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Let the RAD Competition Begin!

The initial application period for the competitive First Component of RAD begins Monday, September 24th! As a primer, HUD held webcasts last Friday which have been posted to YouTube. For our MAP Lender clients, note that at the 5:35 minute mark of the “RAD First Component” video, HUD discusses the FHA mortgage insurance programs. Most encouraging is the indication that the Department will soon be issuing a Multifamily Mortgagee Letter, specifically about how the Section 223(f) and 221(d4) programs can work for RAD and expedited processing and approval of RAD applications. We look forward to this pending Mortgagee Letter to assist with future RAD applications and trying to intertwine the processes of MAP, OAHP and Public Housing together in the name of preservation.

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