Non-winners can submit a first notice to make a conversion via the RAD Resource Desk. According to HUD`s RAD Blast announcement, the possibility of switching to long-term Section 8 assistance under RAD offers the opportunity to recapitalize the aging fleet of 202 PRAC properties while protecting residents, maintaining control over non-profit and extending the period during which real estate must remain affordable. And, as Ben Carson, HUD`s media secretary, put it, “This is exciting news for those who provide affordable housing for seniors who need a stable home for age.” From now on, HuD Section 202 providers can begin to use private funds to maintain their affordable housing over the long term. On September 5, 2019, HUD issued the much-anticipated implementation instructions for access to new resources for the recapitalization of real estate 202/PRAC. LeadingAge also offers several opportunities to learn more about RAD for PRAC. Look at this area for news as we announce these events. For more information, see Pharmakovigilance Risk Assessment Committee (PRAC). Pharmacovigilance Risk Assessment Committee: the committee responsible for assessing all aspects of risk management for drugs for human use. The notice of contract comes into effect immediately, with the exception of changes to the eligibility criteria for projects, which are subject to a 30-day period. The Rental Support Event (RAD) was approved by Congress in 2011 to allow the conversion of mainly public housing to the Dess 8 platform (either in PBVs or PBRA). THE RAD has enabled public housing companies to raise billions of dollars in funding for the preservation of these homes. After years of lobbying by LeadingAge and other stakeholders, Congress expanded the RAD program to 202/PRACs in March 2018.
Switching to PBRA or PBV is optional. The September 5 HUD communication contains changes to the entire RAD program, including a new Section IV, which details how HUD and the owners will implement the 202/PRACs extension of RAD. HuD will make live webinars available in the coming weeks: Here are some highlights from the new Section IV (pp. 234 – 273) on the conversion of real estate 202/PRAC under RAD: Notice H 2019-09: End-of-Life Assistance Demonstration – Final Implementation, Revision 4 provides valuable information to owners of municipalities funded under project lease agreements under Section 202 housing for the Elderly Program (202/PRAC) for conversion to project vouchers (PBVs) or project-based leases (PBRA). This will allow these owners of more than 125,000 202/PRAC homes to choose to use conservation funding and position themselves for sustainable futures.