Niche Financing Tools: Faircloth-to-RAD, Fannie Mae’s Sponsor-Initiated Affordability & Property Assessed Clean Energy (PACE)

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This Unmute the Mic Town Hall Series explores three creative  financing tools that can support your next affordable or workforce housing project.

Program Highlights

Faircloth-to-RAD

HUD’s newest twist on the Rental Assistance Demonstration (RAD) Program: the Faircloth-to-RAD Conversion option. This new RAD tool allows housing authorities with existing Faircloth Authority to create new deeply rent-assisted housing. There is existing Federal authority to provide deep rent assistance for nearly 220,000 new units “Faircloth-to-RAD” units. Learn how this new tool works and how developers and PHAs are developing projects today.

Fannie Mae’s Sponsor-Initiated Affordability

Fannie Mae recently announced a new financing product to support workforce housing — its Sponsor-Initiated Affordability (SIA). SIA provides better pricing and underwriting flexibility to incentivize the voluntary creation or preservation of units that are affordable to tenants earning 80% of Area Median Income (AMI) or less. Learn how you can leverage this new product to support your next workforce, mixed-income or naturally occurring affordable housing project.

Property Assessed Clean Energy (PACE)

Property Assessed Clean Energy is a financing mechanism that enables low-cost, long-term funding for energy efficiency, renewable energy and water conservation projects. Property owners love PACE because they can fund projects with no out-of-pocket costs. Since PACE financing terms extend to 20 years, it’s possible to undertake deep, comprehensive retrofits that have meaningful energy savings and a significant impact on the bottom line. Learn how and where multifamily and affordable housing owners are leveraging PACE financing to support their new projects and existing portfolio.

Featured speakers:

  • Thom Amdur, President, National Housing & Rehabilitation Association MODERATOR
  • Tom Davis, Director, Office of Recapitalization, U.S. Department of Housing and Urban Development
  • Angela Kelcher, Senior Director of Affordable Production, Fannie Mae
  • Daniel Rosen, Partner, Klein Hornig LLP
  • Sal Tarsia, Managing Partner, CastleGreen Finance, LLC

Course Content