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Consider Authorization to Submit a Rental Assistance Demonstration (RAD) Application to the U.S. Department of Housing and Urban Development for the Redevelopment of Public Housing.
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Staff:
Department:
Loryn B. Clark, Executive Director
Housing and Community
Faith M. Thompson, Public Housing Director
Overview: The U.S. Department of Housing and Urban Development (HUD) created the Rental Assistance Demonstration (RAD) program to allow public housing agencies the ability to leverage public and private debt and equity to reinvest in revitalizing the nation's public housing stock.
The Town identified RAD as a primary source of financing for the redevelopment of our public housing communities. On November 1, 2017, we presented analysis conducted by the Town's consultant, David Paul Rosen and Associates (DRA) that recommended the Town pursue RAD financing for the redevelopment of the Craig Gomains and Trinity Court public housing neighborhoods. That evening, the Council authorized the Town Manager to submit a Rental Assistance Demonstration (RAD) Program non-binding letter of interest to the U.S. Department of Housing and Urban Development (HUD). In response to our letter of interest, HUD has invited the Town to submit an application for funding by September 4, 2018.
Recommendation(s):
That the Council adopt the resolution to approve submission of a Rental Assistance Demonstration application to the U.S. Department of Housing and Urban Development for the redevelopment of the Trinity Court and Craig Gomains public housing communities.
Background
* The resolution adopted by the Council on November 1, 2017 authorized the Town Manager to:
o explore the feasibility of a HUD Section 18 application for Craig Gomains;
o submit a Rental Assistance Demonstration program non-binding letter of interest to the U.S. Department of Housing and Urban Development;
o explore the financial feasibility of a 9% tax credit development application; and
o issue a Reque...
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