Today in the Federal Register, the Department of Housing and Urban Development (HUD) described its application review process for the Rental Assistance Demonstration (RAD). The cap on RAD conversions was increased from 60,000 units to 185,000 units under the fiscal year 2015 appropriations act.
As described in today’s notice, HUD will now process existing applications from the RAD waiting list. HUD will issue a commitment to enter into a housing assistance payments contract (CHAP) for any eligible application that falls below the 185,000-unit cap.
According to the notice, if additional or updated information is needed to complete an application, the application will be held until the information is provided. HUD will review applications “in the manner it deems most expedient”:
HUD may consider deal-specific factors including program financing requirements in determining the order with which it processes applications. Applications that require a CHAP by a certain deadline in order to secure project financing may be reviewed prior to other applications in order to maximize resources and support the successful conversion of all transactions.
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