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PHA code IL026 · Medium PHA · Illinois

Waukegan Housing Authority

Waukegan Housing Authority has closed 4 RAD conversions covering 275 public housing units. It still has 180 public housing units in 2 projects that HUD's May 2026 rents tool prices for RAD.

Of the closed deals, 2 went to project-based vouchers (PBV) and 2 to project-based rental assistance (PBRA). 4 used low-income housing tax credits and 3 carried FHA-insured debt.

Conversions

RAD Component 1 conversions for IL026, newest first
Development Type RAD units Status Closed Tax credits FHA Hard cost / unit
Harry A. Poe Manor HomeSec. 18 blendPBV155ClosedMar 20264%$230,725
Ravine Terrace HomesSec. 18 blendnew constructionPBV20ClosedJul 20244%Yes$283,732
Armory Terrace HomesSec. 18 blendPBRA10ClosedNov 20214%Yes$291,823
Barwell Manor HomesSec. 18 blendnew constructionPBRA90ClosedMar 20204%Yes$217,006

Still public housing: 2026 RAD rents

HUD's rents tool sets a 2026 RAD contract rent for each unconverted project from its 2024 public housing funding, inflated by the 2025 and 2026 OCAF. Across IL026's remaining units that averages $973 a month, against a weighted PBV cap of $1,801 (110% of fair market rent, before the utility allowance). Where the RAD rent is below the cap, a Section 18 blend can raise the rent and the debt it carries.

Unconverted public housing projects, May 2026 RAD rents tool
Project Units 2026 RAD rent PBV cap PBRA cap 60/40 blend
Harry A. Poe Manor Home IL026000003 155 $922 $1,684 $1,837 $1,392 Debt
Armory Terrace Homes IL026000006 25 $1,292 $2,523 $2,753 $1,976 Debt

Rents are monthly per unit, weighted across each project's bedroom mix. The caps are shown before HUD's estimated utility allowance. HUD calls the blend figures estimates. Project names are as reported to HUD.

Financing the next one

Send the deal to the commercial mortgage desk at Janover Capital LLC: debt for a conversion (FHA 223(f) or 221(d)(4), bank or bond), a Section 18 blend, or a refinance of a property that has already converted. Tell us where it stands, and a person at Janover Capital will reply.

Janover Capital LLC is not HUD, the RAD Resource Desk or a housing authority, and is not affiliated with or endorsed by any of them. Nothing here is legal advice or an offer of credit.

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Sources: RAD Resource Desk Component 1 property export, downloaded ; HUD RAD Contract Rents Look-Up Tool, May 2026. Hard cost per unit divides reported hard construction costs by RAD plus non-RAD units; blank where HUD's export reports none. About the data.