Conversion Ledger
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PHA code MD006 · Medium PHA · Maryland

Housing Authority of the City of Hagerstown

Housing Authority of the City of Hagerstown has closed 2 RAD conversions covering 131 public housing units, with 1 more (116 units) between CHAP and closing. It still has 1,046 public housing units in 9 projects that HUD's May 2026 rents tool prices for RAD.

Of the closed deals, 2 went to project-based vouchers (PBV) and 0 to project-based rental assistance (PBRA). 2 used low-income housing tax credits and 0 carried FHA-insured debt.

Conversions

RAD Component 1 conversions for MD006, newest first
Development Type RAD units Status Closed Tax credits FHA Hard cost / unit
Martin HeightsSec. 18 blendPBV116RCC issuedCHAP 20214%Yes$239,440
Noland Village Phase Mp2new constructionPBV70ClosedDec 20209%$212,853
Noland Village Bnew constructionPBV61ClosedAug 20199%$222,970

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 MD006's remaining units that averages $981 a month, against a weighted PBV cap of $1,301 (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
Potomac Towers MD006000004 326 $895 $1,027 $1,120 $1,012 Debt
Frederick Manor MD006000001 244 $1,141 $1,543 $1,684 $1,414 Debt
Walnut Towers MD006000002 150 $909 $1,009 $1,100 $1,006 Debt
Noland Village MD006000003 116 $1,263 $1,762 $1,922 $1,608 Debt
C. W. Brooks MD006000050 60 $709 $1,057 $1,153 $924 Debt
GATEWAY CROSSING - Phase 4 MD006000040 45 $863 $1,502 $1,639 $1,193 Debt
GATEWAY CROSSING - Phase 1 MD006000010 42 $854 $1,516 $1,653 $1,197 Debt
GATEWAY CROSSING - Phase 3 MD006000030 40 $886 $1,585 $1,729 $1,250 Debt
GATEWAY CROSSING - Phase 2 MD006000020 23 $884 $1,567 $1,709 $1,216 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.

The deal
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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.