In just seven years since the first public housing property converted under the Rental Assistance Demonstration (RAD), Public Housing Agencies (PHAs) and their partners have cleared another major milestone—surpassing more than $10 billion for the improvement and replacement of converting public housing properties. RAD has preserved, improved or replaced 165,000 homes, of which 140,000 are RAD-converted and 25,000 are income-restricted affordable housing and market-rate units in the same properties. Congratulations to HUD’s office of Recapitalization, the PHAs, their development and financing partners and the residents; here’s to another $10 billion!