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Richmond Housing Authority board approves RAD application for Nystrom Village
Summary
At a special joint meeting the Richmond Housing Authority Board approved a consent item to submit a Rental Assistance Demonstration (RAD) program application for Nystrom Village, voting unanimously.
The Richmond Housing Authority Board approved a consent calendar item to submit a Rental Assistance Demonstration (RAD) application for Nystrom Village.
Why it matters: The RAD program is a federal tool that converts legacy public housing subsidies to long‑term project‑based vouchers or rental assistance contracts, enabling capital financing and preservation of affordable housing. The board’s approval authorizes staff to pursue the RAD application for Nystrom Village and signals the Housing Authority’s intent to leverage federal financing tools to preserve the property.
Vote and next steps The board approved the item by roll call vote, unanimous. Staff will proceed with the RAD application process and report back with program and financing details as they become available.
