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12.10.14

House Proposal Provides RAD Extensions

The Omnibus bill includes an extension of RAD1 (public housing and mod rehab) through 2018 and increases the number of units from 60,000 to 185,000.  There are almost 185,000 units in the funding queue now.  RAD2 (RAP, Rent Supp, Mod Rehab) also is extended with the sunset of December 31, 2014 lifted.  RAD2 also provides owners an option to receive a 20-year Project-Based Rental Assistance Contract with OCAF adjustments.  Currently, owners only have the option of receiving a 15 year Project-Based Voucher Contract.