RAD PIH Notice 2012-32 (.pdf, 1 MB) - National Low Income ...

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Section III: Rent Supplement and Rental Assistance Payment ProjectsConversion TypeProspectiveCharacteristics Determining Conversion Type1. Termination or expiration occurs at least 60 days after theissuance of this Notice2. Termination or expiration occurs less than 60 days after theissuance of this Notice, but the owner receives a one-yearextension from the Office of Multifamily Housing and thenew expiration date is 60 days or more after the issuance ofthis NoticeRetroactive 1. Termination or expiration occurred on or after 10/1/2006and TPVs were provided2. Termination or expiration occurs within 60 days of theissuance of this Notice, and the owner does not receive aone-year contract extension to pursue a prospectiveconversion3. Termination or expiration occurs within 60 days of theowner’s request for conversion, and the owner does notreceive a one-year contract extension to pursue aprospective conversion4. Funding for TPVs has been requested by the Office ofPublic and Indian Housing on behalf of eligible projectresidents and processed3.4 EligibilityOwners of Rent Supp and RAP projects that meet all eligibility requirements described belowmay submit a request to convert TPVs to PBVs under this Notice.A. Eligible Owners. For prospective conversions, the owner must demonstrate a rating ofSatisfactory or higher in the most recent Management and Occupancy Review, or mustcertify that the management company is being replaced by a management agent with arecord of successful operation of HUD-assisted multifamily housing. The HUDDepartmental Enforcement Center must have no active referrals attributable to the owner.If a contract terminates due to an enforcement action, the project will not be eligible toconvert assistance under this Demonstration. If the request to enter into a PBV contract isin the context of an acquisition, the purchaser must provide evidence of successfulexperience owning and operating HUD or other affordable multifamily housingPIH-2012-32 (HA) Rental Assistance Demonstration – Final Implementation 122
Section III: Rent Supplement and Rental Assistance Payment Projectsproperties. Examples of the standard for this review may be found in HUD Handbook4350.1, Chapter 13, Transfer of Physical Assets.For retroactive conversions where TPVs have already been issued, the owner must be ingood standing with the PHA administering the TPVs at the project and must receive theconsent of the PHA and affected residents to convert the TPV assistance to PBVassistance.B. Eligible Properties. Eligible properties must have an active Rent Supp or RAPassistance contract at the property, or must have previously received Rent Supp or RAPassistance that terminated on or after October 1, 2006. In addition, the property must haveexperienced (on or after October 1, 2006) an event that has triggered the provision ofTPVs, or anticipate a triggering event no later than September 30, 2013. Under RAD, atriggering event is defined as the termination (or expiration) of a Rent Supp or RAPrental assistance contract, at which time regular Housing Choice Vouchers will be orhave been provided, or in some cases EVs will be or have been provided, in the contextof certain prepayments (discussed in C.2, below).Projects that participated in a Section 236 Interest Reduction Payments (IRP) Decouplingtransaction that did not terminate a Rent Supp or RAP contract are ineligible for RADunless the Rent Supp or RAP contract has an expiration date on or before September 30,2013. Typically, when the underlying mortgage on a Rent Supp or RAP project isprepaid, the prepayment terminates the Rent Supp or RAP contract. In some cases, anowner may receive a waiver from HUD to leave a Rent Supp or RAP contract in place atthe time of prepayment of an FHA-insured or state-insured mortgage. If a mortgage on aproject has previously been prepaid and the Owner received a waiver from HUD tomaintain the Rent Supplement or RAP contract (which is most common in the context ofan IRP Decoupling transaction), the project is ineligible for RAD because there has beenno triggering event related to the Rent Supp or RAP contract that resulted in the issuanceof TPVs. The project is not eligible for RAD unless the Rent Supp or RAP contract isscheduled to naturally expire no later than September 30, 2013. Rent Supp and RAPcontracts that will terminate in conjunction with a mortgage prepayment on or beforeSeptember 30, 2013 are eligible for RAD, however HUD will not authorize the earlytermination of Rent Supp or RAP contracts outside of the context of a mortgageprepayment for the purposes of the Demonstration.C. Eligible Units. Units eligible for the RAD conversion are described below.1. Rent Supp and RAP contract units. HUD has authority to provide TPVs to eligiblehouseholds for all units on the Rent Supp or RAP contract that are occupied at thetime of contract expiration or termination, or that were occupied at some point 24months prior to contract expiration or termination.PIH-2012-32 (HA) Rental Assistance Demonstration – Final Implementation 123
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