Affordable Housing Development and Renovation
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RFP-RFP L-999-00
]faircloth to rad
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Description
The Chattanooga Housing Authority (CHA) is pursuing options to create or preserve affordable housing units by implementing the Faircloth to Rental Assistance Demonstration (RAD) Conversion Strategy. This initiative aims to develop new affordable public housing units to replace those previously removed from CHA's inventory. The U.S. Department of Housing and Urban Development (HUD) has provided a pathway for Public Housing Authorities (PHAs) to utilize their existing "Faircloth Authority" to establish new rent-assisted housing through the RAD Program. This conversion strategy will enable CHA and its development partners to more easily secure financing for new affordable units. Under HUD's Faircloth limit guidance, CHA is authorized to redevelop demolished affordable public housing units and receive additional operating funds to maintain these replacement units as safe, decent, sanitary, and affordable for low-income families. In a Faircloth to RAD transaction, PHAs can develop public housing units using HUD's traditional public-housing mixed finance program, with pre-approval to convert the property to a long-term Section 8 contract post-construction. Early-stage RAD conversion approvals provide lenders and investors with the revenue certainty through familiar Section 8 contracts to underwrite project construction.
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'New Multifamily Housing Construction (except For-Sale Builders)' Opportunities
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