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.
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.
http://portal.hud.gov/hudportal/HUD?src=/RAD