Housing Plus is thrilled to announce that our very own Amy M. McClain has authored The Beginner’s Guide to Public Housing Conversion under RAD, published by the American Bar Association. The book focuses on the Rental Assistance Demonstration program’s utility as a financing tool for stimulating revitalizations to public housing properties. As an informative guide, the book provides insights into how RAD’s current rules and procedures redefine the conversion of public housing units to Section 8 housing Assistance Payments contracts. Given the stresses facing our nation’s affordable housing stock, Amy undertook the effort to create a resource that would synthesize the U.S. Department of Housing and Urban Development’s RAD Notices and other guidelines into a single source – a strong starting point – for implementing this new housing preservation program.
RAD program conversions provide financing flexibilities that help alleviate the rising capital needs of public housing properties across the country. When public housing units are converted into Section 8 properties, they are removed from the public housing statutory and regulatory framework. The owners can leverage the Section 8 assistance against other financing tools to generate the capital needed to make repairs or to develop new replacement units. The RAD program holds the potential to dramatically evolve and continue to shape the affordable housing landscape. Currently, the statutory authorizations for RAD can only accommodate 60,000 public housing units, but over 120,000 additional units are already awaiting congressional authorization for conversion.
The book serves as a reliable resource for attorneys, developers, lenders, investors, and public housing authorities that want to know more about the benefits, requirements, and successful implementation of the RAD program. Amy combines the resources of the American Bar Association’s Forum on Affordable Housing and Community Development Law with her own extensive experience representing public housing authorities and affordable housing developers in mixed-finance transactions. She worked with Ballard Spahr teams that closed some of the first RAD deals in the country, several involving various funding sources. Amy currently represents housing authorities and developers on a number of pending RAD conversions.
For more information, or to order Beginner’s Guide to Public Housing Conversion under RAD, please visit Shop ABA.