PHA code VA007 · Large PHA · Virginia
Richmond Redevelopment & Housing Authority
Richmond Redevelopment & Housing Authority has closed 6 RAD conversions covering 395 public housing units. It still has 3,246 public housing units in 12 projects that HUD's May 2026 rents tool prices for RAD.
- Converted 395
- In the pipeline 0
- Still public housing 3,246
Of the closed deals, 2 went to project-based vouchers (PBV) and 4 to project-based rental assistance (PBRA). 6 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 |
|---|---|---|---|---|---|---|---|
| Townes at River SouthSec. 18 blend | PBRA | 60 | Closed | Feb 2023 | 4% | $77,578 | |
| Richmond Family Housing 2: Stovall and RandolphSec. 18 blend | PBV | 62 | Closed | Jun 2021 | 4% | $85,647 | |
| Richmond Family Housing 1: Afton, Fulton, BainbridgeSec. 18 blend | PBV | 74 | Closed | May 2021 | 4% | $106,179 | |
| Fay Phase II | PBRA | 50 | Closed | Jan 2020 | 4% | $219,832 | |
| Fay Phase IIInew construction | PBRA | 72 | Closed | Jun 2018 | 4% | $144,044 | |
| Fay Towers Phase 1 (brookland Park) | PBRA | 77 | Closed | Sep 2015 | 9% | $91,215 |
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 VA007's remaining units that averages $1,398 a month, against a weighted PBV cap of $1,989 (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 |
|---|---|---|---|---|---|---|
| Gilpin Court VA007000001 | 781 | $1,526 | $2,046 | $2,232 | $1,894 | Debt |
| Mosby Ct VA007000008 | 458 | $1,398 | $2,180 | $2,378 | $1,924 | Debt |
| Fairfield Ct VA007000007 | 447 | $1,494 | $2,030 | $2,215 | $1,871 | Debt |
| Whitcomb Ct VA007000006 | 441 | $1,509 | $1,960 | $2,138 | $1,834 | Debt |
| Hillside Ct VA007000004 | 402 | $1,324 | $1,963 | $2,142 | $1,762 | Debt |
| Creighton Ct VA007000005 | 313 | $1,277 | $1,990 | $2,171 | $1,757 | Debt |
| Stonewall VA007000503 | 218 | $1,037 | $1,653 | $1,803 | $1,456 | Debt |
| Fay VA007000501 | 130 | $1,352 | $1,658 | $1,808 | $1,589 | Debt |
| Dove Street Phase I VA007000017 | 30 | $733 | $1,889 | $2,060 | $1,455 | Debt |
| Blackwell Senior Cottages VA007000037 | 14 | $582 | $1,658 | $1,808 | $1,115 | Debt |
| Dove Street Phase II VA007000036 | 8 | $751 | $1,874 | $2,044 | $1,337 | Debt |
| Blackwell Senior Cottages II VA007000038 | 4 | $570 | $1,658 | $1,808 | $1,043 | 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.