New RAD Application. We have just released a revised and simplified RAD Application for public housing conversions, which will reduce the burden on PHAs while collecting only the necessary information. This application can be used by any new applicant as well as PHA’s who have reserved their position on the waiting list through the submission of a Letter of Interest and who will be invited to submit an application as a result of the cap increase. The slimmed down application focuses on determining project eligibility, understanding the PHA’s anticipated conversion plans, and ensuring Board approval and resident consultation. The application is available here.
RAD Conference. We are excited for our upcoming RAD training on May 17-18. For those unable to attend, we will record each session and post the recordings and session materials following the conference.
Closing Webinar: We have posted a recently recorded webinar providing an overview on how the RAD closing process works. The webinar highlights key timelines and documents; roles and responsibilities of internal and external parties; unique requirements for PBV and PBRA conversions; and recommendations on best practices. The webinar is “must-see” viewing for any CHAP awardee, especially those that have submitted or are preparing to submit a Financing Plan. The webinar slides and recording can be found here.
Delayed Submissions of Draft Closing Packages. On April 27, 2018, the Office of Recap issued the attached memo describing the treatment of issued RAD Conversion Commitments (RCCs) when there are delays in the submission of the draft closing package. Effective for RCCs issued on or after May 1, 2018, if a closing package has not been received within two months of the RCC issuance date, the transaction will be placed in a “Delayed Submission” status and removed from the RAD Closing Coordinator’s and HUD Counsel’s workload so that HUD staff can concentrate on active closings. The RCC may be allowed to expire, which would require the PHA to resubmit a new Financing Plan if it wishes to proceed with conversion. The memo is attached and is available on the RAD Resource Desk.