Agencies applying to participate in HUD's new Rental Assistance Demonstration (RAD) program have a valuable source of support in the new partnership of Nan McKay and Associates (NMA) and Signet Partners, it was announced today by John McKay, CEO of NMA.
The RAD program invites public housing authorities (PHAs) to apply on a competitive basis to convert properties in their portfolio into Section 8 contracts. A primary provision of RAD is to provide PHAs with access to debt financing to address immediate and long-term capital needs through rehabilitation.
To qualify, housing agencies must not only make timely application during an upcoming short window, but also nominate properties that meet both HUD and lender underwriting criteria.
"Due to the anticipated level of interest in this financing program, it's critical that applications be meticulously prepared and properties meet the underwriting criteria of the private sector lender," McKay said. "We're very excited to be able to provide our clients with the exceptional combination of Signet's HUD financial restructure and asset management experience and NMA's understanding of housing authorities' asset management needs.
"Signet and NMA are uniquely qualified to offer a one-of-a-kind service to help agencies strategically convert their public housing portfolio."
According to Steven Weiner, President of Signet Partners, the team has extensive experience with all aspects of the RAD process.
"We're very fortunate to have spent the last eleven years working for HUD in a program to restructure project-based Section 8 debt that matches near exactly the requirements of the program at hand," Weiner said. "Our experience with the previous program not only meets loan underwriting criteria at all levels, but also facilitates needed funding for verified capital improvements. The RAD debt program is expected to function in a virtually identical format.
"Nan McKay is, effectively, an institution in the housing industry, and we're excited about combining our skills in HUD multifamily programs with theirs in PHA operations and management support."
Founded in 1980, Nan McKay and Associates is the industry leader in providing professional services to public housing agencies. NMA's dedicated team of industry experts has assisted over 3,000 housing authorities nationwide, with a long history of being the gold standard in helping agencies improve performance.
Signet Partners was formed in 1988 to expand services already being provided by its principals to commercial bank clients. With in-depth experience in investment, valuation and lending practices, Signet has served multiple agencies in multi-year contracts spanning the company's 23-year history and currently manages large government contracts for HUD, GSA, FDIC, and other state and federal agencies.