HUD’s Office of Recapitalization recently released timelines for year-end closings of Rental Assistance Demonstration (RAD) transactions. If closing by a specific date is an important part of your transaction, HUD recommends that you submit ahead of the applicable deadlines, build sufficient time into your schedule to meet all timeline requirements, and allow for unexpected delays.
|Required Action||Deadlines to close by November 30, 2022||Deadlines to close by December 31, 2022|
|Upload all required Financing Plan documents*||July 1||August 1|
|Receive a HUD-executed RCC||August 31||September 30|
|Submit complete closing package||September 16||October 14|
|All RAD documents approved and ready for HUD signatures||November 14||December 12|
When transaction volume exceeds processing capacity, HUD will prioritize our work based on several factors, including:
- Adherence to the deadlines set forth;
- Critical deadlines beyond the control of the PHA and its development team. HUD will require documentation of these deadlines when considering this factor; and
- Lower priority will be given to transactions when RAD Conversion Commitments (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.