One year later, Union City Housing Authority anticipating $12M from RAD

2

One year after the Union City Housing Authority announced they were expecting $16 million from the U.S. Department of Housing and Urban Development, the authority says they are now anticipating $12 million in federal funding.

[fve]https://www.youtube.com/watch?v=qjA4Qb4COmk[/fve]

In April 2015, Hudson County View reported that the UCHA anticipated receiving $16 million in federal funding from the federal Rental Assistance Demonstration (RAD) program.

Then-UCHA Executive Director Virgil Cabello said the project would take architects, a finance team, engineers and attorneys to convert the authority to operate as a section 8 voucher program.

He estimated at the time that the improvement project would cost roughly $35,000 per unit.

At last week’s meeting, UCHA Chief Financial Officer Rafael Natera said that figure is probably closer to $12 million now, though it’s still too early to give a definitive figure.

Additionally, Board Chairman Marty Martinetti, also the city’s building code official, explained some of the intricacies involved with the RAD process.

2 COMMENTS

  1. Hey John,

    Martinetti pretty much summarized it best: this is not free money. Its not money from HUD (RAD is budget neutral on their end; it costs HUD $0). Instead, its a program that allows the authority to take out mortgages on public housing properties and possibly qualify for some state tax credits.

Comments are closed.