Guidance on Rental Assistance Demonstration conversions: structuring, HUD approvals, and financing for PHAs.
Regulatory Updates
On September 1, 2026, HUD announced that it had rescinded "burdensome guidance" as part of its housing affordability agenda. The press release was short. The underlying legal change is not trivial, and it reaches further into affordable housing finance than the headline suggests. The action is a memorandum
Relocation
Ask a housing authority director what worries them most about a repositioning transaction and the answer is rarely the capital stack. It's the residents. That instinct is correct, and not only for the reasons people expect. Relocation is where deals lose money they didn't budget, lose
Repositioning
Most housing authorities approach this as a fork in the road: convert under RAD, or dispose under Section 18. Pick one. That framing is usually wrong. For substantial rehabilitation, the answer is almost always both — a blend, in some ratio determined by your construction scope. The real questions are what
RAD
If you run a housing authority, you already know the arithmetic that brought you here. Your Capital Fund allocation covers a fraction of your physical needs assessment. The roofs, the boilers, the plumbing risers — the work you can't get to keeps getting more expensive than the work you
Legislation & Policy
Congress does not often pass significant housing legislation. When it does, it usually passes narrowly, along party lines, and gets unwound two administrations later. That is not what happened this summer. The 21st Century ROAD to Housing Act cleared the Senate 85-5 and the House 358-32, and became