Chattanooga Housing AuthorityIssuing agency·Chattanooga, TN·via the DemandStar (Euna) national bid aggregatorWe are actively pursuing options to create or preserve affordable housing units. Utilizing voucher reserve funding authority and flexibility, the CHA is planning to implement the Faircloth to Rental Assistance Demonstration (“RAD”) Conversion Strategy to develop new affordable public housing units in replacement of units previously removed from CHA’s affordable housing inventory. The U.S. Department of Housing and Urban Development (“HUD”) has developed an innovative path for Public Housing Authorities (“PHAs”) to leverage their existing public housing “Faircloth Authority” to create new rent- assisted housing through the RAD Program. Faircloth to RAD (“FTR”) conversions will allow CHA and its development partners more readily access financing for the development of new affordable units. Under the HUD’s Faircloth limit guidance, CHA is authorized to redevelop previously demolished affordable public housing units and receive additional operating funds to operate these replacement units as safe, decent, sanitary, and affordable for low-income families. In a Faircloth to RAD transaction, PHAs are allowed to develop public housing units using HUD’s traditional public-housing mixed finance program with pre-approval to convert the property to a long-term Section 8 contract following construction. With early-stage RAD conversions approvals, lenders and investors will have the revenue certainty through familiar Section 8 contracts to underwrite the construction of these projects.
Bid #: RFP L-999-00 · RFP · FY 2024 · Bid writer: Kristy Hays · County: Hamilton County
Documents (4): Exhibit A - Faircloth To RAD Guide - Rev2023.11.03.pdf, Exhibit B - Environmental Review Request Form.pdf, Exhibit C - Section 3 Provisions.pdf, RFP L-999-00 - Faircloth to RAD.pdf — download at https://www.demandstar.com/app/limited/bids/457170/details
The CHA is planning to implement the Faircloth to RAD Conversion Strategy to develop new affordable public housing units in replacement of units previously removed from CHA's affordable housing inventory. Under HUD's Faircloth limit guidance, CHA is authorized to redevelop previously demolished affordable public housing units and receive additional operating funds to operate these replacement units as safe, decent, sanitary, and affordable for low-income families. In a Faircloth to RAD transaction, PHAs are allowed to develop public housing units using HUD's traditional public-housing mixed finance program with pre-approval to convert the property to a long-term Section 8 contract following construction.
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Source: DemandStar (bid 457170), retrieved via the DemandStar (Euna) national bid aggregator. View the official posting, and always confirm requirements and deadlines with the issuing agency.
