We are proud to announce today that public housing authorities and their partners have surpassed $15 billion in construction investment since RAD's inception in 2013. PHAs across the nation leveraged RAD to obtain this financing for the construction, rehabilitation, and preservation of more than 185,000 deeply affordable rental homes for low-income families, seniors, and persons with disabilities.  

RAD has provided the platform for PHAs to recapitalize and infuse new public and private investment in deeply affordable rental housing while preserving the affordability of these rental homes in perpetuity. Through RAD for every $1 in public housing funds PHAs have put into a converting property, they have unlocked $15 in additional funding.

The attached flyer celebrates what PHAs have been able to accomplish with and for residents and their communities, and that highlights some of the accomplishments of RAD as told both through the numbers and from the resident experience.

Behind the $15B, RAD has helped PHAs across the country to: 

• Convert 1,533 public housing properties, covering approximately 185,000 deeply affordable rental homes, to the Section 8 platform and another 15,000 Low-Income Housing Tax Credit units.
• Secure and preserve housing under Section 8 for approximately 468,000 individuals. 
• Increase the level of investment per home now averaging 144,000 per home in 2022 compared with $55,000 per home on average in the first five years of RAD.  
• Finance $6 billion of construction at properties with greater capital needs, utilizing the innovative RAD/ Section 18 blend, modernizing and preserving 30,647 public housing units across 142 properties since 2018. 
• Complete 140 “transfers of assistance” to help PHAs replace 8,300 affordable homes to neighborhoods where the poverty rate is on average 24 percent lower than the rate at the original site.

See additional RAD data here.