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The latest in industry news with the insight of Dominion Due Diligence Group (D3G) President, Rob Hazelton

 

RAD Evaluation Interim Report

(RAD Project, Orcutt Townhomes, pictured above)  

Dominion Due Diligence Group (D3G) has been a proponent of the Rental Assistance Demonstration (RAD) program since inception in 2012. During this time, RAD has gotten mixed reviews from different groups in and out of the affordable housing industry, much of which has been pessimistic.  Everything from tenant protesting RAD to articles smearing RAD as a negative program out to destroy public housing.   But, as the program matures, we have seen most of those views turn positive.   RAD is rising above the noise and proving to skeptics that the program is successful.  

 

On September 21, HUD released a RAD Evaluation Interim Report prepared by Econometrica. My read of the report is RAD gets an A+ in the mission and effectiveness of leveraging private capital with public funds - for the benefit of the most-worthy affordable housing in this country.  The interim report concludes that for every $1 of public housing funds, RAD is leveraging $9 from sources such as LIHTC, private mortgage debt, accrued land equity, grants and other funding.   On average, the closed projects studied for the report are undergoing an average of $60,877 per unit in construction costs.  More on the report here.

 

I was pleased to see that D3G has been involved in approximately 38% of the RAD projects studied for the Econometrica report.  Let us put our 3rd party affordable housing due diligence experience to work for you in your next RAD project.  

Bringing More Affordable Housing to the Market

Another example of Dominion Due Diligence Group (D3G) assisting a state finance agency with the FHA risk share program to bring more affordable housing into the market. Kudos to MassHousing, Rockport, and all others involved with this project.

Full article 

Rental Assistance Demonstration (RAD) success with D3G

 This is what RAD is all about.  Beautification and modernization of public housing, with the transformation to the multifamily housing portfolio.  It was a pleasure to work with the Salisbury Housing Authority and their Executive Director, Mr. Sam Foust, on this important initiative over the past 3 years.  Congratulations to all of those who put in long hours to get this done, all for the benefit of the community and residents.

More here

Virginia to get nearly $7 million in funds for affordable housing

(Pictured above: Dale Homes)

Congratulations to all of those involved!   Dominion Due Diligence Group (D3G) was proud to have worked on New Clay House; Dale Homes; and Sun Valley Landings, contributing a combined $42.1 million to affordable housing in Virginia.  Working on 3 of 5 recipients is not too shabby!   

More info

Update: Midwest Lenders' LIHTC Workshop

I am currently attending the Midwest Lenders' LIHTC Workshop in Chicago. The conference has been very informative so far and I have taken part in many interesting discussions. Lots of good knowledge and best practices being shared... But I'm not sure which is more lively, the conversations or the carpeting!

 

 
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