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Mayor's Office outlines RAD conversion for 3,500 public-housing units; City plans $508 million in rehabs
Summary
The Mayor—s Office of Housing told the Building Inspection Commission that about 3,500 public-housing units will convert under HUD—s Rental Assistance Demonstration program in two phases, with rehabilitation estimated at roughly $508 million and local inspections and tenant protections to apply under private ownership.
Lydia Ealy of the Mayor's Office of Housing and Community Development told the Building Inspection Commission on Jan. 21 that the city will convert roughly 3,500 Housing Authority units across 29 projects to private ownership under HUD—s Rental Assistance Demonstration (RAD) program, aiming to fund extensive rehabilitation through private debt and tax-credit equity.
Ealy said the conversion will occur in two phases — about 1,400 units beginning this fall and about 2,000 units in mid-2016 — and that the work will be rehabilitation, not new construction. She described the portfolio as aging and in "extreme disrepair," noting previous estimates of $270 million for the whole Housing Authority system and a $508 million estimate for the subset of units moving to…
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