 properties since 2018. RAD has also been used to complete 140 “transfers of assistance” to help PHAs replace 8,300 affordable homes in neighborhoods where the poverty rate is on average 24% lower than the rate at the original site.
In 2015, CLPHA also helped found the RAD Collaborative, which helps to build a community of practice around the demonstration. Through facilitating communications, best practices, lessons, advancements and productive working relationships among PHAs, residents, development and financing partners, and other stakeholders, the RAD Collaborative helps to make RAD transactions and projects successful nationwide.
CLPHA celebrates the demonstration’s remarkable investment milestone that has helped to safely and stably house nearly half a million low-income Americans to date.