PHA code TN001 · Large PHA · Tennessee
Memphis Housing Authority
Memphis Housing Authority has closed 6 RAD conversions covering 872 public housing units, with 2 more (152 units) between CHAP and closing. It still has 1,283 public housing units in 26 projects that HUD's May 2026 rents tool prices for RAD.
- Converted 872
- In the pipeline 152
- Still public housing 1,283
Of the closed deals, 4 went to project-based vouchers (PBV) and 2 to project-based rental assistance (PBRA). 6 used low-income housing tax credits and 2 carried FHA-insured debt.
Conversions
| Development | Type | RAD units | Status | Closed | Tax credits | FHA | Hard cost / unit |
|---|---|---|---|---|---|---|---|
| University Place PreservationSec. 18 blend | PBRA | 70 | CHAP awarded | CHAP 2026 | 4% | ||
| University Place Preservation SeniorSec. 18 blend | PBRA | 82 | Financing Plan in | CHAP 2026 | 4% | $128,059 | |
| Venson Center and Borda TowersSec. 18 blend | PBV | 232 | Closed | Oct 2024 | 4% | Yes | $79,216 |
| Barry Towers and Jefferson SquareSec. 18 blend | PBV | 223 | Closed | Oct 2023 | 4% | Yes | $69,833 |
| Mh Strategies Family Rad: Askew and UptownSec. 18 blend | PBRA | 99 | Closed | Dec 2021 | 4% | $68,129 | |
| Mh Strategies Family Rad: College ParkSec. 18 blend | PBRA | 245 | Closed | Dec 2021 | 4% | $65,331 | |
| Foote Homes Phase 2new construction | PBV | 29 | Closed | Aug 2018 | 9% | $170,736 | |
| Foote Homesnew construction | PBV | 44 | Closed | Mar 2018 | 9% | $154,812 |
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 TN001's remaining units that averages $797 a month, against a weighted PBV cap of $1,505 (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.
| Project | Units | 2026 RAD rent | PBV cap | PBRA cap | 60/40 blend | Rent check |
|---|---|---|---|---|---|---|
| Montgomery Plaza TN001000021 | 100 | $1,079 | $1,770 | $1,931 | $1,483 | Debt |
| The University Place Senior TN001000057 | 82 | $795 | $1,274 | $1,390 | $1,100 | Debt |
| Latham Terrace TN001000054 | 80 | $796 | $1,283 | $1,399 | $1,106 | Debt |
| Lyons Ridge Apartments TN001000069 | 80 | $726 | $1,317 | $1,437 | $1,101 | Debt |
| Uptown Square TN001000047 | 76 | $691 | $1,367 | $1,492 | $1,061 | Debt |
| Lakeview Landing TN001000066 | 76 | $917 | $1,931 | $2,107 | $1,450 | Debt |
| Magnolia Terrace TN001000056 | 69 | $767 | $1,269 | $1,385 | $1,083 | Debt |
| Fairway Manor TN001000072 | 68 | $658 | $1,308 | $1,427 | $1,021 | Debt |
| The Villages at Cypresswood TN001000068 | 57 | $773 | $1,575 | $1,718 | $1,210 | Debt |
| Legends Park East TN001000065 | 53 | $879 | $1,654 | $1,804 | $1,294 | Debt |
| Legends Park West TN001000070 | 48 | $782 | $1,509 | $1,646 | $1,170 | Debt |
| University Place Phase II TN001000060 | 44 | $874 | $1,731 | $1,888 | $1,336 | Debt |
| Legends Park North TN001000071 | 44 | $696 | $1,272 | $1,388 | $1,055 | Debt |
| Cleaborn Pointe at Heritage Landing I TN001000073 | 44 | $619 | $1,275 | $1,391 | $982 | Debt |
| Kefauver Terrace TN001000076 | 44 | $737 | $1,222 | $1,334 | $1,014 | Debt |
| Metropolitan Place TN001000050 | 40 | $683 | $1,429 | $1,559 | $1,105 | Debt |
| Fowler Multifamily TN001000055 | 40 | $791 | $1,694 | $1,848 | $1,244 | Debt |
| Harold Ford Senior Villas TN001000061 | 36 | $793 | $1,800 | $1,964 | $1,291 | Debt |
| Cleaborn Pointe at Heritage Landing II TN001000074 | 36 | $807 | $1,540 | $1,680 | $1,194 | Debt |
| Cleaborn Pointe at Heritage Landing III TN001000075 | 32 | $757 | $1,539 | $1,679 | $1,180 | Debt |
| Austin Park TN001000062 | 29 | $793 | $1,860 | $2,029 | $1,326 | Debt |
| Crockett Place TN001000053 | 26 | $887 | $1,766 | $1,926 | $1,355 | Debt |
| University Place Phase III TN001000064 | 26 | $846 | $1,582 | $1,726 | $1,230 | Debt |
| Greenlaw Place TN001000048 | 22 | $736 | $1,509 | $1,646 | $1,168 | Debt |
| Levi Landing TN001000067 | 16 | $886 | $1,908 | $2,082 | $1,399 | Debt |
| Cleaborn Pointe at Heritage Landing IV TN001000077 | 15 | $776 | $1,573 | $1,716 | $1,212 | 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.