The Department of Housing and Urban Development (HUD) has indicated that owners of Rent Supplement and Rental Assistance Payments (RAP) properties should submit Rental Assistance Demonstration (RAD) expression of interest letters for conversion under the second non-competitive component to HUD by April 1. The letters will not bind the owners to participate in RAD, but will ensure that properties will be considered for participation in the program if funding remains available. RAD provides an opportunity to owners of properties that currently receive funding under the Rent Supplement or RAP programs to convert these expiring contracts to new 15-year project-based voucher (PBV) contracts. The new 15-year PBV contract can be utilized to leverage financing for a preservation transaction.

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