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Housing authority delays tax-credit application as RAD Section 18 financing advances
Summary
Staff said the RAD Section 18 conversion financing plan is being finalized with resident meetings set for Sept. 8; the tax-credit application will be postponed to January 2027 to align with project start timing.
Executive Director Jackson updated the board on the ongoing RAD Section 18 conversion project and its financing timetable.
Jackson said staff and consultant Standard are assembling the financing-plan materials and that final resident meetings are scheduled for Sept. 8 at 1 p.m. and 4 p.m. He said Standard anticipates a financing-plan concept call with HUD in late September and plans to submit the financing plan in October. "We will be postponing [the tax credit application] to January 2027, due to the fact that the project will not start within this calendar year," Jackson said, and added that the agency will seek a tentative letter from the Louisiana Housing Corporation (LHC) to preserve the application process without slowing the financing plan.
Jackson said the authority has engaged consultants including Standard, Jaime (consultant), and 76 Strategies to clarify accounting for anticipated operating and voucher-fund subsidy levels in 2027 and to assemble the remaining financing pieces.
