HUD Releases New Funding – Relief for RAD Properties

On July 27, HUD published supplemental guidance for the Rental Assistance Demonstration (RAD) to support senior housing communities undergoing preservation transactions.

HUD’s Supplemental Notice makes $12 million in funding available and adjusts limits to rent setting for these properties.

LeadingAge, our national partner, worked with both HUD and Congress to make the additional funding and relief provisions available to senior housing providers.

Specifically, the notice makes funds available to provide contract rent increases to support greater financing to enhance climate resilience, energy and water efficiency, and housing design allowing older adults to age in place. The guidance also implements waiver authority to ensure the continuation of resident services previously provided at Section 202 PRAC properties converting through RAD and to avoid reductions in rental subsidy.

While more LeadingAge-advocated changes are needed to continue improving the RAD for the PRAC conversion program, the changes published by HUD on July 27 will help make senior housing preservation more financially feasible and keep affordable housing units available for older adults with low incomes.

HUD is hosting a webinar on Aug. 9 at noon CT to review the changes with stakeholders. Register here.

LeadingAge has also compiled a more detailed analysis of the new guidance.

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