RAD: Program Updates and PHA Experiences
A NAHRO Professional Development e-Briefing
Tuesday, February 13, 2018
1:30 – 3:00 pm EST
The Rental Assistance Demonstration (RAD) continues to be a critically important tool for housing authorities looking to pursue innovation while renovating and preserving their local affordable housing stock. As we begin 2018, join the NAHRO Policy Team for an in-depth review of the current status of RAD. Participants will also hear from PHAs that have gone through the RAD conversion process. These RAD agencies will discuss why RAD worked for them, explain how they chose between Project Based Vouchers (PBV) or Project Based Rental Assistance (PBRA), and share lessons learned and best practices. Whether your agency is a RAD veteran or exploring whether RAD is a viable option for the future, don’t miss this opportunity to have your questions addressed by industry experts during this interactive online training.
Only $95 for NAHRO members!
Registration closes Monday, February 12 at 11:59 ET pm.
Reminder: Whether you’re watching alone or with an audience of 100, only one registration per connected device is required, making NAHRO Professional Development’s e-Briefings an outstanding value! Can’t attend the session at the scheduled time? Register anyway, and we will email you a link to the archived recording as soon as it’s ready to be stream.
Before (bottom) and after (top) pictures of Emerald Family Properties buildings. Photo credits: Walla Walla Housing Authority
The Low-Income Housing Tax Credit (LIHTC) is one of the most effective tools for creating new and critically needed affordable housing, and accounts for the vast majority of all affordable rental housing created in the United States. This is one in a series of articles that show how public housing authorities (PHAs) and community development agencies have successfully used federal tax credits and tax-exempt bonds to build and/or preserve public housing and affordable housing, and to increase the sustainability of their communities.
Walla Walla Housing Authority: Emerald Family Properties
Walla Walla (Wash.) County has the largest affordable housing gap in the state of Washington, and so the pressure is high to keep existing public and affordable housing. Recently, the Walla Walla Housing Authority (WWHA) used a combination of 4 percent LIHTCs and tax-exempt bonds to revitalize and preserve the Emerald Family Properties, an 84-unit family development with two- to five-bedroom units in nine neighborhoods. The financing package allowed the housing authority to upgrade both the interiors and the exteriors of the units, and to increase energy efficiency in a way that would lower the utility costs for the residents. Emerald Family Properties has project-based vouchers attached to its units, and thus is able to serve very low-income families as well as those of moderate income.
“This project never would have pointed in the 9 percent LIHTC credit round, so the 4 percent LIHTC and tax-exempt bonds are essential financing tools that we use to address our community’s housing needs,” said WWHA Executive Director Renée Rooker. “Over the past five years, we have developed 245 units serving elderly individuals, veterans, persons with disabilities, and families by utilizing 4 percent LIHTCs and tax-exempt bonds. Besides Emerald Family Properties, we will have completed 80 more units in the next couple of weeks. None of this could have transpired without these financing tools.”
For more information about this project or to share your organization’s 4 percent LIHTC success story, please contact firstname.lastname@example.org.
NAHRO Professional Development with MARC-NAHRO are offering a special training opportunity – Rental Assistance Demonstration (RAD) Seminar with Proficiency Test.
The seminar will be held in conjunction with MARC-NAHRO’s Annual Conference, August 16-18, 2017, in Washington, DC. See details below.
For additional information and to register, go to www.marcnahro.org.
Last week, NAHRO published the “RAD Toolkit,” a new online resource that serves as a primer for PHAs interested in HUD’s Rental Assistance Demonstration (RAD) program. This educative tool will provide PHAs with a background on RAD, a step-by-step outline of the conversion process and compliance, as well as links to additional resources important to understanding how to close a RAD transaction.
The RAD Toolkit was developed by the NAHRO Community Revitalization and Development (CR&D) Committee Redevelopment Task Force.
NAHRO members can access the toolkit here: www.nahro.org/RAD.
In its “RADBlast!” email, HUD announced the availability of two Rental Assistance Demonstration (RAD) resources:
- Initial Year Funding Instructions – a document that describes the calculation of funding during the initial year and provides instructions on how to access the funds; and
- Initial Year Funding Tool – a revised and simplified version of the prior tool that “allows PHAs and Project Owners to calculate the amount of revenue that will be available to the project in the Initial Year and ensures that all parties have an accurate understanding of these amounts.”
To access these resources, and others, please go to HUD’s Rental Assistance Demonstration Resource Desk (www.radresource.net) after logging-in and click on the “Document Library” link under “Main Menu Selections.”
Additionally, HUD will hold a live question-and-answer webinar to walk through the revised tool and answer questions that participants may have. The webinar will be held on July 13, 2016 between 3 pm and 4 pm (EST). Registration for the webinar can be found here.