(Washington, D.C.) – Today, U.S. Senator Patty Murray, Chairman of the Senate Housing Appropriations Subcommittee, announced that the Housing Authority of the City of Vancouver has been selected to participate in the Department of Housing and Urban Development’s Rental Assistance Demonstration (RAD) program, which works to preserve affordable rental housing and build strong, stable communities. Specifically, the program allows conversion of public housing units into long-term section 8 contracts, which will allow them to leverage private sector funding in order to rehabilitate properties. Senator Murray fought hard to include this program in the Fiscal Year 2012 Transportation, Housing, and Urban Development bill.
“This is a shot in the arm for affordable housing in Vancouver,” said Senator Murray. “This program will help preserve critical public housing by jumpstarting much-needed renovations.”
According to the Department of Housing and Urban Development, RAD allows public housing authorities (PHAs) and private owners of certain at-risk, federally assisted properties to convert their current assistance to long-term project-based Section 8 contracts. Such contracts will allow owners to leverage millions of dollars in debt and equity to better address immediate capital needs and preserve these affordable housing units. In addition, participating agencies are freed from antiquated public housing rules and restrictions that hindered their ability to best preserve and manage their housing similar to other affordable housing owners and managers. Learn more about RAD.