Operationalizing RAD Conversion: Key Documents and Funding Preparations
Explore key governing documents and essential preparations for RAD conversion, including PBRA and PBV requirements. Understand the funding process during the year of conversion. Get ready for a seamless transition in your multifamily housing program.
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Life After Closing Operationalizing the RAD Conversion RAD 2020 Awardee Virtual Training Day Five| June 24, 2020 Presenter: Will Lavy, Office of Recapitalization
Agenda Key governing documents Preparations for Section 8 Funding Ongoing oversight and requirements Key RAD considerations 1
Key Governing Documents: PBRA HAP Contract HUD Handbook 4350.3 Occupancy Requirements of Subsidized Multifamily Housing Program RAD Notice RAD PBRA Quick Reference Guide (available on RAD Resource Desk) provides brief references for major program requirements 2
Key Governing Documents: PBV HAP Contract 24 CFR 983 RAD Notice RAD PBV Quick Reference Guide (available on RAD Resource Desk) provides brief references for major program requirements 3
Preparations for PBRA By the point of conversion, owner must have: Completed 2530 (previous participation) clearance Prepared a Affirmative Fair Housing Market Plan (AFHMP) Prepared a Tenant Selection Plan Use Model Lease with RAD-required House Rules Establish Access to TRACS and secure software or experienced management agent 4
Preparations for PBV By the point of conversion, PHA must have: Amended Section 8 Administrative Plan Identified an Independent Entity, if property is PHA-owned, to perform HQS and rent adjustments Confirmed that RAD HAP contract rents do not exceed the reasonable rent Conducted HQS inspections (unless Work is required as part of the conversion) 5
Funding: Year of Conversion In the year of conversion, property continues to be funded via the public housing Operating Fund and Capital Fund. Find on the Resource Desk: Year of Conversion Funding Instructions RAD Initial Year Funding Tool PBRA PBV Tenant Certifications Prepare and submit 50059s starting on HAP effective date Prepare and submit 50058s starting on HAP effective date Funding Owner must submit voucher into TRACS, but zero-out the $ request PHA does not report expenses in VMS. PHA does not earn admin fees in year of conversion 6
Funding: First Full Year After Conversion Starting on January 1 in the year after conversion, contracts are funded from Section 8 funds in accordance with contract rents PBRA PBV Owner submits must submit voucher for HAP into TRACS PHA receives new increment of voucher funds from HUD that are used to pay contract costs. VMS reporting and admin fees begin 7
Ongoing Oversight and Requirements: PBRA Management and Occupancy Reviews Physical Inspections (REAC) Submission of financial statements Replacement Reserve deposits and withdrawals Annual OCAF rent adjustments and utility allowance updates 8
Ongoing Oversight and Requirements: PBV PHA provides contract oversight HQS inspections Waiting list management and referrals Board reviews owner s operating budget annually to ensure annual Replacement Reserve deposits PHA (or independent entity) processes annual OCAF rent adjustments 9
Key RAD Considerations Right of return track former public housing residents that will not be screened on admission to Section 8 Rent phase-in Resident participation funding Resident termination and grievance procedures Choice-mobility (Resident right to move with a tenant-based voucher) 10
Questions? 11
