Housing Catalyst has received approval from the U.S. Department of Housing and Urban Development to participate in the Rental Assistance Demonstration Program (RAD). RAD allows HC to sell 129 scattered aging public housing units and then leverage the sales proceeds into more sustainable financing and operating structures. For every one public housing unit sold, six new or preserved affordable units will be added to the community’s permanently affordable inventory.
No current HC resident will lose his or her housing as a result of this change and each household will still pay rent under the same structure in place now.
Making the move to RAD means that HC will be able to achieve two major goals:
- Preserve our current affordable units for many years to come through capital investment into rehabilitation.
- Provide more affordable housing to meet the increasing need in our community.