Ellinger Carr is now advising and assisting public housing authorities, other public housing agencies and other clients with implementation of the Rental Assistance Demonstration (RAD) program of the United States Department of Housing and Urban Development (HUD). Providing safe, affordable housing for families, seniors and developmentally disabled persons has long been a part of the work of the Ellinger Carr law firm, in communities in the Carolinas, the Southeast and elsewhere in the United States.
Susan Ellinger, the firm’s founding member, has announced that the firm’s lawyers are working currently with housing authorities, non-profits and lenders to apply for and to facilitate the RAD conversions of existing public housing units, where conversions are financially feasible, with private debt and equity financings.
“The RAD program is the latest HUD innovation and initiative designed to convert public housing properties to long-term, project-based Section 8 rental assistance in order to achieve certain goals, including preservation and improvement of existing properties and good quality housing in our communities,” Ms. Ellinger said. “To meet these goals, RAD provides housing authorities and other owners of these properties with access to private debt and equity financing to address both immediate and long-term capital requirements.”
Ms. Ellinger explained that RAD is similar to previous HUD mixed finance initiatives, like the HOPE VI program used for redevelopment of public housing communities, including recent HOPE VI project closings and mixed use financings that Ellinger Carr assisted with in Charlotte, Greensboro, Raleigh, and Wilmington, North Carolina and in Richmond, Virginia.
“RAD offers new financing flexibility and alternatives for housing authorities, and HUD has committed to a relatively quick and streamlined application and financing process for eligible properties and owners,” Ms. Ellinger noted.
Ellinger Carr is a business law and commercial real estate law firm based in Raleigh, North Carolina. Ellinger Carr lawyers are experienced and knowledgeable counselors, transaction specialists and business problem solvers, admitted to practice in North Carolina, South Carolina, Florida, Louisiana and New York. For assistance in affordable housing, HUD financing, commercial real estate and corporate and business development matters, call 919-785-9998 or email Susan Ellinger at sellinger@ellingercarr.com or Steven Carr at scarr@ellingercarr.com.
