RAD Conversion Specialists (RCS) uses best practices and HUD guidelines in the conduct of its services and issuance of its findings.
RAD Consulting Services are typically broken into the Assessment Phase, Application Phase, and Award/Implementation Phase, as described below:
Assessment Phase
Our goal during the Assessment Phase is to provide sufficient information about the RAD Program so PHAs can make independent, informed decisions about whether their public housing units could be successfully converted to Section 8 HAP contracts. This phase also includes consideration of the short and long term impacts on the PHA, its residents, and staff.
Evaluation of specific public housing sites begins with an initial meeting with the PHA staff to review the portfolio and determine appropriate guidelines for communication and information requests. Based on available information, including a third-party Property Capital Needs Assessment (PCNA), RCS would:
- Complete a Portfolio Review and Analysis, including completion of HUD’s inventory assessment tool for each candidate property.
- Prepare a preliminary development budget that includes all proposed sources and uses of funds.
- Prepare a preliminary operating pro-forma, including the determination of the RAD contract rents, completion of an informal Rent Comparability Study, and an evaluation of additional revenue streams.
- Summarize options regarding possible ownership structures, along with the benefits & disadvantages of each.
- Consider FHEO requirements if relocation of existing residents is contemplated.
- Summarize employee retention options, in light of the PHA’s goals.
- Summarize the advantages and disadvantages of converting to RAD using Project Based Vouchers (PBV) versus Project Based Rental Assistance (PBRA), along with our recommendation.
Application Phase
If a PHA has not yet submitted a RAD application and would like to pursue a RAD conversion, then RCS would:
- Coordinate the required Resident Notifications/Meetings.
- Update the development and operating pro-formas, as necessary.
- Prepare and submit the RAD application, with PHA input and approval.
- Coordinate revisions to the PCNA, as necessary.
Award/Implementation Phase
When the PHA receives a Commitment to enter into a Housing Assistance Payment contract (CHAP), RCS would:
- Prepare and submit the required Financing Plan and coordinate all required attachments.
- Help the PHA amend its Five-Year Plan.
- Coordinate all required RAD Closing activities, along with the PHA and its attorney.
- Assist with post-closing activities/consulting as needed or requested by the PHA.
- Section 8/PBRA Transition Assistance.