Owners and managers of units subsidized through HUD's Moderate Rehabilitation (Mod Rehab) program, including Mod Rehab Single Room Occupancy (SRO) units, should be considering converting their existing Mod Rehab and Mod Rehab SRO HAP contracts to either Project Based Rental Assistance or to Project Based Vouchers under HUD's Rental Assistance Demonstration (RAD) program. The RAD program offers the opportunity to perform substantial revitalization and modernization, and the potential to increase rents, while ensuring the long-term affordability of the project.
HUD's framework for taking Mod Rehab/Mod Rehab SRO projects through a RAD conversion can be confusing. While the rewards of conversion can be great, the demands on the applicant are high and the process can be daunting for owners and managers alike.
Please join Leigh Poltrock, of counsel in the Affordable Housing and Community Development Practice Group of Pepper Hamilton, for the latest information on HUD's RAD program as it relates to the conversion of Mod Rehab/Mod Rehab SRO projects, including some best practices for keeping your conversion on track.