NAHMA HUD Update: Full RAD Portfolio Conversion in Knoxville, TN, Portfolio Conversions Across America, and more!July 13, 2022 Dear NAHMA Members, Below, please find an update from HUD’s Rental Assistance Demonstration (RAD), via their RADBlast. This update includes:
For more information, please see the announcements below.
In this Issue of the RADBlast!:· Full RAD Portfolio Conversion in Knoxville, Tennessee· Portfolio Conversions Across America· Choice Neighborhood Planning Grants Application now Available· Recent RAD Closings in Your Community
ull RAD Portfolio Conversion in Knoxville, TennesseeSince 2016, the Knoxville’s Community Development Corporation (KCDC) has converted over 3,000 public housing units through 22 properties through RAD, investing over $93 million in renovations. Within the next two years, they plan to convert their last three public housing properties and complete. We sat down with Ben Bentley, the Executive Director of KCDC to discuss their rehab of Lonsdale Homes through RAD and how it supported their broader agency goals. Mr. Bentley also offers his insights on key questions we see many PHAs grapple with including why the organization chose to convert through RAD, how they determined what they had the capacity to take on and what they needed to bring in partners to support, and his advice for other PHA leadership and staff pursuing RAD and other tools to improve their public housing stocks. Read our interview with KCDC Executive Director Ben Bentley here, as he discusses their conversion of Lonsdale Homes and how RAD helped them better manage and repair their affordable housing portfolio.
Portfolio Conversions Across AmericaMany housing authorities that pursue RAD choose to transition their entire public housing stock to project-based Section 8 contracts in order to more effectively manage their affordable housing portfolio and improve housing conditions for residents. As we heard from Knoxville (see above) these portfolio conversions can take time to implement well, including proper engagement with residents and the community, assessing the needs of and devising a preservation strategy for each property, and securing financing. To date, 205 housing authorities have converted all of their public housing to project-based Section 8 contracts, ranging from PHAs in big urban centers (e.g., Nashville, TN) to PHAs in small towns and rural communities (e.g., Bonneville, AR). These PHAs have preserved or redeveloped 52,000 affordable rental homes through $1.47 billion dollars in investment. Another 113 PHAs, such as those in Cuyahoga (OH), Bradenton (FL), and Raleigh (NC), have a “portfolio award” with HUD and are intending to convert multiple remaining public housing properties in the coming years. According to the RAD statute, RAD Applications for individual properties must be submitted prior to September 30, 2024. Please note that the President’s Budget for 2023 has requested the elimination of this deadline. |
