Rockhall utilizes HUD’s 221d(4) program to sub-rehab an environmentally contaminated Section 8 property:
Greater Centennial Homes is a 157-unit garden apartment project located in Mount Vernon, NY. The HAP rents, having only received OCAF increases over the years, were seriously below market. The project was located directly over an abandoned coal gasification plant site and was struggling financially. Rockhall utilized HUD’s 221d4 program to fund repairs, increase section 8 rents, and rehab the property.
Rep. Robin Kelly, introduces Biill to Increase RAD cap to $150,000 units
Rep. Robin Kelly (Chicago, IL) has introduced a bill to increase the RAD cap from 60,000 to 150,000 units. The bill would also extend eligibility for owners of certain assisted properties for which an event after October 1, 2006 has caused a termination of rental assistance.
Ashville HA Considers RAD
The Housing Authority of the City of Asheville requested that potential developers submit their qualifications for the potential redevelopment of the agency’s 1,500 units. Unlike many other cities, Asheville didn’t use funds from the Hope VI program in the 1990s to redevelop its projects and the HA is considering the RAD program as an alternative.
HIP Study Shows Benefits and Risks Of RAD:
Human Impact Partners conducted a study showing potential benefits and risks to public housing residents from RAD. Per the study potential risk included decreasing social cohesion, decreasing housing stability, and increasing stress.Positive impacts included improving housing maintenance and decreasing crime and violence
Nelson Homes Privatized under RAD:
A 228 Unit public housing development owned by the Fort Smith Housing Authority has utilized RAD to transfer ownership to a nonprofit corporation and residents are now eligible for Section 8 project based vouchers. The Housing Authority is completing a $3 million dollar, multi-year remodeling effort.
When Housing Assistance Ends
A new study by Urban Institute shows the effects of a termination of public assistance on tenants who rely on pubic assistance. Per the report, terminated tenants are likely to lean on local governments in ways that will be more expensive, such as regular emergency room visits and homeless shelter stays.
HUD improves the flexibility of the Tax Credit Pilot Program:
Hud’s released some changes to its streamlined LIHTC Pilot program to broaden its flexibility. Changes include removal of total debt limit cap to make subordinate debt possible, and allowances for Identity of interest purchases.