HUD published Revision 4 of the Rental Assistance Demonstration (RAD) Notice (Notice H-2019-09 / PIH 2019-23 (HA) on September 5, 2019. The revised Notice implements the recently enacted authority of the 2018 Consolidated Appropriations Act, which authorized the conversion of affordable housing for the elderly supported by eligible Section 202 Project Rental Assistance Contracts (PRACs) to Section 8 project-based rental assistance (PBRA) or project-based voucher (PBV) contracts under the Second Component of RAD to preserve housing that serves the nationās most vulnerable elderly residents. The option to convert to long-term Section 8 assistance under RAD provides an opportunity for the aging stock of Section 202 PRAC properties to be recapitalized while protecting residents, maintaining non-profit control, and extending the period that the properties must remain affordable. Section IV of the RAD Notice provides program instructions and requirements for owners of Section 202 PRAC projects.
How Owners May Apply
Non-profit owners may make an initial submission of interest to undertake a conversion through the RAD Resource Desk at www.radresource.net. HUD will use the initial submission of interest in order to assign a Transaction Manager, who will make contact to discuss the conversion process and the Project Ownerās goals for the Project.