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

 

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.     

Great news from New Orleans HUD: Homes for all of it's homeless veterans!

In this industry of affordable housing preservation, often we are working so hard that we forget to see the change we make in people’s lives.   I was touched when one of my employees forwarded me the following article prefacing it with:

“Hey Rob,  I don't know if you've already seen this article, but I was so happy to read this, I wanted to share it with you. I know a lot of us, myself included, have worked on HUD projects in New Orleans, and it's really great to see the difference we can make. I am so happy and proud to be a part of a company that works toward ensuring SAFE and affordable housing. Even if we only played a small part in this, we got to be part of the solution to getting a couple hundred people who served our country off the streets and into homes!“

http://m.csmonitor.com/USA/Society/2015/0109/In-a-US-first-New-Orleans-finds-homes-for-all-its-homeless-veterans  

Just wanted to share that view with everyone, as it reminds us that we should all be grateful to have the opportunity to help others in the work we perform.  Doing well, by doing good, is a great thing.  

Let’s raise a cheer for 2015 and push for more affordable housing for those that need it the most!

 

RAD FHA Lenders: Frequently Asked Questions

 

D3G is an active participant in the Mortgage Bankers Association (MBA) and has been on monthly conference calls between FHA Lenders and HUD RAD staff.  These calls have been very informative and serve as question and answer sessions to improve the process of RAD transactions using HUD’s multifamily mortgage insurance programs.  

Last week HUD produced a list of “RAD FHA Lenders Frequently Asked Questions” which is a summary of the larger topics discussed over the past 6 months.   

I find two of the more important FAQs for my direct industry to be A (Scattered Sites) and C (RPCA with Section 221(d4) programs). 

Enjoy the new clarifications, and we can expect these FAQs to be incorporated into the revised pending RAD Notice 2012-32 expected in mid-March.

rad_fha_faqs.pdf

HUD RAD Showcase: Spotlight on Recent Closings

Great way to start the new year, as HUD has showcased another RAD Closing for a project Dominion Due Diligence Group (D3G) guided.  HUD has now showcased preservation deals, moderate rehabilitation deals (4% lihtc) and significant rehabilitation deals (9% lihtc) where D3G performed environmental, energy and engineering studies. Link below.

HUD Issued RADBlast! RAD_Newsltr_Dec2014.pdf

November Closing Spotlight: First listed is the project D3G guided. (Top of page 2)

Rental Assistance Demonstration (RAD) & The San Francisco Housing Authority

In light of the recent RAD re authorization (125,000 more units YIPPIE!), I wanted to blog about this great article regarding San Francisco Housing Authority and RAD.  D3G has worked on the San Fran RAD projects for greater than a year with the Mayor’s Office, and it is nice to see good press about the benefits of healthy homes. 

Also the article notes “Early estimates indicate that the RAD financing structure will result in over $500 million in rehabilitation. To put that number into perspective, the Housing Authority only receives $10 million per year for rehabilitation under the current system.”

Here’s wishing a healthy and happy holiday season to San Francisco Housing and their residents!

Full Article Here

 
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