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RAD Program Update – June 2014

RAD Program Update – June 2014. *Withdrawn/revoked units represent approximately 4% of 60,000 reserved units . Waiting List – The “Over 60K” Club. What will HUD do for waiting list applicants? Continue to work with Congress to lift the unit cap

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RAD Program Update – June 2014

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  1. RAD Program Update – June 2014 *Withdrawn/revoked units represent approximately 4% of 60,000 reserved units

  2. Waiting List – The “Over 60K” Club What will HUD do for waiting list applicants? • Continue to work with Congress to lift the unit cap • Complete reviews of RAD applications – expect most reviews will be completed within 30 days, the rest in 60 days • Issue conditional approvals pending the lifting of the unit cap • Provide technical assistance for applicants to help prepare to make transactions go smoothly • If and when CHAPs are withdrawn/revoked, pull projects from wait list – small number to date

  3. What Waiting List PHAs can Do • Submit more applications! • Study • PIH Notice 2012-32 REV 1 • Training Materials • Talk with your peers • Communicate with residents • Procure a RAD PCA • Refine your proposal • Compile your development team • Amend your Annual Plan

  4. RAD Closings To Date RAD Closings as of 6/4/14

  5. Cumulative RAD Closings in Next 45 Days RAD Closings as of 6/4/14 and Active RCCs

  6. Cumulative RAD Closings *Projections based on current RAD pipeline estimated closing dates

  7. Delivering Results: Key Program Improvements • LIHTC Fast Tracking Fast Track checklist and instructions just posted on RAD Resource Desk • Streamlined submission requirements • Compresses milestones to one deadline 60 days after award/approval • Ability to extend the 60 day deadline as requested by PHA • Risk-based processing – accounts for extensive review of lender/investor • Focuses HUD review on areas where we add value • Helps PHA & development team meet LIHTC time frames

  8. Key Program Improvements • FHA/RAD Fast Tracking • 5 FHA closings to date; several in processing • Centralized processing • Contract support for Section 223(f)/RAD underwriting • Special centralized team in Chicago for Section 221(d)(4)s • Streamlined approval processes • One approval committee replaces RAD/FHA loan committees • Waivers of PCAs and most market studies for Section 221(d)(4)s

  9. Key Program Improvements • Updated Guidance • Relocation Notice • Clarifies process for resident relocation in RAD conversions • Demystifies program requirements to shorten approval process • Closing Documents • Clarifying lender rights and responsibilities in event of foreclosure • Clarifying HAP contract language with regard to future changes in policy • Conversion Guides • Written protocols on PBRA and PBV conversion • Public Housing close-out guide

  10. Key Program Improvements • Updated Guidance, Continued… • Energy Efficiency • New guidance on Utility Baselines (requirement of PCAs) – may be provided after closing • FAQ document on EPCs forthcoming – will address treatment of EPCs for RAD projects • 2014 Rent Levels • FY14 Rents just posted on RAD Resource Desk • FAQs New FAQs on Resource Desk on key topics - utility allowances, rehab assistance payments, and removing units from PIC.

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