# Conversion Ledger

> RAD financing and data: get a financing quote for a RAD conversion, blend or refinance, size the debt, and track every HUD RAD conversion by housing authority.

Conversion Ledger is published by Janover Capital LLC, a commercial mortgage advisor. Not affiliated with HUD, the RAD Resource Desk or any housing authority. Contact: hello@rad.loans.

## Key facts (dated, with sources)
- RAD is permanent: Public Law 119-101 (21st Century ROAD to Housing Act), section 212, enacted July 11, 2026, replaced the September 30, 2029 deadline with "fiscal year 2012 and each fiscal year thereafter" (https://www.govinfo.gov/content/pkg/PLAW-119publ101/html/PLAW-119publ101.htm).
- The public housing conversion cap is 555,000 units (was 455,000).
- Closed public housing conversions in HUD's RAD Resource Desk data as of October 31, 2026: 1,959 deals, 203,354 units; 66,014 more units between CHAP and closing.
- PBV carries 61% of converted units; PBRA the rest.
- FHA multifamily mortgage insurance premium: 0.25% a year for all programs on applications from October 1, 2025 (90 FR 45789). FHA underwriting for properties with 90% or more assisted units: 90% loan-to-value, 1.11 debt service coverage (Mortgagee Letter 2025-03).
- 4% LIHTC bond test: 25% of aggregate basis (down from 50%) when at least one bond issue is dated after December 31, 2025 and finances at least 5% of basis, for buildings placed in service in tax years beginning after 2025 (Public Law 119-21 section 70422).

## Financing
- [Get a financing quote](https://rad.loans/get-financing/): free, no-obligation quote for a RAD conversion, Section 18 blend, PRAC or Component 2 conversion, or a refinance of a converted property, from Janover Capital LLC (a commercial mortgage advisor, not a lender). Loans from $1 million.
- [Financing a RAD conversion, execution by execution](https://rad.loans/guides/rad-financing-guide/): FHA 223(f), 221(d)(4), agency, bank, 4% credits and bonds, 9% credits, seller notes and soft funds for RAD, compared, with HUD's sizing tests.
- [FHA 223(f) for a RAD property](https://rad.loans/guides/fha-223f-rad/): How FHA 223(f) sizes a RAD conversion in 2026: 90% and 1.11 for assisted deals, 0.25% MIP, 35-year term, the $20,406 rehab limit and RCC timing.
- [FHA 221(d)(4) for RAD substantial rehab and new construction](https://rad.loans/guides/fha-221d4-rad/): How 221(d)(4) finances RAD substantial rehab, new construction, transfers of assistance and Section 18 blends: CHAP-rent appraisals, Davis-Bacon, 90% LTC.
- [RAD with 4% credits and tax-exempt bonds](https://rad.loans/guides/rad-lihtc-4-percent-bonds/): How RAD deals use 4% LIHTC and private activity bonds after P.L. 119-21: the 25% bond test, the 4% floor, 2027 QCT/DDA boosts and a worked sources and uses.
- [Refinancing a property after its RAD conversion](https://rad.loans/guides/refinance-rad-property/): How to refinance a converted RAD property: HAP renewal and OCAF, the RAD Use Agreement, ownership and control, HUD consent, 223(f) or agency debt, year 15.
- [Financing a Section 202 PRAC conversion under RAD](https://rad.loans/guides/rad-for-prac-financing/): How Section 202 PRAC properties convert under RAD Component 2 and take on debt: the Elderly Housing Use Agreement, PRAC rents, H-2025-04 increases.
- [The RAD Financing Plan, item by item](https://rad.loans/guides/rad-financing-plan-checklist/): A practical RAD Financing Plan checklist: each item, who produces it (lender, appraiser, CNA, environmental, syndicator, counsel), HUD's deadlines, common gaps.

## For AI agents
- MCP server (free, read-only, no key; Streamable HTTP JSON-RPC): https://rad.loans/mcp. Tools: search_conversions, get_housing_authority, get_rad_rents, size_rad_debt, get_rad_program_facts, get_financing_quote_link. Discovery: https://rad.loans/.well-known/mcp.json.
- JSON API mirroring the tools: https://rad.loans/api/rad/conversions, /api/rad/pha, /api/rad/rents, /api/rad/size, /api/rad/facts. OpenAPI: https://rad.loans/openapi.json. Docs: https://rad.loans/developers/.
- Bulk CSV and JSON downloads: https://rad.loans/data/. License: HUD data public domain; compilation CC BY 4.0, credit "Data: Conversion Ledger (rad.loans)" with a link.
- Every answer carries a source, an as-of date and the rad.loans page to cite. Nothing is submitted through the agent interface; financing requests go through the quote form.

## The data
- RAD Resource Desk Component 1 export (https://www.radresource.net/pha_data.cfm), downloaded October 31, 2026: 2,626 public housing conversions, 1,959 closed (203,354 units), 622 between CHAP and closing (66,014 units).
- HUD RAD Contract Rents Look-Up Tool, May 2026 (https://www.hud.gov/hud-partners/rad-notices): 2026 RAD rents, PBV and PBRA caps and blend rents for every unconverted public housing project.
- Statute: Public Law 119-101 section 212 (https://www.govinfo.gov/content/pkg/PLAW-119publ101/html/PLAW-119publ101.htm), July 11, 2026: no deadline, cap 555,000 units.
- Downloads (CSV and JSON): https://rad.loans/data/.

## Tools
- [HUD RAD calculators: debt, blends, tax credits, refinance](https://rad.loans/tools/): Free RAD calculators for housing authorities and developers: debt sizing, Section 18 blends, 4% credit sources and uses, refinancing, PBV or PBRA.
- [PBV or PBRA? A RAD contract chooser, with what peers chose](https://rad.loans/tools/pbv-vs-pbra/): Answer eight questions to see whether RAD PBV or PBRA fits your conversion, with HUD's reasons and the choices of every RAD deal in HUD's data.
- [Refinance a converted RAD property: proceeds, DSCR, payment](https://rad.loans/tools/post-conversion-refinance/): Refinance a property that converted under RAD: new loan by execution, net proceeds for cash out or rehab, coverage, payment change and HAP term checks.
- [RAD debt sizer: FHA 223(f), 221(d)(4), Freddie Mac and bank loans](https://rad.loans/tools/rad-debt-sizer/): Size a RAD conversion loan side by side under FHA 223(f), 221(d)(4), Freddie Mac, Fannie Mae and bank terms: coverage, loan to value and debt service.
- [RAD sources and uses: 4% tax credits, bonds and the 25% test](https://rad.loans/tools/rad-sources-and-uses/): Build sources and uses for a RAD conversion with 4% credits and tax-exempt bonds: credit equity, QCT/DDA boost, seller note, deferred fee and the bond test.
- [RAD/Section 18 blend calculator: blended rent and debt](https://rad.loans/tools/section-18-blend-calculator/): Blend RAD rents with Section 18 tenant protection voucher rents under HUD's current rules: blended rent, revenue gain over all-RAD and the debt it supports.
- [RAD conversion tracker: every public housing conversion](https://rad.loans/tracker/): Search every RAD public housing conversion by state, housing authority, PBV or PBRA, status and financing, from HUD's RAD Resource Desk data.
- [HUD RAD rent check: 2026 RAD rents and the debt they support](https://rad.loans/rent-check/): Look up any unconverted public housing project's 2026 RAD contract rent, PBV and PBRA caps and blend rents, and estimate the debt the rents could carry.
- [How RAD conversions are financed: tax credits, FHA, bonds](https://rad.loans/financing/): How closed RAD public housing conversions were paid for, from HUD data: tax credits, FHA-insured debt, Section 18 blends and hard cost per unit.
- [How long does a HUD RAD conversion take? CHAP to closing data](https://rad.loans/rad-timeline/): Median months from CHAP award to closing for every closed RAD conversion, by PBV or PBRA, tax credits, FHA, blend, PHA size, state and year, plus the pipeline.
- [Who finances HUD RAD conversions: public deal announcements](https://rad.loans/rad-lenders/): RAD conversion financings lenders have announced publicly since 2018, with execution and source links, plus FHA and tax credit use by year from HUD data.
- [HUD RAD by the numbers: conversion facts, dates and sources](https://rad.loans/rad-by-the-numbers/): Citeable RAD facts from HUD data: closed deals and units against the 555,000 cap, PBV share, tax credit and FHA use, hard costs, top PHAs and states.

## Best pages
- [Financing for RAD conversions, and the data behind every deal](https://rad.loans/): Finance a RAD conversion, blend or refinance. Every RAD deal by housing authority, 2026 RAD rents, debt calculators and current rules, from HUD data.
- [RAD conversions by state: closed deals, units and pipeline](https://rad.loans/states/): RAD public housing conversions in every state: closed deals and units, PBV and PBRA split, tax credit and FHA use, and what is still in the pipeline.
- [About the data: HUD RAD conversion and rent files](https://rad.loans/data/): Where every RAD figure on this site comes from, how current each source is, what the fields mean and what the data leaves out.
- [About Conversion Ledger](https://rad.loans/about/): Who publishes Conversion Ledger, where its RAD data comes from, how it is kept current, and how to reach the commercial mortgage team behind it.
- [Get a RAD financing quote: conversions, blends, refinancing](https://rad.loans/get-financing/): Free financing quote for a RAD conversion, Section 18 blend, PRAC or Component 2 deal, or a refinance of a converted property. Reply in one business day.
- [Housing Authority of the City of Los Angeles](https://rad.loans/pha/ca004-housing-authority-of-the-city-of-los-angeles/): Housing Authority of the City of Los Angeles, CA: 17 closed RAD conversions (585 units); 6,216 public housing units left, with 2026 RAD rents. From HUD's...
- [Chicago Housing Authority](https://rad.loans/pha/il002-chicago-housing-authority/): Chicago Housing Authority, IL: 51 closed RAD conversions (6,931 units); 12,013 public housing units left, with 2026 RAD rents. From HUD's RAD data.
- [Housing Authority of Baltimore City](https://rad.loans/pha/md002-housing-authority-of-baltimore-city/): Housing Authority of Baltimore City, MD: 32 closed RAD conversions (4,369 units); 6,523 public housing units left, with 2026 RAD rents. From HUD's RAD data.
- [New York City Housing Authority](https://rad.loans/pha/ny005-new-york-city-housing-authority/): New York City Housing Authority, NY: 33 closed RAD conversions (14,229 units); 152,781 public housing units left, with 2026 RAD rents. From HUD's RAD data.
- [Philadelphia Housing Authority](https://rad.loans/pha/pa002-philadelphia-housing-authority/): Philadelphia Housing Authority, PA: 59 closed RAD conversions (3,336 units); 12,733 public housing units left, with 2026 RAD rents. From HUD's RAD data.

## Guides
- [Does Davis-Bacon apply to a RAD conversion?](https://rad.loans/guides/davis-bacon-rad/): When Davis-Bacon prevailing wages apply to RAD work (development begun within 18 months of the HAP, 9+ assisted units), Section 3, and budget effects.
- [FHA 221(d)(4) for RAD substantial rehab and new construction](https://rad.loans/guides/fha-221d4-rad/): How 221(d)(4) finances RAD substantial rehab, new construction, transfers of assistance and Section 18 blends: CHAP-rent appraisals, Davis-Bacon, 90% LTC.
- [FHA 223(f) for a RAD property](https://rad.loans/guides/fha-223f-rad/): How FHA 223(f) sizes a RAD conversion in 2026: 90% and 1.11 for assisted deals, 0.25% MIP, 35-year term, the $20,406 rehab limit and RCC timing.
- [PBV or PBRA? The choice every RAD conversion makes](https://rad.loans/guides/pbv-vs-pbra/): How RAD's two contract types differ on term, rent caps, choice mobility, admissions and oversight, and which one housing authorities have picked.
- [Every RAD change in 2025 and 2026, by date](https://rad.loans/guides/rad-2026-changes/): A dated timeline of RAD changes in 2025 and 2026: Supplemental 4C, the PRAC rent notice, FY2026 funding, the ROAD to Housing Act, LIHTC, FHA MIP, OCAF and FMRs.
- [RAD Component 2 for private owners](https://rad.loans/guides/rad-component-2/): How RAD's Second Component converts Mod Rehab, Rent Supp, RAP, 202 and 811 PRAC and SPRAC to 20-year Section 8: rents, use agreements, the 2025 PRAC rule.
- [From CHAP to closing, with HUD's deadlines](https://rad.loans/guides/rad-conversion-steps/): The steps of a RAD public housing conversion and the clocks attached to each, from the CHAP award to the RAD Conversion Commitment and closing.
- [Financing a RAD conversion, execution by execution](https://rad.loans/guides/rad-financing-guide/): FHA 223(f), 221(d)(4), agency, bank, 4% credits and bonds, 9% credits, seller notes and soft funds for RAD, compared, with HUD's sizing tests.
- [The RAD Financing Plan, item by item](https://rad.loans/guides/rad-financing-plan-checklist/): A practical RAD Financing Plan checklist: each item, who produces it (lender, appraiser, CNA, environmental, syndicator, counsel), HUD's deadlines, common gaps.
- [Financing a Section 202 PRAC conversion under RAD](https://rad.loans/guides/rad-for-prac-financing/): How Section 202 PRAC properties convert under RAD Component 2 and take on debt: the Elderly Housing Use Agreement, PRAC rents, H-2025-04 increases.
- [RAD glossary, A to Z](https://rad.loans/guides/rad-glossary/): Plain definitions of 90 RAD terms: CHAP, RCC, HAP, PBV, PBRA, OCAF, Faircloth, TOA, RCS, CNA, TPV, Concept Call, Financing Plan, civil money penalties and more.
- [RAD with 4% credits and tax-exempt bonds](https://rad.loans/guides/rad-lihtc-4-percent-bonds/): How RAD deals use 4% LIHTC and private activity bonds after P.L. 119-21: the 25% bond test, the 4% floor, 2027 QCT/DDA boosts and a worked sources and uses.
- [The 2026 law removed RAD's deadline and raised the cap](https://rad.loans/guides/rad-permanent-2026/): The ROAD to Housing Act ended RAD's 2029 deadline and raised the cap to 555,000 units. What changed, what didn't, and what HUD still has to issue.
- [How RAD rents are set and how they change each year](https://rad.loans/guides/rad-rents-ocaf/): RAD contract rents start at current public housing funding, are capped at 110% (PBV) or 120% (PBRA) of FMR, and rise each year by OCAF. The 2026 figures.
- [Your rights when your public housing converts under RAD](https://rad.loans/guides/rad-tenant-rights/): A plain guide for residents: right to return, no re-screening, rent phase-in, relocation notices, moving with a voucher, meetings, hearings and the 2026 law.
- [Refinancing a property after its RAD conversion](https://rad.loans/guides/refinance-rad-property/): How to refinance a converted RAD property: HAP renewal and OCAF, the RAD Use Agreement, ownership and control, HUD consent, 223(f) or agency debt, year 15.
- [RAD/Section 18 blends, tier by tier](https://rad.loans/guides/section-18-blend/): How a RAD/Section 18 blend works: the 90/10, 60/40 and 30/70 tiers and their triggers, the small PHA blend, TPV rents, Faircloth and the 2026 TPV change.
- [What is RAD? The Rental Assistance Demonstration in plain terms](https://rad.loans/guides/what-is-rad/): RAD converts public housing and older HUD rental aid into long-term Section 8 contracts. How it works, its two components, the 2026 law and the cap.

## Everything else
- [Full list of indexable pages](https://rad.loans/llms-full.txt): every state and housing authority page.