HUD announces RAD changes at the RAD Network Training

by Ballard Spahr LLP
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HUD hosted the RAD Network Training on June 4th and 5th with a crowd in attendance that exceeded HUD’s expectations. The two day series of panel presentations spanned a range of topics with insights shared by HUD staff and housing authority representatives. It was evident that HUD is focused on making RAD work more efficiently in an effort to process the active RAD CHAPs covering more than 39,000 units through conversion to the Section 8 platform.

On the morning of the first day, Margaret Salazar, Director of HUD’s Office of Affordable Housing Preservation, discussed a number of changes that are being implemented to help ensure RAD deals move more efficiently. Among the changes is a “fast track” for RAD deals that utilize low-income housing transactions (but do not use FHA financing). The fast track collapses all of the milestones and requires that the housing authority make a streamlined submission of materials to HUD within 60 days of the issuance of a 9% LIHTC award or a 4% LIHTC allocation. Through this streamlined process, HUD is relying on the LIHTC investor and/or private lender for the due diligence associated with the financing structure, permitting HUD to focus its review to ensure compliance with federal regulatory concerns. Details about the submissions required as part of the fast track are found on the RAD Resource Desk.

HUD will also begin processing  RAD deals involving FHA financing using a streamlined approach that involves a single committee review that encompasses both RAD and FHA instead of the two committee review process that had been in place. A centralized HUD team in Chicago will process 221(d)(4) financings, while HUD will rely on contract support to underwrite  223(f)RAD financings.

HUD also announced that it will be issuing within the next week or two guidance regarding resident relocation issues. HUD will also be issuing an FAQ on energy performance contracts. In response to concerns raised within the lending and investing community, HUD is also preparing riders or clarifications to key HUD documents to address these concerns while also upholding the requirements of the RAD statute. Other information is available on the RAD Resource Desk, including guidance regarding the close out of public housing following RAD conversion and the FY 2014 rent levels.

 

DISCLAIMER: Because of the generality of this update, the information provided herein may not be applicable in all situations and should not be acted upon without specific legal advice based on particular situations.

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