HUD Launches Groundbreaking Rental Assistance Demonstration to Preserve and Strengthen Public, Other HUD-Assisted Housing
HUD Press Release
The U.S. Department of Housing and Urban Development (HUD) announced its new program Rental Assistance Demonstration (RAD),the Obama Administration's preservation effort to rescue at-risk housing. RAD allows current assistance recipients to modify their contracts into long-term Section 8 contracts in order to preserve and rehabilitate their affordable housing. The rehabilitation projects will then create jobs in all facets of the construction industry. The program is estimated to preserve 13,000 affordable housing units and generate $650 million in private capital. More...