RAD was initially authorized with a unit cap of 60,000 in the FY12 appropriations bill, which has since been lifted to 455,000 in the FY18 appropriations bill. In order to meet the demand for RAD, CLPHA strongly supports eliminating the RAD cap.
The Housing Authority of Cook County (HACC) cut the ribbon on renovations at Richard Flowers Homes, which is part of a 1,225-unit, $200 million HACC rehab project. The project, spanning multiple years and several Chicago suburbs, “is the largest preservation effort the suburbs have seen in decades,” said Cook County Board President Toni Preckwinkle in a Chicago Tribune article. HACC used the RAD program to help finance the extensive renovations.
“This is really about community,” said Richard Monocchio, HACC executive director. “We are preserving the existing housing that we have so that families and seniors will have a decent, safe place to live.”
S&P Global released its 2019 Sector Outlook, which includes a brief section of interest to PHAs titled “PHAs Evolve in the Face of Federal Fiscal Changes.”
S&P observes that PHAs are increasingly diversifying their revenues and looking to non-HUD funded sources of income, with these sources accounting for 24% of total revenue in FY2017 compared with 18% in 2011. They add that the RAD program “could address immediate needs of deteriorating housing stocks, provide increased operational flexibilities and stabilize revenue for PHAs,” though they have not yet observed significant operational savings from the RAD program. S&P also states that MTW “could be a credit positive for any rated PHA which is designated, allowing for more efficient strategies and financial flexibility.”
Join fellow RAD practitioners, HUD officials, policymakers and prospective applicants for a pre-convening briefing, a full-day meeting and a post-convening site visit and wrap up in Portland, OR and Vancouver, WA from February 27 to March 1, 2019.
Along with updates on the latest RAD and public housing developments from HUD officials, policy makers, and leading practitioners, participants will hear about the growing roles that states are playing in supporting both RAD and what’s become “RAD+”—an impressive array of mixed-income/mixed-use/preservation developments and cross-sector collaborations underpinned by RAD.