Clayborn & Associates, LLC served as co-counsel to a housing authority which utilized the RAD program to rehabilitate its entire public housing inventory. Through the use of the RAD program, the client was able to convert its public housing assistance long term, and project bond Section C assistance. These projects were also eligible to apply for access to other sources of financing, including LIHTC, municipal bond financing, HOME, and other loan /grant funds.
One of our clients has utilized RAD to substantially rehabilitate its entire portfolio of over 700 public housing units into affordable tax credit units. Through the use of the project-based Section 8 program, the housing authority is able to continue to provide lower than market rents to its residents. These units, now substantially rehabilitated, will provide housing at affordable rates for decades to come.