Search
 

HUD Announces RAD Fast Track Program

A new Fast Track initiative will streamline access to viable financing tools for at risk public and assisted housing through HUD's RAD program.

By Bradley Fountain | Updated on July 25, 2014

The Department of Housing and Urban Development (HUD) is implementing a new Fast Track component to its Rental Assistance Demonstration program (better known by its catchy acronym: RAD), which provides access to viable financing tools for at risk public and assisted housing. RAD Fast Track aims to address the overwhelming popularity of the RAD program by streamlining the process. HUD estimates that roughly 10,000 public housing units are lost to deterioration annually, while the need for affordable housing for low-income renters continues to skyrocket. The RAD programis a central part of HUD’s efforts to close this gap by preserving the country’s affordable rental housing, while at the same time adding value to it through privately-funded energy efficiency improvements. 

On their website, HUD states that ”RAD is a central part of the Department’s rental housing preservation strategy, which works to preserve the nation’s stock of deeply affordable rental housing, promote efficiency within and among HUD programs, and build strong, stable communities.” Simply put, the RAD program makes it easier for public housing authorities to refinance and rehabilitate their aging facilities, by way of converting these properties to long-term Section 8 rental assistance contracts.

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM digital member, you’ll receive:

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 1 free article* every 30 days across the ALM subscription network
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?

NOT FOR REPRINT

© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.

GlobeSt

Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join GlobeSt.com now!

  • Free unlimited access to GlobeSt.com's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com.

Already have an account? Sign In Now
Join GlobeSt

Copyright © 2024 ALM Global, LLC. All Rights Reserved.