Who finances RAD conversions
RAD conversion debt comes from FHA multifamily lenders, Fannie Mae and Freddie Mac affordable lenders, bank community development groups and housing finance agencies. HUD's data does not name lenders, so the table below lists 26 RAD financings from 2018 to 2026 that were announced on a public page, with a link to each. HUD's data does show how deals were structured: 12% of closed conversions carried FHA-insured debt and 48% used tax credits, as of October 24, 2026.
Publicly announced RAD conversion financings
| Lender or financer | Property and housing authority | Location | Year | Amount | Execution | Source |
|---|---|---|---|---|---|---|
| PGIM Real Estate Finance | Nine-property, 645-unit portfolio (Greensboro Housing Authority); Greystone Affordable Development was developer and advisor | Greensboro, NC | 2018 | $79.2 million total financing | Fannie Mae loans, with tax-exempt bonds and tax credit equity | REBusiness |
| Hunt Real Estate Capital (now Lument) | Betances portfolio, 39 buildings (NYCHA) | Bronx, NY | 2018 | $120.6 million (two loans) | Fannie Mae | Commercial Observer |
| KeyBank Community Development Lending and Investment | Highbridge Franklin and Twin Parks West (NYCHA PACT) | Bronx, NY | 2019 | $24.5 million | Not stated | 3BL Media (KeyBank release) |
| KeyBank Community Development Lending and Investment | Twin Parks West (NYCHA PACT) | Bronx, NY | 2019 | $42 million | Fannie Mae, refinancing existing debt | New York Real Estate Journal |
| Hunt Real Estate Capital (now Lument) | Hope Gardens, Palmetto Gardens and 195 Linden St, 1,321 units (NYCHA) | Brooklyn, NY | 2019 | $192.2 million | Freddie Mac | Commercial Observer |
| Merchants Capital | Nine NYCHA developments including Armstrong I and II, Weeksville Gardens and Williams Plaza, 2,625 units (NYCHA PACT) | Brooklyn, NY | 2020 | $375 million | NYC HDC Freddie Mac risk share | New York Real Estate Journal |
| Lument | Elliot Twins (Minneapolis Public Housing Authority) | Minneapolis, MN | 2020 | $11.8 million | Freddie Mac tax-exempt loan, forward commitment | Lument |
| Bellwether Enterprise | Victory Apartments, 107 units (Section 8 contract renewed under RAD) | Chicago, IL | 2020 | $20.5 million | Not stated | MBA Newslink |
| Oklahoma Housing Finance Agency (bonds); Prudential Huntoon Paige (FHA) | Apache Manor and Sandy Park (Tulsa Housing Authority) | Tulsa, OK | 2020 | $71.16 million total financing | Tax-exempt bonds plus two FHA 221(d)(4) loans | Innovative Capital (financial advisor) |
| Lument | Holly Square, McLane Gardens and Peach Circle (Delaware State Housing Authority) | Middletown and Smyrna, DE | 2020 | $8 million | Freddie Mac forward commitment, taking out construction debt | Lument |
| Bellwether Enterprise | Capstone at Kinsey Cove (Housing Authority of the City of Dothan) | Dothan, AL | 2021 | $11.6 million | FHA 221(d)(4) | REBusiness |
| Bellwether Enterprise | Franklin Tower and Henrich House (Housing Authority of Cook County) | Franklin Park and Des Plaines, IL | 2021 | $6.5 million | Freddie Mac affordable permanent loan | MBA Newslink |
| Virginia Housing | Richmond Family Housing 1 and 2, five properties, 304 units (Richmond Redevelopment and Housing Authority) | Richmond, VA | 2021 | $26.3 million | Agency loans with tax-exempt bond financing | Virginia Housing |
| Bellwether Enterprise | Kingsport RAD portfolio (Kingsport Housing and Redevelopment Authority, with Pennrose) | Kingsport, TN | 2021 | $14.3 million | Fannie Mae tax-exempt bond collateral loan | MBA Newslink |
| Bellwether Enterprise | DePaul House and Joachim House (RAD for PRAC, Catholic Charities of Baltimore) | Baltimore, MD | 2021 | $11.4 million | FHA-insured loan | MBA Newslink |
| NYC HDC, Wells Fargo and Citi | Linden Houses and Penn-Wortman Houses (NYCHA PACT) | Brooklyn, NY | 2021 | $430 million total financing | Construction loans; HDC permanent loan through FHA risk share | L+M Development Partners |
| NYC HDC and JPMorgan Chase | Boulevard Houses, Fiorentino Plaza and Belmont-Sutter Area (NYCHA PACT) | Brooklyn, NY | 2022 | $600 million total financing | Construction loan | New York Real Estate Journal |
| Wells Fargo; Urban Residential Finance Authority (bonds) | James Allen Jr. Place, formerly Hightower Manor (Atlanta Housing) | Atlanta, GA | 2022 | $4.0 million bank loan; $19.2 million in bonds | Bank first-lien loan plus tax-exempt bonds | Atlanta Housing via PR Newswire |
| MassHousing | Mission Main, RAD/Section 18 blend (Boston Housing Authority) | Boston, MA | 2023 | Not stated ($66 million construction budget) | FHA risk share (Section 542(c)) | HUD |
| Walker & Dunlop (structured, with Freddie Mac) | Audubon Houses, Bethune Gardens and Thurgood Marshall Plaza (NYCHA PACT, RAD and Section 18) | New York, NY | 2023 | $120 million | Freddie Mac | Walker & Dunlop release via StockTitan |
| Lument | Carver Park Phase III (Cuyahoga Metropolitan Housing Authority) | Cleveland, OH | 2023 | $14 million FHA loan; $34 million bonds | FHA 221(d)(4) plus cash-collateralized tax-exempt bonds | Lument |
| Bank of America; MassHousing | Curtis Apartments Phase 1, Faircloth-to-RAD (Worcester Housing Authority) | Worcester, MA | 2024 | Not stated | Bank construction loan, tax-exempt bonds; MassHousing permanent loan through HUD risk share | Nixon Peabody |
| Berkadia | Hammond Village, 78 units (Columbia Housing Authority) | Columbia, SC | 2024 | $6.6 million | FHA 221(d)(4) | Berkadia |
| Merchants Capital | Boston Road Plaza, Boston Secor and Middletown Plaza (NYCHA PACT) | Bronx, NY | 2025 | $129.1 million | NYC HDC Freddie Mac risk share | New York Real Estate Journal |
| Fifth Third Bank | Western Horizon (same deal as the row above) | Lorain, OH | 2026 | Not stated | Tax-exempt construction loan bridging tax credit equity | Lument case study |
| Lument | Western Horizon, RAD/Section 18 blend (Raise Up, formerly Lorain Metropolitan Housing Authority) | Lorain, OH | 2026 | $28 million FHA loan; $9.2 million bonds | FHA 221(d)(4) plus tax-exempt bonds, with 4% tax credits | Lument |
Amounts and executions are as each page states them. "Total financing" means the page gave the whole capital stack, not one loan. NYCHA's PACT program converts through RAD; PACT rows are included only where the page says so. Each source was read on October 30, 2026.
Executions in the list
| Execution | Rows |
|---|---|
| FHA-insured (221(d)(4), 223(f) or FHA risk share) | 8 |
| Freddie Mac (including HDC risk share) | 7 |
| Fannie Mae | 4 |
| Tax-exempt bonds alongside the loan | 8 |
| Bank construction or bridge loan | 5 |
How to read this list
These are announcements, not market share. Lenders announce the deals they want to be known for, large New York PACT transactions are covered far more than small rural conversions, and most RAD loans are never announced at all. A lender missing from the table may close RAD deals every year.
Janover Capital LLC, which runs this site, is a commercial mortgage advisor, not a lender. On a RAD deal we take the rents, the scope and the timeline to many lenders across FHA, Fannie Mae, Freddie Mac, bank and bond executions and bring back the terms they will offer.
What HUD's data shows: FHA and tax credits by year
Since 2018, 13% of closed RAD conversions carried FHA-insured debt and 53% used tax credits. Of the conversions closed since 2018 without FHA insurance, 58% report some hard debt; HUD does not say whether that debt is a bank, agency or bond loan. A zero in HUD's debt field can mean no debt or an unreported figure.
| Year | Closed | FHA-insured | FHA share | Any tax credits | Credit share | 4% credits | 9% credits |
|---|---|---|---|---|---|---|---|
| 2013 | 13 | 2 | 15% | 8 | 62% | 2 | 6 |
| 2014 | 115 | 11 | 10% | 38 | 33% | 19 | 19 |
| 2015 | 130 | 24 | 18% | 83 | 64% | 64 | 20 |
| 2016 | 263 | 24 | 9% | 101 | 38% | 69 | 33 |
| 2017 | 304 | 32 | 11% | 102 | 34% | 68 | 36 |
| 2018 | 182 | 24 | 13% | 85 | 47% | 52 | 34 |
| 2019 | 163 | 17 | 10% | 81 | 50% | 48 | 33 |
| 2020 | 173 | 25 | 14% | 87 | 50% | 64 | 23 |
| 2021 | 122 | 21 | 17% | 59 | 48% | 41 | 18 |
| 2022 | 134 | 20 | 15% | 76 | 57% | 46 | 30 |
| 2023 | 77 | 10 | 13% | 55 | 71% | 41 | 14 |
| 2024 | 90 | 11 | 12% | 51 | 57% | 41 | 10 |
| 2025 | 112 | 7 | 6% | 71 | 63% | 55 | 17 |
| 2026 (to date) | 77 | 9 | 12% | 39 | 51% | 26 | 13 |
Deals that used both 4% and 9% credits are counted in both credit columns and once in "any tax credits". More on structure and cost in how RAD conversions are financed.
Sources and method
Lender table: public press releases, trade press, housing authority and HUD pages, each linked in its row and read on October 30, 2026. A row is included only if the page names the financer and says the deal is a RAD conversion (including RAD for PRAC and NYCHA's PACT program where the page names RAD). Deals announced before 2018 and pages that only mention PACT were left out. Year is the year of the announcement.
FHA and tax credit shares: RAD Resource Desk Component 1 property export, downloaded October 24, 2026, computed when the site is built.
Questions about RAD lenders
Who lends on RAD conversions?
In public announcements since 2018, RAD conversion debt came from FHA multifamily lenders (for 221(d)(4) and 223(f) loans), Fannie Mae and Freddie Mac affordable lenders, bank community development groups, and state and city housing finance agencies, often with tax-exempt bonds. HUD's own data does not name lenders.
How many RAD conversions use FHA insurance?
237 of 1,955 closed RAD public housing conversions (12%) carried FHA-insured debt, per HUD's RAD Resource Desk data as of October 24, 2026. Since 2018 the share is 13%.
How many RAD conversions use tax credits?
936 of 1,955 closed conversions (48%) used low-income housing tax credits, 4%, 9% or both, per HUD data as of October 24, 2026. Among deals closed since 2018 the share is 53%.
Is this list a ranking of RAD lenders?
No. It lists financings that a lender, agency or adviser announced on a public page. Many RAD loans are never announced, so the list says nothing about market share.
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- FHA 223(f), 221(d)(4) and 223(a)(7)
- Fannie Mae and Freddie Mac affordable
- Bank, bond and tax credit executions