The U.S. Department of Housing and Urban Development (HUD) has announced that more than $15 billion has been invested in affordable housing preservation construction over the past nine years through the Rental Assistance Demonstration (RAD) program in affordable housing preservation construction.
The $15 billion is more than a just a number—"it represents a substantial long-term investment in the homes and lives of people,” said Ethan Handelman, HUD Deputy Assistant Secretary for Multifamily Housing Programs in a press release. “Innovative use of RAD by Public Housing Authorities working with public and private sector partners, residents, and HUD has leveraged critical capital investments to help turn around the nation’s aging public housing stock.”
Since RAD began in 2013, the program has converted 1,533 public housing properties, encompassing approximately 185,000 homes, to Section 8 project-based rental assistance and project-based vouchers. RAD has leveraged the impact of public housing funds by bringing in more than $15 in additional funding for every $1 of public housing appropriated funds. These homes provide safe and affordable housing to approximately 468,000 individuals.
Ballard Spahr is a national leader working at the forefront of the legal and business elements of affordable housing and community development, including the RAD program. Ballard Spahr closed some of the first RAD projects and continues to work on some of the biggest RAD transactions in the country. Our attorneys ensure that clients get the most benefit from transactions and help navigate shifts in the market, regulatory obligations, and government incentive programs. Please reach out if you have questions, or visit us at our Affordable Housing and Community Development web page.
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