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HUD Announces Historic Transaction: Transforming Over 2,000 Affordable Rental Homes in New York City

Nearly $1 billion Rental Assistance Demonstration Transaction with the New York City Housing Authority will enable major upgrades for more than 2,000 affordable rental homes in the Bronx.
The U.S. Department of Housing and Urban Development's Office of Multifamily Housing is announcing today it recently closed a $930 million Rental Assistance Demonstration (RAD) transaction with the New York City Housing Authority (NYCHA) at its Edenwald Houses property. This transaction will allow NYCHA to provide much-needed upgrades and renovations to 2,035 affordable rental homes. Through RAD, these homes will be converted to Project-Based Section 8 housing using a RAD/Section 18 Blend, a component of RAD that allows for higher levels of funding to directly support improvements to resident homes. This is the largest transaction to date under the RAD program.
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