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After a 16-day standoff, the United States Congress passed and the President signed into law the reopening of thefederal government and the raising of the nation’s debt ceiling.The government will be funded through January 15 and the debt ceiling will be raised through February 15. Among other items, this Continuing Resolution authorizes the extension of the Rental Assistance Demonstration (RAD) program.
RAD allows financing tools to be applied to at-risk public and assisted housing and has two components:
- Public Housing and Moderate Rehabilitation properties to convert, under a competition limited to 60,000 units, to long-term Section 8 rental assistance contracts;
- Rent Supplement (Rent Supp), Rental Assistance Payment (RAP), and Mod Rehab properties to convert tenant-based vouchers issued upon contract expiration or termination to project-based assistance.
For the full text of the CR Bill: The CR Bill
For the latest updates on the reopening of the federal government and the impact on housing programs, contact us at Steve Spall (sspall@tcamre.com) or Allen Feliz (afeliz@tcamre.com) or (617) 542-1200.