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The Rev-4 of the RAD Notice - A few highlights

 

Since its release, the Rev-4 of the RAD Notice (now renumbered as Notice H-2019-09/PIH-2019-23 (HA)) has been a hot topic. The additional repositioning tools it provides housing authorities (HA) were heavily discussed at the recent RAD Collaborative Convening in Greensboro, NC and at other housing conferences I’ve been attending across the country. Here are some highlights from the revised notice with I find interesting: 

  • It allows HA’s to partner up, share resources, and do a bit of “horse trading” to benefit their portfolio repositioning.  They can now contribute public housing funds to each other’s projects, rent bundle across each other’s portfolio, transfer land or make other arrangements to facilitate RAD conversions amongst their portfolios.
  • HA’s can now apply for portfolio awards by entering 25% of units in RAD allowing them to lock in 2018 RAD rents as a future floor.
  •  Capital Needs Assessment requirements have been streamlined! This includes the elimination of all utility consumption baselines, and energy audits in some scenarios. 
  • A rent increase of $100 per unit is now possible if a RAD PBRA project involves new construction or substantial renovation in an Opportunity Zone (OZ). 
  •  Environmental clarifications include, broadening the use of tiered environmental reviews, required use of the new online HEROS platform, and increasing hazardous material requirements.
  •  Final guidance is provided on RAD for PRAC, allowing the conversion of Section 202 PRAC projects through RAD to long-term Section 8 contracts. (D3G can help whether you have a single PRAC or a complex portfolio. Read more here.)

D3G’s Housing Preservation Team brings superior knowledge and expertise to the complexity of RAD projects. We have 25 years of experience with HUD, FHA, RAD, Section 8 PBRA/PBVA, LIHTC and mixed income real estate repositioning services. Our experienced team can provide early planning and transactional guidance bringing projects from concept to reality. Read more about our RAD services here.

 

 

Celebrating 25 Years in Business!

Wow! Twenty-five years in business!

I’m not sure I was thinking that far ahead when I started the company back in 1994, by myself, in a windowless basement 340 square foot office.  Back then we were Dominion Environmental Group and definitely a “local” consultant, focused on hazardous materials testing and Phase 1 Environmental Site Assessments (ESA’s).  Boy have we evolved, grown and enhanced our array of professional service offerings over the years!  A few years after opening, we changed the name to our current Dominion Due Diligence Group and really started to focus on supporting the preservation of affordable housing, a cause I am deeply passionate about. We expanded our services to include Capital Needs Assessments, Architectural Review, Construction Cost Estimation, Sustainability/Energy Consulting, Green Building Certification, and Affordable Housing Repositioning Services. I am proud that D3G is the only affordable and workforce housing due diligence company that offers this depth and breadth of experience with experts that are all in-house – employees not contractors.

I’m also very proud of the accomplishments and acknowledgments we’ve received over the years, including the Ernst and Young Entrepreneur of the Year Award, a Best Places to Work award, and recognition of our support of Veterans Housing. I’m excited that for the past two decades D3G has been a willing guinea pig for HUD’s various pilot initiatives and housing preservation tools, such as the Rental Assistance Demonstration (RAD); Multifamily Accelerated Process (MAP); CNA e-Tool platform; 24 CFR 50/58 HEROS; LIHTC Pilot Initiative; Green MIP Reduction; and the Moving to Work (MTW) program.   

I’m thankful too, for the trust and support from our valued clients and vendors. Thank you for your belief in us and our abilities to help you achieve your project goals. Thank you for letting us share in your successes to transform communities and preserve workforce and affordable housing. D3G’s success can be attributed to the commitment to our core values, maintaining the highest level of customer service and having true Subject Matter Experts (SME’s) for employees. We will continue our mission of supporting workforce housing development and affordable housing preservation across the country by staying ahead of the latest financing programs and providing expert level consultative services to our clients. Here’s to 25! And celebrating the next successful chapter together.

 

 

Citi Showcases RAD Project that D3G Supported

Check out this cool video highlighting the successful transformation of a property devastated by super storm Sandy. The first RAD conversion for NYCHA Housing. https://youtu.be/kdGDtAC6Wrk 

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Bipartisan Bills to Improve LIHTC

Rob was on the Hill yesterday, hearing from and meeting with a few of the Representatives who helped to push this legislation!

 

After months of work by NAHB's Housing Credit Group members, legislation has been introduced in the House and Senate to improve the Low-Income Housing Tax Credit, as well as provide it with additional resources.

In the Senate, the Affordable Housing Credit Improvement Act (S. 1703) has been introduced by Sens. Maria Cantwell (D-Wash.); Ron Wyden (D-Ore.), the ranking member of the Senate Finance Committee; Johnny Isakson (R-Ga.); and Todd Young (R-Ind.)

The House bill (H.R. 3077) was introduced by Reps. Suzan DelBene (D-Wash.), Kenny Marchant (R-Texas), Don Beyer (D-Va.) and Jackie Walorski (R-Ind.).

The Affordable Housing Credit Improvement Act includes key provisions NAHB strongly supports. The bill would:

  • Establish a permanent minimum 4% credit floor. Currently, this credit rate floats, and the current low interest rate environment results in 15 to 20% less equity available for development. Establishing a 4% minimum floor would provide more predictability and flexibility in financing projects, making more types of properties financially feasible and significantly increasing unit production.
  • Increase 9% credit allocations by 50%.
  • Prohibit local approval and contribution requirements, which can be misused to block affordable housing projects.
  • Rename the Low-Income Housing Tax Credit the Affordable Housing Tax Credit.

Sen. Cantwell's leadership on this issue has been critical to garner bipartisan support for this legislation.

The Affordable Housing Credit Improvement Act will help boost the production of sorely needed affordable rental apartment units. NAHB strongly supports this legislation and will push for its consideration by the Congress.

 

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Choice Neighborhoods Initiative Awarded to Norfolk and Newport News in Virginia

D3G is proud to have assisted both Newport News and Norfolk, both successful recipients of large Choice Neighborhoods Initiative (CNI). Congratulations to both localities on their hard work!

https://www.hud.gov/press/press_releases_media_advisories/HUD_No_19_060 

 

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