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The latest in industry news with the insight of Dominion Due Diligence Group (D3G) President, Rob Hazelton

 

Updates To the Environmental Review Requirements for RAD Conversions - Quick Reference Guide

HUD has recently revised the Quick Reference Guide for Environmental Review Requirements for RAD Conversions. This version provides a more streamlined organization of information, incorporates frequently asked questions that have come up over the past few years, and introduces simplified environmental reviews for RAD conversions to PBRA that do not entail any work. This guide is applicable to both components of RAD (i.e., for public housing, Mod Rehab, Rent Supp & RAP, and soon 202 PRAC conversions). 

 

 

 

 

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HEROS Turns Five

On March 1st, HEROS celebrated five years in existence. From an idea floating around, to a document hundreds of pages long, to an almost mandatory system - it's come a long way!

 

Here are some HEROS stats:

Users

HUD staff:

  • CPD field: 477
  • CPD HQ: 35
  • OEE (CPD): 44
  • RAD: 55
  • Multifamily Housing and Healthcare: 371
  • Public Housing: 217
  • ONAP: 67
  • Other: 3

Non-HUD users:

  • CPD Entitlements: 3,235
  • CPD Consultants: 50
  • Public Housing Authorities: 51
  • ONAP Consultants & TDHEs: 22 (Pilot group only at this time)

 

Reviews in the system:

Part 50 – 4,850

Part 58 – 25,410

 

Here’s to many more years of HEROS!

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D3G Supported RAD Work in the News

D3G performed the RAD Due Diligence work on West Newton Apartments in Boston in 2017 and 2018. They just closed on the loan and the developer is getting ready to start the renovations. Not all RAD applications are accepted, but our clients have an upper leg when they use us to help them through the application process.

https://bostonrealestatetimes.com/inquilinos-boricuas-to-redevelop-and-preserve146-unit-west-newton-apartments/

 

We also provided the RAD Due Diligence work on Westside Courts in San Francisco in 2015 and 2016. Our Engineering, AEC and Green divisions all contributed to the massive improvements at this property.

https://www.globest.com/2019/02/26/mayors-office-unveils-public-housing-renovation/

 

What great success stories!

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LIHTC Pilot Notice

The long-awaited LIHTC Pilot notice was released late last week. Unfortunately, the notice language prohibits the pilot from being used for RAD transactions or New Construction using 4%. The industry will have to raise concern about these limitations because preservation of RAD and PRAC deserve reduced time and fees for transactions.

 

http://d3g.com/images/other_media/RAD/Mortagee_Letter.pdf 

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RAD Collaborative - First Regional Convening (Feb 27th - Mar 1st)

We're headed to the first convening of the RAD Collaborative in Portland, Oregon and hope to see you there! 

http://d3g.com/images/other_media/RAD/RAD_Convening.pdf

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