Lexington Housing Authority to Revitalize Pimlico Apartments through HUD Rental Assistance Demonstration Program
The RAD program is the newest tool being offered by HUD for at-risk public housing authorities who wish to obtain private capital to revitalize homes for low-income persons and families. Up to 60,000 units are allowed to participate in the RAD program nationally at this time through a competitive basis. Residents gain by getting to keep their HUD rental assistance and by having renovated units that many times are more energy-efficient.
Recently, HUD celebrated with the Lexington-Fayette Urban County Government Housing Authority (http://www.lexha.org/) who was awarded approval to refinance Pimlico Apartments, which will undergo a complete revitalization and will be renamed Centre Meadows. Joining in the celebration was Gregory Byrne, HUD's RAD Program Coordinator, from Washington, DC.
"The Department is thrilled that the Lexington Housing Authority (LHA) is able to preserve 206 units of affordable housing through its involvement in the Rental Assistance Demonstration (RAD). These units were on the brink of being demolished. The LHA creatively combined RAD with both low-income housing tax credits as well as FHA financing. They've created a model for others around the country to follow," said Mr. Byrne at the celebration.
The Rental Assistance Demonstration (RAD) allows proven financing tools to be applied to at-risk public and assisted housing and has two components. The first component allows Public Housing and Moderate Rehabilitation (Mod Rehab) properties to convert, under a competition limited to 60,000 units, to long-term Section 8 rental assistance contracts; and the second component allows Rent Supplement (Rent Supp), Rental Assistance Payment (RAP), and Mod Rehab properties to convert tenant-based vouchers issued upon contract expiration or termination to project-based assistance.
RAD is a central part of the Department's rental housing preservation strategy, which works to preserve the nation's stock of deeply affordable rental housing, promote efficiency within and among HUD programs, and build strong, stable communities.
You can email the Department with questions or comments at RAD@hud.gov.
|Content Archived: August 8, 2016|