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Office of Recapitalization


Office of Recap Preservation Mission Image

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 Rental Assistance Demonstration (RAD), Mark-to-Market (M2M), Section 236 Preservation, Pre-1974 Section 202 Direct Loan Preservation (including SPRAC), Section 202 Capital Advance NOFAs, Tenant and Community Engagement Initiatives, and the Green Retrofit Program.


Recap Highlights
RAD Montgomery Co MD

September 21, 2021

Public Housing transformed in Montgomery County, MD using RAD to replace distressed public housing with modern, new permanently affordable housing.  

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August 5, 2021

New RAD for PRAC training video (mp4 format), "PRACtical RAD Conversion Milestones" which provides practical guidance to owners of 202 properties with project rental assistance contracts.  

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Post Mark-to-Market Scenarios

June 30, 2021

NEW! Guidelines for Certain HUD Approvals Regarding Properties Encumbered by HUD-Held Markto-Market Program Debt and Portfolio Reengineering Demonstration Program Debt

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