PHA code OR002 · Medium PHA · Oregon
Home Forward
Home Forward has closed 18 RAD conversions covering 1,218 public housing units. It still has 369 public housing units in 9 projects that HUD's May 2026 rents tool prices for RAD.
- Converted 1,218
- In the pipeline 0
- Still public housing 369
Of the closed deals, 18 went to project-based vouchers (PBV) and 0 to project-based rental assistance (PBRA). 5 used low-income housing tax credits and 0 carried FHA-insured debt.
Conversions
| Development | Type | RAD units | Status | Closed | Tax credits | FHA | Hard cost / unit |
|---|---|---|---|---|---|---|---|
| Peaceful Villanew construction | PBV | 70 | Closed | Feb 2025 | 4% | $423,324 | |
| Cora Park/chateau Apt/scattered East Anew construction | PBV | 27 | Closed | Apr 2022 | 4% | $349,537 | |
| 85 Stories Group 7 | PBV | 94 | Closed | May 2021 | 4% | $161,106 | |
| 85 Stories Group 6 | PBV | 124 | Closed | Jun 2019 | 4% | $102,567 | |
| ELIOT SQUARE (Bundled Transaction) | PBV | 112 | Closed | Nov 2018 | 4% | $98,852 | |
| Cecelia Limited Partnership | PBV | 72 | Closed | Nov 2017 | |||
| Haven Ltd Ptsp | PBV | 29 | Closed | Nov 2017 | |||
| Trouton Limited Partnership | PBV | 125 | Closed | Nov 2017 | |||
| Humboldt Gardens | PBV | 100 | Closed | Nov 2017 | |||
| Stephens Creek Crossing North | PBV | 64 | Closed | Nov 2017 | |||
| Stephens Creek Crossing South | PBV | 45 | Closed | Nov 2017 | |||
| Woolsey Limited Partnership | PBV | 71 | Closed | Nov 2017 | |||
| Fairview Oaks & Woods | PBV | 40 | Closed | Nov 2017 | |||
| Rockwood Station | PBV | 25 | Closed | Nov 2017 | |||
| Bud Clark Commons | PBV | 130 | Closed | Oct 2017 | |||
| Madrona Place | PBV | 45 | Closed | Oct 2017 | |||
| Martha Washington | PBV | 25 | Closed | Oct 2017 | |||
| The Jeffrey | PBV | 20 | Closed | Oct 2017 |
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 OR002's remaining units that averages $2,571 a month, against a weighted PBV cap of $2,099 (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. 8 of OR002's 9 projects are already at or above the PBV cap.
| Project | Units | 2026 RAD rent | PBV cap | PBRA cap | 60/40 blend | Rent check |
|---|---|---|---|---|---|---|
| Holgate House OR002000115 | 80 | $2,586 | $1,845 | $2,012 | $2,178 | Debt |
| Ruth Haefner Plaza OR002000140 | 73 | $2,463 | $1,845 | $2,012 | $2,095 | Debt |
| Peaceful Villa OR002000108 | 70 | $2,485 | $1,862 | $2,031 | $2,106 | Debt |
| Townhouse Terrace OR002000122 | 32 | $2,444 | $2,402 | $2,620 | $2,378 | Debt |
| Celilo Court OR002000142 | 28 | $2,733 | $2,415 | $2,635 | $2,535 | Debt |
| Carlton Court OR002000126 | 24 | $2,893 | $2,434 | $2,655 | $2,586 | Debt |
| Slavin Court OR002000131 | 24 | $2,808 | $3,016 | $3,290 | $2,882 | Debt |
| Lexington Court OR002000124 | 20 | $2,639 | $2,421 | $2,641 | $2,464 | Debt |
| Demar Downs OR002000132 | 18 | $2,436 | $2,114 | $2,306 | $2,222 | 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.
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.