Multifamily Green RAD Project Profile–Oscar E. Stovall Apartments
D3G was engaged by a developer, The Michaels Organization (TMO) to assist with a public-private partnership involving HUD’s Rental Assistance Demonstration (RAD) between the Richmond Redevelopment and Housing Authority (RRHA), the City of Richmond and TMO. The property consists of 30 townhouse units in 10 two-story buildings constructed in 1982 and has not received significant capital expenditures since construction. The property presented itself as an excellent candidate for conversion of Section 9 to a project-based assistance contract using the Rental Assistance Demonstration (RAD) program; coupled with competitive 9% Virginia Housing LIHTC.
Multifamily IRA GRRP Recipient Project Profile–Urban League Manor
D3G was engaged by the current owner of the senior housing project to explore the opportunities of funding within the Inflationary Reduction Act (IRA) to assist in filling gaps in a planned recapitalization effort. The property consists of 9 single-story buildings constructed in 1982, containing 152 units of Section 8 Project-Based Assistance. The property underwent a moderate rehabilitation in 2008; and is looking to not only recapitzlize but also attempt to achieve “net-zero” and abate climate hazard risls. The property was identified to be located in a “Disadvantaged Community” per the EJ40 mapping tool, and per FEMA mapping the property has a National Risk Index (NRI) score of >98, Extemely High Risk.
Technical Assistance and Training–Multifamily Accelerated Process (MAP) Lenders
HUD released their climate action plan in 2022, which had ripples in the Multifamily Accelerated Process (MAP) Lending community. In July 2023, HUD prioritized climate risk planning, requiring public housing authorities participating in the Rental Assistance Demonstration (RAD) to establish property-specific disaster plans under the RAD Supplemental Notice and raising the minimum energy efficiency standards applicable to new construction in the RAD program. The Office of Multifamily Housing required similar protocols within their HEROS platform (HUD’s Environmental Reporting Online System) and began requiring “climate factors” to be addressed for each property and within the MAP underwriter’s loan summary documents.