RAD PROGRAM UPDATE – JUNE 2014
No. Projects
Total Active Public Housing CHAPs
No. Units
290
38,173
7
878
35
3,184
1
175
21
15,034
Multiphase Awards
8
934
CNI Applicant Reservations
7
1,887
Total Active Mod Rehab CHAPs
Closed Public Housing
Closed Mod Rehab
Portfolio Awards
Pending CHAP Revocations
Completed CHAP Revocations &
Withdrawals
Pending RAD Applications
*Withdrawn/revoked units represent approximately 4% of 60,000 reserved units
(265)
Total
60,000
25
2,507*
705
117,104
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WAITING LIST – THE “OVER 60K” CLUB
What will HUD do for waiting list applicants?
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Continue to work with Congress to lift the unit cap
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Complete reviews of RAD applications – expect most reviews
will be completed within 30 days, the rest in 60 days
•
Issue conditional approvals pending the lifting of the unit cap
•
Provide technical assistance for applicants to help prepare to
make transactions go smoothly
•
If and when CHAPs are withdrawn/revoked, pull projects
from wait list – small number to date
2
WHAT WAITING LIST PHAS CAN DO
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•
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•
•
•
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Submit more applications!
Study
• PIH Notice 2012-32 REV 1
• Training Materials
• Talk with your peers
Communicate with residents
Procure a RAD PCA
Refine your proposal
Compile your development team
Amend your Annual Plan
3
RAD CLOSINGS TO DATE
RAD Closings as of 6/4/14
CUMULATIVE RAD CLOSINGS IN NEXT 45 DAYS
RAD Closings as of 6/4/14 and Active RCCs
CUMULATIVE RAD CLOSINGS
Current & Projected
40,000
36,000
35,000
30,000
25,000
20,000
15,000
15,000
10,000
5,395
5,000
3,359
0
*Projections based on current RAD pipeline estimated closing dates
6
DELIVERING RESULTS:
KEY PROGRAM IMPROVEMENTS
LIHTC Fast Tracking
Fast Track checklist and instructions just posted on
RAD Resource Desk
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•
•
•
•
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Streamlined submission requirements
Compresses milestones to one deadline 60 days after
award/approval
Ability to extend the 60 day deadline as requested by PHA
Risk-based processing – accounts for extensive review of
lender/investor
Focuses HUD review on areas where we add value
Helps PHA & development team meet LIHTC time frames
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KEY PROGRAM IMPROVEMENTS
FHA/RAD Fast Tracking
•
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Centralized processing
•
•
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5 FHA closings to date; several in processing
Contract support for Section 223(f)/RAD underwriting
Special centralized team in Chicago for Section 221(d)(4)s
Streamlined approval processes
•
•
One approval committee replaces RAD/FHA loan committees
Waivers of PCAs and most market studies for Section 221(d)(4)s
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KEY PROGRAM IMPROVEMENTS
Updated Guidance
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Relocation Notice
•
•
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Closing Documents
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Clarifies process for resident relocation in RAD conversions
Demystifies program requirements to shorten approval process
Clarifying lender rights and responsibilities in event of
foreclosure
Clarifying HAP contract language with regard to future changes
in policy
Conversion Guides
•
•
Written protocols on PBRA and PBV conversion
Public Housing close-out guide
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KEY PROGRAM IMPROVEMENTS
Updated Guidance, Continued…
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Energy Efficiency
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2014 Rent Levels
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New guidance on Utility Baselines (requirement of PCAs) – may
be provided after closing
FAQ document on EPCs forthcoming – will address treatment of
EPCs for RAD projects
FY14 Rents just posted on RAD Resource Desk
FAQs
New FAQs on Resource Desk on key topics - utility allowances,
rehab assistance payments, and removing units from PIC.
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