RAD Tag Archives

Opportunity and Revitalization Council Reports Findings to President Trump

On February 7, the White House Opportunity and Revitalization Council, chaired by HUD Secretary Ben Carson, released its one-year report on Opportunity Zones to President Trump. The report makes 43 legislative and regulatory recommendations relating to Opportunity Zones, including a call for the collection of data to assess the incentive’s value to distressed communities.

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Trump Administration Releases FY 2021 Budget Request

President Trump’s Administration released the Fiscal Year (FY) 2021 budget request, “A Budget for America’s Future.” HUD is allocated $47.9 billion in funding, a 15.2 percent decrease over FY 2020 enacted levels with notable zeroing out of the HOME program, Community Development Block Grants (CDBG), Public Housing Capital Fund, Choice Neighborhoods and HOPE VI.

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HUD Releases RAD Evaluation

HUD released an evaluation of its Rental Assistance Demonstration (RAD), which finds significant evidence that RAD is stimulating billions of dollars in capital investment, improving living conditions for low-income residents and enhancing the financial health of these critical affordable housing resources. The report says that the 956 RAD conversions studied leveraged $9.66 for every dollar provided through HUD’s public housing programs, that all rehabilitation projects covered their rehabilitation needs, that there is an 87 percent post-conversion decrease in unscheduled capital needs for completed RAD properties and that tenants were pleased with the improvement.

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Revised RAD Notice

HUD released a Revised Rental Assistance Demonstration (RAD) Notice, with comments due on November 12. The notice announces the posting of the fourth revision to the RAD notice and solicits public comment on the removed restrictions on certain HOPE VI properties that are under ten years old and the elimination of the selection of applications based on previously established “Priority Categories” so that HUD reviews applications on a first-come, first serve basis. The notice also establishes the priority selection of applications for properties located in designated Opportunity Zones, in the event that a waiting list forms.