HUD Releases New Funding, Relief for RAD Properties
On July 27th, the U.S. Department of Housing and Urban Development (HUD) published supplemental guidance for the Rental Assistance Demonstration (RAD) that will support senior housing communities undergoing preservation transactions.
LeadingAge National worked with both HUD and Congress to make these relief provisions, including additional funding opportunities, available to senior housing providers. Specifically, the Notice makes funds available to provide contract rent increases that will support greater financing for properties converting through RAD to enhance climate resilience, energy and water efficiency, and housing design to allow older adults to age in place. The guidance also implements a waiver authority to ensure the continuation of resident services and avoid reductions in rental subsidy for Section 202 Project Rental Assistance Contract (PRAC) properties converting through RAD.
While more LeadingAge-driven changes are needed to continue to improve the RAD for PRAC conversion program, the changes published by HUD in July will help make senior housing preservation through RAD more financially feasible and help ensure that more affordable housing units remain available for the low-income older adults who rely on them.
Read LeadingAge National’s analysis of the new guidance here.
Contact: Annalyse Komoroske Denio, akomoroskedenio@leadingageny.org, 518-867-8866