RECOMMENDATIONS
CONSIDER accepting oral report on the status of the conversion of Las Deltas under the Rental Assistance Demonstration program.
BACKGROUND
In response to the ongoing lack of funding for public housing, HUD created RAD as a financing tool to preserve existing units by converting the underlying public housing subsidy to a project-based contract with HUD that permits private financing. This will allow public housing units across the country to be modernized or replaced by new construction while providing more stable long-term funding. Although it is still a limited and newly developing program, RAD is HUD’s primary tool to fund required rehabilitation or reconstruction of existing public housing.
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