Partnership of Affordable Housing and Lending Organizations Provides Two New Resources for Housing Authorities Interested in Rental Assistance Demonstration
WASHINGTON, D.C. – December 16, 2013 – (RealEstateRama) — – The Council of Large Public Housing Agencies (CLPHA), Enterprise Community Investment, Inc. (Enterprise), and National Equity Fund, Inc. (NEF), an affiliate of the Local Initiatives Support Corporation (LISC), have partnered to provide a workshop and an online tool for public housing authorities (PHAs) and others interested in the Rental Assistance Demonstration (RAD). A Department of Housing and Urban Development (HUD) program authorized in 2012 Congressional appropriations, RAD is a strategy for preserving deeply affordable housing at risk due to a lack of federal funds to address unmet capital backlog needs. CLPHA, Enterprise, and NEF’s workshop in Chicago this week will offer guidance to PHAs on putting together a successful RAD deal, including assembling a development team and financing, while the “RAD Capital Marketplace” website will connect PHAs with entities providing relevant services and products for putting together a deal.
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Nearly 100 participants will attend the training workshop “Making a RAD Deal Work” in Chicago on September 6-7, 2012. Organized for PHAs considering a RAD conversion, the workshop will cover topics such as portfolio assessment, development team selection, organizational and legal issues, and financing options. Attendees will have the opportunity to discuss individual deals with lenders, syndicators, developers, and senior HUD staff. Presentation materials will be available on the CLPHA website after the event.
CLPHA, Enterprise, and NEF have also launched the RAD Capital Marketplace website to facilitate connections between those seeking and those offering help in preparing for a RAD conversion. This online tool is designed to encourage contact and information sharing among PHAs and multifamily owners considering RAD and the lenders, syndicators, and consultants whose services and products may be of use in preparing an application and/or financing a deal. Organizations are encouraged to visit the site and add their information. This is meant to be a highly interactive tool for all industry members interested in working with PHA’s on the RAD program. Visitors to the website can post information by completing a simple form, and a search feature enables them to find participants in their respective states.
“The RAD Capital Marketplace is the kind of innovative response that we hoped the financing sector would generate to help recapitalize public housing,” said HUD Secretary Shaun Donovan. “I salute CLPHA, Enterprise and the National Equity Fund for taking the lead in this important effort to quickly bring together PHAs seeking to upgrade and preserve their portfolios with lenders, investors and financial intermediaries. Along with the participants in the Capital Marketplace, HUD will continue to work closely with all our partners striving to make RAD a success.”
In a time of shrinking federal budgets, RAD will be critical in helping PHAs begin to address the $26 billion in unmet capital needs so that they can continue to provide safe, quality housing for their residents. The RAD program allows for the conversion of current public housing, Moderate Rehabilitation (Mod Rehab), Rent Supplement (Rent Supp), and Rental Assistance Payment (RAP) assistance to long-term, project-based Section 8 contracts that will enable PHAs and multifamily owners to better leverage access to private investment. The training workshop and RAD Capital Marketplace offered by CLPHA, Enterprise, and NEF will assist PHAs and owners in finding the information and partnerships they need to participate in this program.
The Council of Large Public Housing Authorities (CLPHA) supports the nation’s largest and most innovative housing authorities by advocating for the resources they need to solve local housing challenges and create communities of opportunity. CLPHA is a national non-profit organization that works to preserve and improve public and affordable housing through advocacy, research, policy analysis and public education. CLPHA’s nearly 70 members represent virtually every major metropolitan area in the country. Together they manage 40 percent of the nation’s public housing program; administer 26 percent of the Housing Choice Voucher program; and operate a wide array of other housing programs. Visit www.clpha.org to learn more about CLPHA’s work to strengthen neighborhoods and improve lives.
About Enterprise Community Investment, Inc.
Enterprise is a leading provider of the development capital and expertise it takes to create decent, affordable homes and rebuild communities. For 30 years, Enterprise has introduced neighborhood solutions through public-private partnerships with financial institutions, governments, community organizations and others that share our vision. Enterprise has raised and invested more than $11.5 billion in equity, grants and loans to help build or preserve nearly 300,000 affordable rental and for-sale homes to create vital communities. Visit www.EnterpriseCommunity.com to learn more about Enterprise’s efforts to build communities and opportunity.
About National Equity Fund, Inc.
Celebrating its 25th anniversary in 2012, National Equity Fund, Inc. (NEF) is a nonprofit Chicago-based affiliate of the Local Initiatives Support Corporation (LISC) and the nation’s largest syndicator of Low Income Housing Tax Credits (LIHTC). Since its inception, NEF has played an integral role in creating affordable housing options, revitalizing communities and strengthening local economies. It has invested $9.5 billion in more than 2,100 LIHTC developments, creating 127,000 affordable homes for low-income families and individuals. For more information, visit www.nefinc.org.
Arianne Romney (CLPHA), 202-638-1300,
Scott Hoekman (Enterprise), 410-772-2508,
Karen Przypyszny (NEF), 312-697-6137,