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

 

Housing Authority of the City of El Paso (HACEP) closes country's largest RAD deal to date

I have Google Alerts for all things RAD, and I loved seeing this PR release.  

I want to give kudos to the entire RAD Staff at D3G, who have been working diligently on this project for over 2 years. 

Congrats to HACEP, and a thank you to the HUD RAD Team!

 

View full press release here

HUD releases new RAD Physical Condition Assessment (RPCA) Guide on 3/31/2015

HUD posted their new "RAD Physical Condition Assessment Guide” yesterday.  Thirteen pages of good reading.  The big take-away is in the RPCA Lessons Learned section on page 8. They even put it in bold for us, “There is no substitute for an experienced, qualified RPCA Contractor.”

 

There are also a few nuggets of processing news.   Two of the important ones are on page 2: 

(a)  “Public housing built within the last 5 years without FHA financing” do not require an RPCA; and

(b) the RPCA narrative report can be waived on not only Gut Rehabilitation, but also non-FHA LIHTC projects. 

 

Excellent changes.  Also, another important note on a quality RPCA is included on Page 4 of the document:

“An inexperienced RPCA Contractor costs everyone time, frustration, and money, and may jeopardize HUD milestone compliance for even project feasibility.”   

 This statement by HUD makes our 26,000 units of RAD conversion experience invaluable to public housing organizations.   

 

Use the link below to read the RAD Physical Condition Assessment Guide in its entirety.

HUDs RPCA Guide

New RAD Multi-Site Bond Program

This week’s announcement by the Georgia DCA (a State Finance Housing Agency (SFHA)) is a welcomed addition to financing options for RAD projects. 

I am especially excited because this program was established in cooperation with HUD to bolster public housing agency access to the LIHTC program.    

We hope to see more SFHA’s be creative and implement similar multi-site bond buying programs or financing pools with HUD assistance to assist in the preservation of public housing as they convert to long-term Section 8 contracts. 

Kudos to DCA and HUD for being creative! 

 

RAD Multi-Site Bond Program - Press Release ->GA-DCA-RAD-Multi-Site-Bond-Program.docx

HUD MAP Guide 2015 - Draft for Feedback - Released February 2015

The draft FHA Multifamily Accelerated Processing (MAP) Guide was posted on February 27, 2015 for stakeholder review and feedback.

 

HUD indicates the new Draft MAP Guide has revisions which can be categorized into three main areas:

 (1) Technical corrections and edits to the current version, based on operational experience; 

(2) Integration of previously published policy (e.g. Mortgagee Letters, Housing Notices, Memos, and less formal guidance) issued since 2011; and

(3)  Incorporation of the significant organizational and operational business model changes associated with the Multifamily for Tomorrow transformation initiative.  

 

The great news is that HUD is soliciting public comment and stakeholder feedback through April 30, 2015.    To facilitate HUD’s review and analysis of feedback, stakeholders are encouraged to use a “Feedback Response Worksheet” in Excel format that can be accessed here.  Now, let’s all curl up with the 907 page document and have a good read!

 

*For MAP Guide 2015 Draft Appendices and other resources on this subject, please visit our Resource Center under HUD/FHA Resources.

Rental Assistance Demonstration (RAD) again in the Federal Register

On Thursday, January 29th, 2015, the Rental Assistance Demonstration (RAD) once again made the Federal Register.  HUD is proposing to reprioritize the RAD waiting list in order to give priority to the deals that have a higher likelihood of closing.  This notice is open for comment until March 2, 2015. 

Read the full notice here.     

 
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