HUD has finalized the rules proposed under RAD - the Rental Assistance Demonstration program. RAD allows public housing agencies and owners of certain at-risk, federally-assisted properties to convert their current assistance to long-term contracts.
HUD estimates that the authority under RAD will enable owners to …
leverage financing to help reduce the severe backlog of capital repair needs. In the process, RAD will help create and support local construction jobs in communities across the country.
The initial application window for the competitive component of RAD (for public housing and owners of Mod Rehab projects) is scheduled to be open from September 24, 2012 to October 24, 2012. The non-competitive component of RAD (for owners of Mod Rehab, Rent Supp and RAP projects) is effective immediately.
To read the full article, click here: American Apartment Owners Association’s Blog