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RAD financing, data and rules

Financing for RAD conversions, and the data behind every deal

203,354 public housing units have converted under RAD in 1,959 closed deals, and 66,014 more are between CHAP and closing, against a cap of 555,000 units since July 11, 2026. Size the debt on a conversion, a RAD/Section 18 blend or a refinance, see what every housing authority has converted and how it paid for it, and check what remaining public housing would rent for under RAD in 2026.

Independent site run by Janover Capital LLC. Not affiliated with HUD, the RAD Resource Desk or any housing authority. Sources: RAD Resource Desk export of October 31, 2026; P.L. 119-101 section 212.

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Financing for every stage of RAD

ConvertingDebt for a public housing conversionFHA 223(f) and 221(d)(4), agency, bank and bond executions compared, and how lenders size RAD rents. Tax credits4% credits and bonds under the 25% testHow the 2026 bond test changes RAD sources and uses, with a worked example. BlendsRAD/Section 18 blendsThe 90/10, 60/40 and 30/70 tiers, what triggers each, and the rent uplift they create. ConvertedRefinancing a converted propertyHAP renewals, use agreements, HUD consents and cash-out on a property that closed years ago. Private ownersSection 202 PRAC and Component 2Converting PRAC, Mod Rehab and other Section 8 properties, and the 2025 rent increases for new debt. ToolsCalculators and checklistsDebt sizer, blend calculator, sources and uses, refinance analyzer, PBV or PBRA chooser.

203,354 of 555,000 units

RAD's public housing cap rose to 555,000 units on July 11, 2026. Closed deals and the deals between CHAP and closing in HUD's RAD data, against that cap.

1,959closed conversions at 570 housing authorities
61%of converted units chose PBV over PBRA
48%of closed deals used low-income housing tax credits
$78,387median hard cost per unit, where reported
1,24813
11,90414
14,68615
29,62116
30,68417
22,09718
18,69819
16,26720
11,71421
11,53622
5,72823
5,66324
14,53225
8,97626

Units converted by closing year, 2013 to 2026 (to October 30, 2026).

Latest closings

All 2,626 records in the tracker (1,959 closed, 622 between CHAP and closing, the rest withdrawn or in review)

By state

What changed in 2026

RAD was created by the fiscal 2012 appropriations act (November 2011) as a demonstration with a cap and a deadline, both raised again and again. The 21st Century ROAD to Housing Act, which became law on July 11, 2026, ended that cycle for public housing: the application window now runs "for fiscal year 2012 and each fiscal year thereafter," and the cap is 555,000 units, up from 455,000 (Public Law 119-101, section 212). The same section lets HUD require a standard tenant lease addendum, impose civil money penalties for violations, and publish findings on conversions every year.

HUD's own RAD notice still says 455,000 and 2029. Until HUD issues new guidance, the statute controls the cap and the deadline, and the notice controls everything else. What the new law changes and what it doesn't.

Short answers

Is RAD still taking new public housing conversions?

Yes. The 21st Century ROAD to Housing Act (Public Law 119-101) became law on July 11, 2026. It struck RAD's September 30, 2029 deadline, making public housing conversions permanent, and raised the unit cap from 455,000 to 555,000. HUD's RAD notices had not been updated to match as of October 2026.

What is the difference between PBV and PBRA in RAD?

Both are project-based Section 8 contracts. PBV is run by the housing authority's voucher program, starts with a 15 to 20 year contract, and caps initial rents at the lower of a reasonable rent or 110% of fair market rent, less utilities. PBRA is run by HUD's Office of Multifamily Housing, starts with a 20 year contract, and caps initial rents at 120% of fair market rent, less utilities.

How are RAD conversions financed?

Most combine several sources. In HUD's RAD financing data, tax credit equity is about $16.3 billion of roughly $52.6 billion in total sources, usually 4% credits paired with tax-exempt bonds, alongside a first mortgage (FHA 223(f) or 221(d)(4), Fannie Mae or Freddie Mac affordable, or a bank loan), a housing authority seller note and soft funds. The right mix depends on the rehab scope, the RAD rents and whether the deal is a blend.

Can I get a financing quote for a RAD deal here?

Yes. The quote form sends the deal to the commercial mortgage desk at Janover Capital LLC, an advisor that sizes it across FHA, agency, bank and bond executions. It is free, with no obligation, and Loans start at $1 million.

Where does this data come from?

Conversion records come from the RAD Resource Desk's public property export, the system HUD uses to run RAD. Remaining public housing and 2026 RAD rents come from HUD's RAD Contract Rents Look-Up Tool. Each page shows the dates.

Is this site part of HUD?

No. It is operated by Janover Capital LLC, a commercial mortgage firm, and is not affiliated with or endorsed by HUD, the RAD Resource Desk or any housing authority.

Free, no obligation

Converting, blending or refinancing a RAD property?

Conversion debt, a RAD/Section 18 blend, a 4% credit and bond execution, or a refinance of a property that converted years ago. Tell us where the deal stands; a senior advisor replies within one business day.

  • FHA 223(f), 221(d)(4) and 223(a)(7)
  • Fannie Mae and Freddie Mac affordable
  • Bank, bond and tax credit executions
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