We are excited to keep you informed, as Waco Housing Authority continues with the RAD program that will allow us to upgrade housing properties and improve residents’ lives.
We have made substantial progress on the South Terrace RAD project, and currently working towards finalizing our plans and reaching out for community involvement in design choices.
RAD has been undertaken by many housing authorities and has led to much success in preserving affordable housing options across the country.
The Rental Assistance Demonstration (RAD) is a tool provided by the U.S. Department of Housing and Urban Development (HUD) to public housing agencies like the Waco Housing Authority (WACOPHA) preserve affordable housing and improve residents’ lives. RAD will allow WACOPHA to convert from the Public Housing program to the Section 8 Project-Based Vouchers (PBV) program. By converting from public housing to section 8, WACOPHA will be able to preserve affordable housing by securing debt and equity, which provides the opportunity to improve and modernize the housing developments WACOPHA will continue to have control of its properties and keep residents up to date on conversion and rehabilitation timelines. The conversions will happen over time starting with the South Terrace property.
South Terrace Estimated RAD and Section 18 Disposition Conversion Plan and Timeline-WACOPHA has partnered with Brinshore Development and Recap Advisors to assist in the redevelopment of South Terrace. South Terrace will undergo substantial improvements to the units and the property. The improvements will be funded with many sources to include the Low Income Housing Tax Credit (LIHTC) program. The LIHTC program does require all residents to complete applications to include providing supporting documentation to allow the team to certify all units under the LIHTC program. It is important to understand that all residents have the right to stay or return to the property post renovations. There will be relocation involved as the construction to the units must be completed while the units are vacant. Again, all residents have the right to return to the property in a right size unit. Residents will pay 30% of their adjusted income to include an utility allowance reduction and utilities to utility provider. A relocation specialist will be available to all residents to understand the needs of each household.