rental assistance demonstration (rad) · 2018-06-19 · pha will earn a section 8 administrative...
TRANSCRIPT
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SERC-NAHRO ANNUAL CONFERENCE
RENTAL ASSISTANCE DEMONSTRATION(RAD)
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In The Beginning, 2012
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RAD Authority
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Authorized as part of the Consolidated Further Continuing Appropriations Act of 2012 (Public Law 112-55)
Allows public housing and certain at-risk Multifamily legacy programs to convert to long-term Section 8 rental assistance
Two components Competitive initially had a cap of 60,000 units (public
housing and Mod Rehab), currently, 455,000 units Non-competitive no cap but subject to availability of
tenant protection vouchers (Mod Rehab, Rent Supplement and Rental Assistance (RAP) program
http://portal.hud.gov/hudportal/documents/huddoc?id=HR-2112-RAD-Language.pdf
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Indicated RAD Objectives
Modernize aging family & elderly properties
Sub rehab of deteriorated properties
Thin densities/mix-incomes via PBVs & transfer authority
Demolish/replace severely distressed/obsolete properties
Portfolio streamlining
Preservation of Affordable Housing
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Special Financing Provisions
Assistance can be transferred Long-term contracts (15-20 years), which, at
termination, must be renewed Use agreements that run with the term of the
contract Upon foreclosure, the property must first be offered
to a public entity and then other entity Ownership by public or non-profit, except in case of
tax credit projects No balloons less than 18 years Project must meet needs identified in CNA (Capital
Needs Assessment)
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Rent Levels and Rent Adjustments
Initial Rent Levels
Not based on usual lender underwriting standards
Set at the projects current funding levels under the public housing program
Tenant PaymentProjects Share of the PHAs Capital FundProjects Operating Subsidy
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Rent Adjustments
Rent adjustments will be done by Operating Cost Adjustment Factor (OCAF)
The initial rents will be a floor rent No special or other adjustments available due to project expense increasesRent Reasonable Test applicable to the initial rents
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Tenant Payment $318
Tenant Payment $318
Capital Fund $144
Operating Fund $330
Housing Assistance Payment
$474
$-
$100
$200
$300
$400
$500
$600
$700
$800
$900
Pre-Conversion Post-Conversion
Sample Public Housing Conversion Per Unit Monthly
$792
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Project Locations
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81%
19%
Urban Rural
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Project Type
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28%
72%
Column1
Elderly Family
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Section 8 Conversion Choices By Project
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51%49%
PBRA PBV
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Type Of Permanent Project Financing
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42%
58%
FHA Conventional
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Type Of Permanent Project Financing
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72%
28%
4% 9%
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Addressing the Capital Backlog
Average Public Housing Capital Need (Abt, 2010)$23,465 per unit
Average Construction/Rehab in RAD(through 2017)
Over $5 billion towards the construction and rehabilitation of over 88,000 converted units.
Approximately $60,000 per unit
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Project Based Rental Assistance (PBRA) Contract
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Project-based Rental Assistance Contract Administered by the Office of Housing/PBCAs
generally familiar to HFAs Initial term of the PBRA Contract is 20 years Initial Rent Cap
Initial rents based on current funding may not exceed 120% of the FMR, unless rents derived from current funding are below market, in which case limit is 150% of FMR
Rents will be adjusted for the 20-year term by OCAFsimilar to MAHRA
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Project Based Rental Assistance (PBRA) Contract (contd)
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Choice Mobility allows tenant to move from project, but project retains the project based assistanceIf neither the PHA nor the HFA has a Section 8 tenant based assistance program
May need another PHA to provide Choice Mobility Letter
May seek a waiver from Choice Mobility requirementsbut waivers are very limited
May limit turnover to 15% of the units in the project in any one year
May also limit to no more than 30% of the PHAs annual voucher turnover
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Project Based Rental Assistance (PBRA) Contract (contd)
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REAC Inspections/Annual Financial Statements/Management and Occupancy reviewsAre required similar to the traditional Section 8 program
No limits in family projects on the number of units that may receive the benefits of the PBRA100% of units may receive section 8 PBRA assistance
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Project-based Voucher Contract (PBV)
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Administered by HUD through PHAs
Initial Term of 15 yearsalthough PHA may agree to provide 20-year term; also PHA can agree to extend for 15 more years
Initial Rent Cap Initial rents based on the Projects current funding
limited to lesser of 110% of the FMRs or the market/reasonable rent for the units in the project
Rents adjusted annually by OCAFsame as PBRA
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Project-based Voucher Contract (contd)
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PHA will earn a Section 8 administrative fee for the PBVs added to its inventory
No REAC/Project Financial Statements/or Management and Occupancy Reviewsbut will be subject to Housing Quality Standards (HQS)
New Notice indicates that there is no cap on the number of units that may receive PBV assistance in each project (RAD only).
No limits on number of PBV units in an elderly project or a project for persons with disabilities
Use of existing PHA waiting list for admission of new tenants upon unit turnover
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Project-based Voucher Contract (contd)
Choice Mobility
Tenant may request a Section 8 voucher after first year of occupancy
Project retains the PBV
PHA must give the PBV tenant requesting a voucher first priority on the PHAs voucher waiting list
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PBV vs. PBRA
Handout
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Resident RightsRelocation
RAD does not allow for permanent displacement of existing residents
Any permanent displacement or displacement for more than one year requires compliance with the Uniform Relocation Act Need to be aware that certain notices may be
required even when there is no permanent displacement
If URA is applicablecan trigger significant benefits to displaced tenants
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Other Consideration for RAD Projects
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Environmental Reviews
NEPA Reviewnot satisfied by Phase I or Phase II Environmental review
NEPA must be done by a Responsible Entity (frequently the city or county) or by HUD
If no substantial rehabilitation RE or HUD may find that the project is categorically excluded from NEPA review
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Other Consideration for RAD Projects
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Ownership of Converted RAD Projects
For LIHTC transactions owner may be for-profit limited partnership
There must be some PHA control over the partnership May be through any or all of the following:
51% or more of the general partnership interest
Ground lease of the land Declaration of Restrictive Covenants Subordinate Debt on the Project
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Other Consideration for RAD Projects
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Procurement Requirements
Must comply with applicable PIH, State and local procurement requirements
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The ProcessHUD has spent the past 6 years putting in place a robust process to manage RAD
Application for HAP Commitment (CHAP) Two resident consultations Board approval Financing Letters of Interest
Application for RAD conversion (RCC) RCC issuance At least one additional resident meeting Significant Amendment to Annual Plan Physical Conditions Assessment (PCA) Application for Firm Commitments Financing Plan
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The Process (cont)
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Closing process
All closing documents reviewed for compliance As of January 2018, 88,039 units have been closed
Post-closing quality control
Tenant relocation compliance HAP payment processing Asset management oversight
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PHA Libraries - Upload Documents ABC Housing Commission Property Name A
View Application
CHAP Issuance Date
01/02/2018 Milestone Complete N/A
No Units Converting 110
Ownership Data Ownership Data Not Yet Confirmed
180 Days Following CHAP Issuance Due Date: 09/01/2018 RAD Financing Plan Financing Plan Grid: No Debt/Conv Financing Plan Guide
Item DESCRIPTION
COMPLIANCE SATISFIED BY EITHER UPLOADING A FILE OR CHECKING THE N/A BOX
N/A FILE
UPLOADED Comments (Save Changes at
End of Grid) HUD
Comments FHEO
Approval 1 Conversion
Overview Download Coversion Overview Template
Add File
2 Current Conversion Type
Current Selection:
PBRA Choice
Mobility Exemption:
Yes
Check here if this is incorrect
3 Resident
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3 Resident Comments Add File
4 RPCA or eCNA and Scope of Work Add File
5 Environmental Review Add File
6 Development Budget (including completed SLR & EPC Approval letter, as applicable)
Add File
7 Development Team Add File
8 Proposed Financing Download Template Add File
9 Operating Pro Forma (including PILOT legal opinion, as applicable)
Add File
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Development Team
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Proposed Financing Download Template
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Operating Pro Forma (including PILOT legal opinion, as applicable)
Add File
Add File
Add File
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10 Market Study Add File
11 Title Report Add File
12 Evidence of Approval of PHA/MTW Plan or Significant Amendment
Add File
13 Approved Amendment to Attachment A of the MTW Agreement
Add File
14 Estimate of Public Housing Funds Available for HAP Subsidy Download Initial Year Funding Tool Download Instructions
Add File
15 RAD Fair Housing Accessibility & Relocation Plan Checklist Download Checklist
Add File
16 Approved Affirmative Fair Housing Marketing Plan or Evidence of Submission (PBRA only) Add File
Add FileAdd FileAdd File
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Market Study
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Title Report
Add File
Add File
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Evidence of Approval of PHA/MTW Plan or Significant Amendment
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Approved Amendment to Attachment A of the MTW Agreement
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Estimate of Public Housing Funds Available for HAP Subsidy Download Initial Year Funding Tool
Download Instructions
Add File
Add File
Add File
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RAD Fair Housing Accessibility & Relocation Plan Checklist Download Checklist
Add File
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Approved Affirmative Fair Housing Marketing Plan or Evidence of Submission (PBRA only)
Add File
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17 Transfer of Assistance Download Approval Worksheet Add File
18 FHEO Upfront Review: Change in Unit Configuration or Unit Reduction Download Template
Add File
19 FHEO Upfront Review: Change in Occupancy Type Download Template
Add File
20 FHEO Upfront Review: New Construction Download Template Minority Concentration Mapping Tool
Add File
21 Financing Plan Certification Download Certification Template
Add File
22 Other Documents "Other" Title:
Add File
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Transfer of Assistance Download Approval Worksheet
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FHEO Upfront Review: Change in Unit Configuration or Unit Reduction Download Template
Add File
Add File
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FHEO Upfront Review: Change in Occupancy Type Download Template
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FHEO Upfront Review: New Construction Download Template
Minority Concentration Mapping Tool
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Financing Plan Certification Download Certification Template
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Other Documents
"Other" Title:
Add File
Add File
Add File
Add File
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HUD-RAD HOME RAD RD HOME CONTACT RAD RD
Documents
Sort By: Document Title or Document Date
Document Document Date 2018 RAD Initial Year Funding Tool 06/07/2018 2018 RAD Training Recording Links 06/06/2018 2018 Year of Conversion Funding Tool - Instructions 06/06/2018 2530 Guidance for RAD Transactions 02/22/2015 2530 MF Development Compliance and Credit Requirements 02/22/2015 CHAP Amendment Overview & Contract Rent Flexibilities 04/05/2018 Contact List - Readiness Transaction Managers 03/29/2016 Conversion Overview Template - FHA 03/02/2016 Conversion Overview Template - No Debt/Conventional Financing 03/02/2016 Conversion Overview Template - non-FHA LIHTC 03/02/2016 Delayed Submission of Draft RAD Closing Package (RAD Closing Memo) 04/27/2018 Energy Performance Contracts (EPCs) - FAQs 03/08/2016 Energy Performance Contracts (EPCs) - Letter to PHAs 03/08/2016 Environmental Review - Requirements for First Component RAD Transactions *New* 03/01/2016 Environmental Review - Using HEROS as a RAD Partner 09/21/2017 FDS Reporting Requirements for RAD Conversions (Accounting Brief) 04/20/2017 FHEO Upfront Review Template - Change in Occupancy 05/19/2017 FHEO Upfront Review Template - New Construction 04/14/2017 FHEO Upfront Review Template - Reduction or Change in Units 04/14/2017 Financing Plan Guide: FHA Insured Conversions (with or without LIHTC) 07/05/2017 Financing Plan Guide: No Debt/Conventional Financing 10/06/2017 Financing Plan Guide: Non-FHA LIHTC 07/05/2017 General Information Notice (GIN) - Sample *New 3.1.17* 03/01/2017 Guide to PBV v. PBRA 04/08/2015
Energy Performance Contracts (EPCs) - FAQs
03/08/2016
Energy Performance Contracts (EPCs) - Letter to PHAs
03/08/2016
Environmental Review - Requirements for First Component RAD Transactions *New*
03/01/2016
Environmental Review - Using HEROS as a RAD Partner
09/21/2017
FDS Reporting Requirements for RAD Conversions (Accounting Brief)
04/20/2017
FHEO Upfront Review Template - Change in Occupancy
05/19/2017
FHEO Upfront Review Template - New Construction
04/14/2017
FHEO Upfront Review Template - Reduction or Change in Units
04/14/2017
Financing Plan Guide: FHA Insured Conversions (with or without LIHTC)
07/05/2017
Financing Plan Guide: No Debt/Conventional Financing
10/06/2017
Financing Plan Guide: Non-FHA LIHTC
07/05/2017
General Information Notice (GIN) - Sample *New 3.1.17*
03/01/2017
Guide to PBV v. PBRA
04/08/2015
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HEROS Guide for RAD Partners 01/30/2018 HEROS Training for Partners 01/30/2018 Instructions for Completing the Rehab/Construction Completion Milestone 10/25/2017 Kick Off Call Agenda 06/09/2015 MTW Guide for RAD 10/22/2015 OCAFs 2008 - 2018 04/19/2018 Overview of Master Leases & Delayed Conversion Agreements (RAD Closings) 09/08/2017 PHA Instructions for Requesting Early Removal of Public Housing Units 06/30/2017 PHA Primary User Guide for the RAD Resource Desk 02/02/2016 PIC Removal - Explanation of Units and Property 03/18/2016 PIC Removal - Instructions for PHAs *Updated 3.18.16* 03/18/2016 PIH Notice 2016-23 - Requirements & Guidance for PHAs Removing All Public Housing Units 02/28/2017 Quick Reference Guide for Projects Converting to Project-Based Voucher Assistance (PBV) 11/29/2017 Quick Reference Guide to Multifamily Housing Requirements (PBRA) 10/09/2015 RAD Accessibility & Relocation Checklist for PHAs 05/11/2017 RAD Fair Housing, Civil Rights and Relocation Requirements Notice (Notice H 2016-17; PIH 2016-17) 12/02/2016
RAD Notice PIH 2012-32 REV-3 (1/12/17) 02/01/2017 RAD Physical Condition Assessment (PCA) Tool (Save to your computer and enable macros. Get instructions here.) 04/16/2018
RAD Physical Condition Assessment - Exhibit - Environment Restrictions Checklist 04/16/2018 RAD Physical Condition Assessment - Exhibit - Summary of HUDs Responsibility Laws 04/16/2018 RAD Physical Condition Assessment Guide 04/16/2018 RAD Physical Condition Assessment Statement of Work 04/16/2018 RAD Relocation Checklist for Transaction Managers *Updated 12.13.16* 12/13/2016 Relocation - Using HCVs for Relocation Under RAD 12/04/2017 Rent Bundling Tool 02/10/2016 Resident Information Notice (RIN) - Sample 10/10/2017
HEROS Guide for RAD Partners
01/30/2018
HEROS Training for Partners
01/30/2018
Instructions for Completing the Rehab/Construction Completion Milestone
10/25/2017
Kick Off Call Agenda
06/09/2015
MTW Guide for RAD
10/22/2015
OCAFs 2008 - 2018
04/19/2018
Overview of Master Leases & Delayed Conversion Agreements (RAD Closings)
09/08/2017
PHA Instructions for Requesting Early Removal of Public Housing Units
06/30/2017
PHA Primary User Guide for the RAD Resource Desk
02/02/2016
PIC Removal - Explanation of Units and Property
03/18/2016
PIC Removal - Instructions for PHAs *Updated 3.18.16*
03/18/2016
PIH Notice 2016-23 - Requirements & Guidance for PHAs Removing All Public Housing Units
02/28/2017
Quick Reference Guide for Projects Converting to Project-Based Voucher Assistance (PBV)
11/29/2017
Quick Reference Guide to Multifamily Housing Requirements (PBRA)
10/09/2015
RAD Accessibility & Relocation Checklist for PHAs
05/11/2017
RAD Fair Housing, Civil Rights and Relocation Requirements Notice (Notice H 2016-17; PIH 2016-17)
12/02/2016
RAD Notice PIH 2012-32 REV-3 (1/12/17)
02/01/2017
RAD Physical Condition Assessment (PCA) Tool (Save to your computer and enable macros. Get instructions here.)
04/16/2018
RAD Physical Condition Assessment - Exhibit - Environment Restrictions Checklist
04/16/2018
RAD Physical Condition Assessment - Exhibit - Summary of HUDs Responsibility Laws
04/16/2018
RAD Physical Condition Assessment Guide
04/16/2018
RAD Physical Condition Assessment Statement of Work
04/16/2018
RAD Relocation Checklist for Transaction Managers *Updated 12.13.16*
12/13/2016
Relocation - Using HCVs for Relocation Under RAD
12/04/2017
Rent Bundling Tool
02/10/2016
Resident Information Notice (RIN) - Sample
10/10/2017
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RHF/DDTF Forecasting Report 06/27/2016 RHF/DDTF Rent Boost & Cancellation Certification - Existing Funds 08/11/2017 RHF/DDTF Rent Boost & Cancellation Certification - Future Funds 08/11/2017 RPCA User Guide - Section 1 Applicant Guide to the Statement of Work 02/22/2015 RPCA User Guide - Section 1 Applicant Guide to the Tool 02/22/2015 RPCA User Guide - Section 2 Contractor Guide to the Statement of Work 02/22/2015 RPCA User Guide - Section 2 Contractor Guide to the Tool 02/22/2015 RPCA User Guide - Section 3 Lender Guide to the Statement of Work 02/22/2015 RPCA User Guide - Section 3 Lender Guide to the Tool 02/22/2015 RPCA User Guide - Section 4 HUD Transaction Manager Guide to the Statement of Work 02/22/2015 RPCA User Guide - Section 4 HUD Transaction Manager Guide to the Tool 02/22/2015 Significant Amendment to the PHA Plan FAQs 02/22/2015 Things PHAs Can Do to Facilitate RAD Conversions 02/22/2015 Timelines for Closing RAD Transactions in 2018 03/15/2018 Transfer of Assistance Approval Worksheet 01/02/2018 Underwriting Considerations for Existing Mixed Finance Projects 10/06/2017 Underwriting Instructions for FHA RAD Transactions (Mortgagee Letter 2012-20) 02/22/2015 Welcome Guide for New Awardees 04/08/2015
RHF/DDTF Forecasting Report
06/27/2016
RHF/DDTF Rent Boost & Cancellation Certification - Existing Funds
08/11/2017
RHF/DDTF Rent Boost & Cancellation Certification - Future Funds
08/11/2017
RPCA User Guide - Section 1 Applicant Guide to the Statement of Work
02/22/2015
RPCA User Guide - Section 1 Applicant Guide to the Tool
02/22/2015
RPCA User Guide - Section 2 Contractor Guide to the Statement of Work
02/22/2015
RPCA User Guide - Section 2 Contractor Guide to the Tool
02/22/2015
RPCA User Guide - Section 3 Lender Guide to the Statement of Work
02/22/2015
RPCA User Guide - Section 3 Lender Guide to the Tool
02/22/2015
RPCA User Guide - Section 4 HUD Transaction Manager Guide to the Statement of Work
02/22/2015
RPCA User Guide - Section 4 HUD Transaction Manager Guide to the Tool
02/22/2015
Significant Amendment to the PHA Plan FAQs
02/22/2015
Things PHAs Can Do to Facilitate RAD Conversions
02/22/2015
Timelines for Closing RAD Transactions in 2018
03/15/2018
Transfer of Assistance Approval Worksheet
01/02/2018
Underwriting Considerations for Existing Mixed Finance Projects
10/06/2017
Underwriting Instructions for FHA RAD Transactions (Mortgagee Letter 2012-20)
02/22/2015
Welcome Guide for New Awardees
04/08/2015
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Contracts & Closing Documents
Sort By: Document Title or Document Date
Document Document Date Addendum to the HAP Contract - Labor Standards (PBV & PBRA) 05/11/2017 Certification and Assurances (Sample) 05/11/2017 Consolidated Owner Certification Template (Sample) 06/15/2017 Delayed Conversion Agreement - PBRA 10/30/2017 Delayed Conversion Agreement - PBV 10/30/2017 Guidance & Sample Language for RAD Ownership/Control 03/08/2017 Instructions for Completing the 50058 End of Participation (EOP) 10/26/2017 Instructions for Completing the Rehab/Construction Completion Milestone 10/25/2017 Instructions for Final Docket Submission After Closing 04/10/2018 Interim Tenancy Addendum to Tenant Lease 11/28/2016 Lease - PBRA - House Rules Addendum Sample 09/06/2017 Lease - PBRA Model Lease (HUD Form 90105a) 02/22/2015 Lease - PBV House Rules Lease Addendum (Sample) 09/06/2017 Lease - RAD PBV Tenancy Addendum 02/13/2018 Legal Opinion - PHA Counsel (Template) 07/24/2017 Legal Opinion - Project Owner Counsel (template) 07/24/2017 Master Lease Template 08/12/2016 Mixed Finance - Release from Declaration of Restrictive Covenants 04/08/2015 Mixed Finance - Termination of ACC 04/08/2015 Mixed Finance - Termination of Regulatory & Operating Agreement 04/08/2015 Overview of Master Leases & Delayed Conversion Agreements 09/28/2017 Overview of the RAD Closing Process for PHAs 02/22/2015
Delayed Conversion Agreement - PBV
10/30/2017
Guidance & Sample Language for RAD Ownership/Control
03/08/2017
Instructions for Completing the 50058 End of Participation (EOP)
10/26/2017
Instructions for Completing the Rehab/Construction Completion Milestone
10/25/2017
Instructions for Final Docket Submission After Closing
04/10/2018
Interim Tenancy Addendum to Tenant Lease
11/28/2016
Lease - PBRA - House Rules Addendum Sample
09/06/2017
Lease - PBRA Model Lease (HUD Form 90105a)
02/22/2015
Lease - PBV House Rules Lease Addendum (Sample)
09/06/2017
Lease - RAD PBV Tenancy Addendum
02/13/2018
Legal Opinion - PHA Counsel (Template)
07/24/2017
Legal Opinion - Project Owner Counsel (template)
07/24/2017
Master Lease Template
08/12/2016
Mixed Finance - Release from Declaration of Restrictive Covenants
04/08/2015
Mixed Finance - Termination of ACC
04/08/2015
Mixed Finance - Termination of Regulatory & Operating Agreement
04/08/2015
Overview of Master Leases & Delayed Conversion Agreements
09/28/2017
Overview of the RAD Closing Process for PHAs
02/22/2015
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Public Housing - PBRA HAP Contract Part 1 02/13/2018 Public Housing - PBRA HAP Contract Part 2 02/13/2018 Public Housing - PBV HAP Contract Part 1 02/13/2018 Public Housing - PBV HAP Contract Part 2 02/13/2018 RAD Closing Checklist & Overview - PBRA 02/23/2018 RAD Closing Checklist & Overview - PBV 02/23/2018 RAD Conversion Commitment (RCC) 05/11/2017 RAD PBV OCAF Adjustment Tool (Post-Closing) 11/06/2017 RAD Subordination Agreement 10/03/2016 RAD Use Agreement 05/11/2017 Signature Page Models - RAD Use Agreement and DOT/DORC Releases 09/19/2017
Public Housing - PBRA HAP Contract Part 1
02/13/2018
Public Housing - PBRA HAP Contract Part 2
02/13/2018
Public Housing - PBV HAP Contract Part 1
02/13/2018
Public Housing - PBV HAP Contract Part 2
02/13/2018
RAD Closing Checklist & Overview - PBRA
02/23/2018
RAD Closing Checklist & Overview - PBV
02/23/2018
RAD Conversion Commitment (RCC)
05/11/2017
RAD PBV OCAF Adjustment Tool (Post-Closing)
11/06/2017
RAD Subordination Agreement
10/03/2016
RAD Use Agreement
05/11/2017
Signature Page Models - RAD Use Agreement and DOT/DORC Releases
09/19/2017
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RAD Web Page
RAD Notice, application materials, and additional resources can be
found at
www.hud.gov/rad
Email questions to radresource.net
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http://www.hud.gov/rad
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Jerry R. [email protected]
303 805-0670
Thank You!
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Slide Number 2RAD AuthoritySpecial Financing ProvisionsRent Levels and Rent Adjustments Project Locations Project TypeSection 8 Conversion Choices By ProjectType Of Permanent Project Financing Type Of Permanent Project Financing Addressing the Capital BacklogProject Based Rental Assistance (PBRA) ContractProject Based Rental Assistance (PBRA) Contract (contd) Project Based Rental Assistance (PBRA) Contract (contd)Project-based Voucher Contract (PBV)Project-based Voucher Contract (contd)Project-based Voucher Contract (contd)PBV vs. PBRAResident RightsRelocationOther Consideration for RAD ProjectsOther Consideration for RAD ProjectsOther Consideration for RAD ProjectsThe ProcessThe Process (cont)Slide Number 28Slide Number 29Slide Number 30Slide Number 31Slide Number 32Slide Number 33Slide Number 34Slide Number 35Slide Number 36RAD Web Page