A New Opportunity for Section 202 PRAC Properties



Date: May 29, 2019

Time: 3:00–5:00 p.m.

Location: Nixon Peabody LLP, 55 W. 46th Street, New York, NY 10036

Contact: Kristen Sullivan
ksullivan@nixonpeabody.com
617-345-1006

Until recently, Section 202 sponsors with Project Rental Assistance Contracts (PRACs) were prohibited from refinancing their properties despite their aging buildings facing substantial capital repair needs. Recently, the Department of Housing and Urban Development (HUD) issued draft guidance which would, once implemented, allow owners of Section 202 properties with PRAC contracts to use the Rental Assistance Demonstration (RAD) program to convert their PRACs to long term Section 8 contracts which can leverage financing, thereby allowing them to access private financing to recapitalize their projects. This training will provide a thorough overview of the proposed RAD for Section 202/PRAC conversion process from the initial requirements of a Capital Needs Assessment and Environmental Review, a thorough discussion of the draft RAD guidance, and the construction opportunities once the conversion is complete.

These trainings are designed for owners, investors, syndicators, managers, consultants, and other practitioners in the field of affordable housing.

A networking reception will immediately follow the program.

Speakers

Rob Hazelton, CEO, Dominion Due Diligence Group (D3G)
Paul Phillips, Senior Living Specialist, LECESSE Construction Services
Deborah VanAmerongen, Strategic Policy Advisor, Nixon Peabody LLP

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