The U.S. Department of Housing and Urban Development will host a listening session on improving time it takes to close a transaction through the Rental Assistance Demonstration program. HUD invites RAD PHAs, their partners, and other interested stakeholders to participate in the discussion, which will focus on best practices for prompt closings and to inform HUD’s strategy for increasing RAD closings prior to September.
When: March 29th, 1:30pm-3pm
Where: Brooke-Mondale Auditorium, US Dept of HUD, 451 7th Street SW, Washington, DC
From October to December 2015, HUD and its partners closed 70 RAD transactions, accounting for over one fourth of all deals since RAD began in 2013. With more than 1,000 transactions now active in the RAD pipeline, HUD is preparing for a much larger volume of transactions this year. However, HUD is already seeing requests for extensions to Financing Plan submission deadlines, with closing volume increasingly concentrated in the last months of the year. In order to manage the capacity, and anticipating a very high volume of closings in the last quarter of the year, HUD is looking for ways to promote earlier closings whenever possible.
Currently, HUD’s primary remedy against PHAs who miss their Financing Plan submission deadlines or their RCC closing deadlines is to revoke CHAPs – an extreme remedy for a PHA approaching closing. HUD is interested in hearing from its partners on how HUD should use this authority, and on what other incentives or remedies short of revoking CHAPs HUD can employ to keep PHAs on schedule and to mitigate the surge of volume at year-end.
Please RSVP to RAD@hud.gov with your full name, email address, and the name of your organization. Questions and comments can also be sent to RAD@hud.gov.
