Paragon Mortgage Corporation is pleased to be the first MAP lender in Arizona to complete a project which incorporates a RAD conversion with tax credits and multiple layers of financing.
As described on the HUD Web site:
The Rental Assistance Demonstration (RAD) allows proven financing tools to be applied to at-risk public and assisted housing and has two components:
- 1st Component – Allows Public Housing and Moderate Rehabilitation (Mod Rehab) properties to convert, under a competition limited to 60,000 units, to long-term Section 8 rental assistance contracts; and
- 2nd Component – Allows Rent Supplement (Rent Supp), Rental Assistance Payment (RAP), and Mod Rehab properties to convert tenant-based vouchers issued upon contract expiration or termination to project-based assistance.
RAD is a central part of the Department’s rental housing preservation strategy, which works to preserve the nation’s stock of deeply affordable rental housing, promote efficiency within and among HUD programs, and build strong, stable communities.
Contact Paragon today to learn how we can help you take advantage of this unique program.