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HUD Photo Office of Recap Mission
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Office of Recapitalization

The Office of Recapitalization (“Recap”) supports the preservation and recapitalization of federally-assisted housing and rental assistance for current and future generations. Recap structures, reviews, and implements transactions to ensure long-term physical and financial viability, often through public-private partnerships and the use of tax-incentivized financing. Recap also implements other affordable housing initiatives which leverage this transactional expertise. Programs currently or recently implemented by Recap include the Green and Resilient Retrofit Program (GRRP), Rental Assistance Demonstration (RAD), Mark-to-Market (M2M), Post Mark-to-Market (PM2M), Section 236 Preservation, Pre-1974 Section 202 Direct Loan Preservation (including SPRAC), Section 202 Capital Advance NOFAs, and Tenant and Community Engagement Initiatives.

Recap Highlights
GRRP logo

First Elements Cohort Awarded. Our first round of Elements awards was announced today for the application round that closed on 06/29/2023. See HUD's Press Release for more details.(September 13, 2023)

View the press release..
RAD in Salisbury, MD

The Wicomico Housing Authority in Maryland used RAD to replace its single public housing development with multiple properties in and around the city of Salisbury, creating new integrated housing opportunities. (September 7, 2023)

Read more in the essay.
NYCHA web card

A $930 million Rental Assistance Demonstration (RAD) transaction with the New York City Housing Authority - the largest RAD transaction to date-will update 2,000 affordable rental homes in the Bronx. (July 10, 2023)

View the press release..
RAD Photo Essay

The McKinney Housing Authority successfully redeveloped Merritt Homes using RAD, and an investment of over $30M from debt, equity, and local funds, replacing 150 homes with new deeply affordable housing. (June 5, 2023)

Read more in the essay.

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