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RADBlast! Good Shepherd House Opens in Seattle’s Central District, 2024 RAD Closing Timelines and more!

In this Issue of the RADBlast!: Good Shepherd House Opens in Seattle's Central District, 2024 RAD Closing Timelines, RSVP Today for HUD's Summit on Insurance Challenges Faced by the US Housing Market...and more!

Good Shepherd House Opens in Seattle's Central District

Good Sherpherd House - Front Exterior View of the Building

On May 29th, 86 newly constructed affordable homes opened at Good Shepherd House in Seattle's Central District, replacing 37 affordable homes that were originally assisted under the Moderate Rehabilitation program. Through the Rental Assistance Demonstration (RAD) program, the owner was able to convert assistance to a long-term project based rental assistance contract, preserving this affordable housing for the long-term. As a result, at-risk veterans, refugees, and residents transitioning out of the tiny houses will be among the residents safely housed in the new 86 home community. In 2015, tiny homes were built as shelters in response to the homelessness crisis. Building amenities include an on-site laundry facility that is free to all residents, a community room, bike racks, resident case management offices, and a rooftop deck that overlooks the city. The property's central location is within steps of a grocery store, food bank, and a main bus line.

Good Shepherd House was developed through a unique partnership between the Lutheran Church of the Good Shepherd and the ownership group Low Income Housing Institute (LIHI). Good Shepherd is the first project to take advantage of a 2021 city ordinance that provides development bonuses for affordable housing on property owned by religious organizations. The ordinance allowed for additional height and floor areas, enabling an additional 21 homes to be built. This project shows how communities can design local laws to promote housing construction, and affordable housing, a priority highlighted by the Biden-Harris Administration.

The development cost $32.8 million, most of which was financed by the Washington State Housing Finance Commission. Additional funding sources included the Seattle Office of Housing, Enterprise, Heritage Bank, State Housing Trust Fund, and Wyncote Foundation NW.

Good Shepherds House Tenant 1

Rep. Pramila Jayapal and Sharon Lee (LIHI)

 
Good Sherpherds House Tenants 2

Lynn Behar (LIHI), Tania (On-site Manager), Sharon Young (HUD), and Sharon Lee (LIHI)


2024 RAD Closing Timelines

The Office of Recapitalization released the timelines for year-end closing of RAD transactions. If closing by a specific date is critical to your transaction, we recommend that you plan according to the dates presented in the table below.

If you have questions and you have an RCC or Conditional Approval letter, please contact your Closing Coordinator. If you do not yet have an RCC or Conditional Approval letter, please contact your Transaction Manager.

Required Action

November

Deadline to Close by November 30, 2024

December

Deadline to Close by December 31, 2024

Upload all required Financing Plan (Public Housing) or Conversion Plan (PRAC) documents

July 1

August 1

Receive a HUD-executed RCC (Public Housing) or Conditional Approval Letter (PRAC)

August 30

September 30

Submit complete closing package

September 13

October 11

All RAD documents approved and ready for HUD signatures

November 15

December 13

 


RSVP Today for HUD's Summit on Insurance Challenges Faced by the US Housing Market

Join HUD on Thursday, July 18 at 10 am ET for a critical summit focusing on the unique challenges HUD stakeholders are facing due to recent increases in insurance costs and lack of available coverage. This in-person event will bring together housing and insurance leaders, housing providers, academics, policymakers, and other stakeholders to discuss how this issue is impacting families and communities, partnerships that could be established, and potential policy solutions. RSVP here to attend the event at 451 7th St Southwest, Washington, DC 20410 (HUD Headquarters).


New Resources to Support Multifamily Owners Applying for the DOE's Low-Income Adder for Solar Projects

The Department of Housing and Urban Development (HUD) launched a new training series to help owners of HUD-assisted multifamily housing properties apply for the Low-Income Communities Bonus Tax Credit under the Low-Income Communities Bonus Credit Program. This program provides funding to supplement the existing Clean Electricity Investment Tax Credit (sometimes referred to as “48E”). The initial application window for program year 2024 closes today, June 27 at 11:59 pm ET. All applications submitted by this date will be considered submitted on the same date and time. Applications submitted after this date and time will be evaluated on a rolling basis. Below are two useful resources to help owners complete this application.


Housing Information Portal (HIP) Implementation Delayed

On June 17th, HUD announced that the timeline for implementing HIP will be revised. The July 1, 2024, deadline for submitting to HUD the form HUD-52860 Inventory Removals Application and supporting documents in IMS/PIC, including applications under Section 18 Demolition or Disposition or Section 22 Streamlined Voluntary Conversion is no longer applicable. PHAs will no longer need to submit applications by July 1.


RAD Outreach & Training in North Carolina

The RAD Resident Engagement and Protections Team met with the Durham (NC) Housing Authority and the Burlington (NC) Housing Authority on April 23 to April 26 in order to provide training to housing authority staff and residents on the extensive protections and rights under RAD. Residents can learn more about the opportunities to improve their communities through RAD by accessing this website. Residents interested in training should contact us at rad@hud.gov

RAD Outreach Residents in Durham, NC

Thank you, 
The RAD Team

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