Tom Davis, Director of the Office of Recapitalization at HUD, sent a letter to Commitment to Enter into a Housing Assistance Payments Contract (CHAP) Awardees detailing the 2019 timeline for year-end closings of Rental Assistance Demonstration (RAD).
|Required Action||Deadline to close by November 30, 2019||Deadline to close by December 31, 2019|
|Upload all required Financing Plan documents*||July 1||August 1|
|Receive a HUD-executed RCC||August 30||September 30|
|Submit complete closing package||September 16||October 15|
|All RAD documents approved and ready for HUD signatures||November 15||December 13|
* Note: FHA applications should be submitted at roughly the same time as the Financing Plan documents. PHAs should coordinate with their FHA lender to stay on track.
HUD reserves the right to modify these deadlines in response to changing conditions. HUD recommends early submissions, building sufficient time into your schedule to meet all timeline requirements, and allowing for unexpected delays for those who wish to close by a specific date.
HUD will prioritize work based on several factors, including:
- Adherence to the deadlines set forth in this memo.
- Critical deadlines beyond the control of the PHA and its development team. HUD will require documentation of these deadlines when considering this factor.
- Lower priority will be given to transactions when RCCs have been extended past their original 90-day term from HUD issuance, when RCCs have been placed on Delayed Submission Status, and when an RCC expired and a new RCC was subsequently issued.
If you have any questions and you have an RCC, please contact your Closing Coordinator. If you do not yet have an RCC for your transaction, please contact your Transaction Manager.