The Rental Assistance Demonstration (RAD) is a voluntary program of the Department of Housing and Urban Development (HUD). RAD seeks to preserve public housing by providing Public Housing Agencies (PHAs) with access to more stable funding to make needed improvements to properties. Click here for more details on the program.
The Sanford Housing Authority’s (SHA) intention is to redevelop the sites. It is seeking to implement the Rental Assistance Demonstration (RAD) program. In May of 2015, SHA was approved for portfolio conversion to convert all of its properties under the RAD program. The RAD program will allow SHA to leverage public and private debt and equity in order to reinvest in its public housing stock. Tenants will continue to pay 30% of their income towards the rent and they will maintain the same basic rights as they possess in the public housing program.
The RAD program does not increase the housing authority’s budget. This program simply shifts units from the Public Housing program to the Section 8 program so that providers may leverage the private capital markets to make capital improvements.