RAD stands for “Rental Assistance Demonstration,” a HUD program created to give public housing entities a powerful tool to preserve and improve public housing properties and address the $26 billion dollar nationwide backlog of deferred maintenance. RAD allows public housing agencies to leverage public and private debt and equity in order to reinvest in their housing infrastructure, and it moves public housing units to a Section 8 platform with a long-term contract that, by law, must be renewed. This ensures that the units remain permanently affordable to low-income households by maintaining public stewardship of converted property through clear rules on ongoing ownership and use. Resident rights and their assistance is protected by law. Residents continue to pay 30% of their income towards the rent.
FHC will work closely with residents, neighboring properties and the community every step of the way, with the overarching goal to create inspiring home environments that go beyond affordable, safe, and stable, but also support residents’ enriched quality of life.