RAD-All the Latest News!Texas Housing Conference
July 28-30, 2014Hilton HotelAustin, TX
PresentersModerator
Terri Anderson, Anderson Capital
Panel MembersJerry Anderson, Gill Group
Elizabeth Arteaga, HUDBarry Palmer, Coats | Rose
Deborah Van Amerongen, Nixon Peabody
RAD Update
What’s happening now?
Jerry R. Anderson
1. Current Unit Cap vs. Proposed Unit Cap
2. What is happening with current “waiting list” applications
3. Current Closing projections
4. Program Improvements
RAD Cap
60,000 vs. 180,000/185,000
What is the status?
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If and when CHAPs are withdrawn/revoked, pull projects from wait list – small number to date
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
Current Closing Projections
May-14 Jun-14 Jul-14 Aug-14 Sep-14 Oct-14 Nov-14Dec-14 Jan-15 Feb-15Mar-15Apr-15May-15 Jun-15 Jul-15 Aug-15 Sep-150
5,000
10,000
15,000
20,000
25,000
30,000
35,000
40,000
3,3595,395
15,000
36,000
Current & Projected
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
FHA/RAD Fast Tracking
5 FHA closings to date; several in processing
Centralized processingContract support for Section 223(f)/RAD underwriting
Special centralized team in Chicago for Section 221(d)(4)s
Streamlined approval processesOne approval committee replaces RAD/FHA loan committees
Waivers of PCAs and most market studies for Section 221(d)(4)s
Updated Guidance
Relocation NoticeClarifies process for resident relocation in RAD conversions
Demystifies program requirements to shorten approval process
Closing DocumentsClarifying lender rights and responsibilities in event of foreclosure
Clarifying HAP contract language with regard to future changes in policy
Conversion GuidesWritten protocols on PBRA and PBV conversion
Public Housing close-out guide
Updated Guidance, Continued…
Energy EfficiencyNew 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 LevelsFY14 Rents just posted on RAD Resource Desk
FAQsNew FAQs on Resource Desk on key topics - utility allowances, rehab assistance payments, and
removing units from PIC.
Latest Management Changes within HUD
OAHP
Asset Management
For More Information:
RAD Notice, application materials, and additional resources can be found at www.hud.gov/rad
Email questions to [email protected]
Rad Resource Deskwww.radresource.net
RAD Capital Marketplace www.radcapitalmarketplace.com
Thank You!