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PHA code NJ005 · Large PHA · New Jersey

Housing Authority of the City of Trenton

Housing Authority of the City of Trenton has closed 1 RAD conversion covering 77 public housing units, with 4 more (670 units) between CHAP and closing. It still has 1,496 public housing units in 5 projects that HUD's May 2026 rents tool prices for RAD.

Of the closed deals, 0 went to project-based vouchers (PBV) and 1 to project-based rental assistance (PBRA). 1 used low-income housing tax credits and 0 carried FHA-insured debt.

Conversions

RAD Component 1 conversions for NJ005, newest first
Development Type RAD units Status Closed Tax credits FHA Hard cost / unit
Mayor Donnelly Homes Cat1new constructionPBV222CHAP awardedCHAP 2026Both
Prospect Villagenew constructionPBRA187CHAP awardedCHAP 20264%
Donnelly Homesnew constructionPBV154CHAP awardedCHAP 2025Both
Donnelly Homes Phase 1new constructionPBV107CHAP awardedCHAP 2025Both
Page Homesnew constructionPBRA77ClosedAug 20199%$250,113

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 NJ005's remaining units that averages $1,486 a month, against a weighted PBV cap of $2,002 (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
Josephson Apts NJ005000004 411 $1,309 $1,624 $1,771 $1,542 Debt
Donnelly Homes NJ005000003 376 $1,543 $2,010 $2,193 $1,871 Debt
Wilson Hms NJ005000002 331 $1,781 $2,312 $2,522 $2,151 Debt
Prospect Village NJ005000001 305 $1,464 $2,126 $2,319 $1,910 Debt
Rush Crossing NJ005000006 73 $937 $2,161 $2,357 $1,600 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.