Rental Assistance Demonstration
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Treasury and HUD Release Latest Report on the Nation’s Housing Market
WASHINGTON- The U.S. Department of Housing and Urban Development (HUD) and the U.S. Department of the Treasury today released the December edition of the Obama Administration’s Housing Scorecard – a comprehensive report on the nation’s housing market. Data continue to show important progress across many key indicators with the housing marketing bottoming out nationally and clearly turning a corner – as home values continue to rise and home sales remained strong in November – although officials caution that the overall recovery remains fragile. The full Housing Scorecard is available online at www.hud.gov/scorecard.
“As the December housing scorecard indicates, our housing market is continuing to show important signs of recovery – with the FHFA and Case-Shiller housing price indices up 5.6% and 4.3%, respectively, from one year ago,” said HUD Senior Advisor on Housing Finance Michael Berman.
HUD Launches RAD
To stem the loss of critically needed public and other forms of subsidized housing due to the severe backlog of capital needs, the U.S. Department of Housing and Urban Development (HUD) today officially launched its Rental Assistance Demonstration (RAD), the Obama Administration’s groundbreaking strategy to preserve tens of thousands of public and HUD-assisted housing units.
In the near term, RAD is expected to preserve and enhance 53 Public Housing units of affordable housing in Shakopee and generate private capital to address the significant backlog in capital needs faced by public housing authorities in the U.S. This additional capital will also stimulate employment in the construction trades across the country. Nationally, RAD is expected to benefit more than 13,000 units of affordable housing and generate more than $650 million in private capital.
HUD awarded commitments to Scott County Community Development Agency in allowing them to seek private financing to rehabilitate 53 units that are otherwise at risk of being lost from the affordable housing inventory. The commitments announced today are projected to preserve public and other HUD-assisted housing units for the next 20 years.
HUD unveils public housing fix in Savannah
A federal official was in Savannah Thursday to announce awards in an innovative national program to preserve public housing “at no cost to the taxpayer.”
The Obama Administration program, Rental Assistance Demonstration, is designed to preserve tens of thousands of the nation’s public housing properties and enhance affordable housing through a series of public-private partnerships, said Shaun Donovan, secretary of the Department of Housing and Urban Development. He spoke to a group gathered in a steady drizzle outside of Fred Wessels Homes on East Broad Street.
Earline Wesley Davis, director of the Housing Authority of Savannah, said four awards announced for Savannah will allow for development of 249 units in Wessels and three sister public housing neighborhoods – 100 units in Blackshear Homes, 313 units in Yamacraw Village and 210 units in Stillwell Towers for the elderly and disabled for a total of 872 units.
The program is a limited demonstration, and participation is voluntary. She pointed to already completed mixed-income developments at Ashleigh Midtown and Sustainable Fellwood as examples of what the program will look like.
“We’re going to do this even better,” she promised.
She said the local authority will spend the next 12 months determining exactly how to proceed in the four impacted neighborhoods.