HUD’s Office of Recapitalization has provided a webinar and slides regarding the closing process for public housing conversions to RAD. HUD covers the following topics:
- Key players
- Closing process/timeline/closing documents
- PBV/PBRA/FHA unique requirements
- Post-closing responsibilities
- Resources/tips
Also, HUD issued a memo on April 27, 2018 outlining new guidelines for RAD closing transactions after an RCC is issued. HUD establishes the following in the memo:
- If a PHA has received a RAD Conversion Commitment (RCC) after May 1, 2018 and has not submitted its draft closing package to HUD within two months, it is declared a “Delayed Submission”, which essentially moves the project to the end of the list in terms of HUD review and approvals. This is necessary for HUD to focus on projects that are making progress toward closing.
- HUD considers an RCC to be expired if a PHA does not submit a draft closing package within 90 days from the date the RCC issued. PHAs will be required to update their financing plan with HUD’s transaction division before the RCC is re-issued.