Rental Assistance Demonstration (RAD)
In the Rental Assistance Demonstration (RAD) program, housing authorities are invited to apply on a competitive basis to convert portfolio properties into Section 8 contracts. To qualify, PHAs must not only make timely application during an upcoming short window, but also nominate properties that meet both HUD and lender underwriting criteria.
NMA is here to help. We’ve teamed up with Signet Partners to support your agency through the application process and beyond.
Why choose us?
To begin with, the NMA / Signet Team has extensive experience with all aspects of this process, including lender underwriting, which is a critical perspective to a successful application.
Combining Signet’s HUD financial restructure and asset management experience and NMA’s understanding of housing authorities’ operations and asset management needs, our team is uniquely qualified to help agencies strategically convert their public housing portfolio:
- We have significant experience administering similar programs. We have assisted HUD in the implementation of HUD’s Green Retrofit Program (GRP) and the Mark-to-Market (M2M) Program. We assisted in the review and evaluation of owner applications to the GRP program.
- RAD requires a Green Physical Condition Assessment (PCA) based on the Statement of Work (SOW) currently in use for HUD's M2M program and we are familiar with this SOW. We have experience in performing Physical Needs Assessments (PNAs).
- RAD recommends scoping the rehabilitation and ongoing replacements based on whether or not they pass a financial payback calculation and in a manner consistent with the principals and best practices of the green building industry. The NMA/Signet team is very familiar with how the paybacks are calculated. In addition, several of the Team’s employees are LEED accredited professionals. We understand the principals and best practices of the green multifamily housing industry.
- Another PIH recommended source of financing is low-income housing tax credits (LIHTCs). Our team has significant experience working with multiple funding sources.
- We work closely with several lenders. They sometimes have concerns as to whether the borrower understands their obligations with respect to the rehab and the tax credits, yet do not have the time to hold the hand of the borrower and show them what they need to be doing.
- We coordinate the closings of Mark to Market restructures and work with FHA insured loans and MAP lenders on a daily basis. We know which lenders are familiar with / understand the green PNA. We know how these lenders underwrite, and they know us.
- NMA’s depth of industry knowledge and resources are available to administer key steps in the process from preparing the latest versions of PNA’s to responding to HUD questions and ultimately closing transactions with lenders.
To stay updated on the latest RAD news and recommendations, follow the #RAD tag on our blog. For further background, keep reading:
A practitioner’s perspective on the Rental Assistance Demonstration (RAD) program
HUD seeks public comment on proposed RAD instructions
NMA can assist with your agency's RAD applications. Contact us today!
1-800-783-3100 or email firstname.lastname@example.org.