How long does a RAD conversion take?
A RAD public housing conversion takes a median of 22.5 months, about 1.9 years, from the CHAP award to closing. That is the middle of 1,858 closed conversions in HUD's RAD Resource Desk data as of October 24, 2026. Half closed within 15.2 to 32.5 months. Among groups of 50 or more deals, FHA-insured deals took longest (median 28.7 months) and deals at large PHAs were quickest (21.1 months).
The spread of closing times
Closed conversions by months from CHAP award to closing, in six-month bins.
Bin labels are the months at the start of each bin; the last bin holds everything over 72 months.
| Group | Deals | 10th pct | 25th pct | Median | 75th pct | 90th pct |
|---|---|---|---|---|---|---|
| All closed conversions | 1,858 | 10.4 | 15.2 | 22.5 | 32.5 | 48.1 |
| Contract type | ||||||
| PBV (project-based vouchers) | 1,248 | 9.7 | 14.9 | 22.4 | 32.9 | 49.4 |
| PBRA (project-based rental assistance) | 610 | 12.2 | 15.4 | 23.0 | 31.7 | 45.1 |
| Tax credits | ||||||
| No tax credits | 978 | 10.4 | 14.4 | 21.4 | 30.0 | 43.1 |
| 4% credits | 603 | 11.5 | 16.7 | 24.3 | 36.4 | 53.1 |
| 9% credits | 272 | 9.1 | 14.0 | 22.1 | 32.3 | 49.8 |
| Both 4% and 9% | 5 | 7.8 | 12.1 | 20.0 | 21.9 | 28.6 |
| FHA insurance | ||||||
| FHA-insured debt | 215 | 15.1 | 21.1 | 28.7 | 41.8 | 59.8 |
| No FHA insurance | 1,643 | 10.2 | 14.8 | 21.9 | 31.8 | 46.0 |
| Section 18 blend | ||||||
| RAD/Section 18 blend | 267 | 11.0 | 15.7 | 23.8 | 43.2 | 66.2 |
| RAD only | 1,591 | 10.4 | 15.2 | 22.4 | 31.9 | 45.1 |
| Construction | ||||||
| New construction | 339 | 9.2 | 14.4 | 22.6 | 35.5 | 53.1 |
| Rehab or no construction | 1,519 | 10.9 | 15.4 | 22.5 | 32.2 | 47.1 |
| Housing authority size (HUD category) | ||||||
| Very small PHA | 27 | 15.4 | 17.2 | 29.5 | 50.4 | 56.1 |
| Small PHA | 494 | 11.0 | 16.1 | 22.5 | 32.0 | 43.8 |
| Medium PHA | 752 | 12.0 | 15.7 | 23.2 | 32.8 | 49.4 |
| Large PHA | 575 | 8.0 | 13.4 | 21.1 | 31.8 | 49.3 |
Groups overlap: a 4% credit deal can also be FHA-insured and a blend. Percentiles are of months, so the 90th percentile is the time by which nine in ten deals in the group had closed.
Has RAD gotten faster?
No. Deals that closed in 2024 through 2026 took a median 24.1 months from CHAP, against 21.3 months for deals that closed through 2018. The slow tail has grown more than the middle: the 90th percentile is 72.1 months for recent closings and 35.7 months for those through 2018.
| Closing year | Deals | 25th pct | Median | 75th pct | 90th pct |
|---|---|---|---|---|---|
| 2013 | 2 | 5.3 | 7.1 | 8.9 | 10.0 |
| 2014 | 62 | 9.8 | 12.0 | 14.1 | 16.4 |
| 2015 | 115 | 15.4 | 21.9 | 23.2 | 25.6 |
| 2016 | 250 | 15.5 | 18.8 | 20.9 | 30.2 |
| 2017 | 301 | 18.8 | 25.6 | 29.9 | 32.1 |
| 2018 | 181 | 21.2 | 32.1 | 39.6 | 43.2 |
| 2019 | 162 | 13.7 | 25.6 | 44.6 | 55.0 |
| 2020 | 173 | 15.3 | 22.9 | 34.7 | 60.4 |
| 2021 | 122 | 17.2 | 26.3 | 35.9 | 47.1 |
| 2022 | 134 | 18.9 | 29.7 | 45.4 | 54.2 |
| 2023 | 77 | 18.2 | 25.4 | 41.8 | 53.2 |
| 2024 | 90 | 14.7 | 27.3 | 43.1 | 62.1 |
| 2025 | 112 | 11.9 | 26.8 | 61.6 | 77.1 |
| 2026 (to date) | 77 | 13.9 | 19.0 | 33.8 | 63.3 |
A year's figures describe the deals that closed that year. Early years can only contain deals that closed quickly, because RAD began in 2012, so the first rows understate how long a typical deal of that era took.
The pipeline: deals with a CHAP and no closing
624 conversions (66,308 units) held a CHAP, a submitted Financing Plan or an RCC on October 24, 2026. Of the 624 with a usable CHAP date, the median has waited 22.4 months since the award, and 164 have waited longer than 48.1 months, the time by which nine in ten closed deals had closed.
| Waiting since CHAP | Deals | RAD units |
|---|---|---|
| Under 1 year | 187 | 19,566 |
| 1 to 2 years | 152 | 17,643 |
| 2 to 3 years | 41 | 3,192 |
| 3 to 5 years | 129 | 14,324 |
| 5 years or more | 115 | 11,583 |
| Status | Deals | RAD units | Median months since CHAP |
|---|---|---|---|
| CHAP awarded | 519 | 54,573 | 23.1 |
| Financing Plan in | 55 | 6,277 | 9.0 |
| RCC issued | 50 | 5,458 | 22.8 |
Find a specific deal in the conversion tracker. The steps between CHAP and closing are in the conversion steps guide.
By state
Among states with five or more timed closings, Vermont has the shortest median (11.4 months, 10 deals) and Maryland the longest (33.8 months, 58 deals). States with only a few deals swing on one project, so read their medians with care.
| State | Timed closings | Median months | Middle half |
|---|---|---|---|
| Alabama | 55 | 28.0 | 20.3 to 39.5 |
| Arizona | 18 | 27.1 | 21.7 to 31.0 |
| Arkansas | 27 | 28.9 | 16.3 to 41.0 |
| California | 144 | 19.2 | 14.4 to 31.4 |
| Colorado | 12 | 19.0 | 11.0 to 27.9 |
| Connecticut | 33 | 25.6 | 19.8 to 42.7 |
| Delaware | 7 | 20.2 | 18.1 to 22.6 |
| District of Columbia | 8 | 14.7 | 4.6 to 24.7 |
| Florida | 80 | 18.4 | 9.9 to 28.3 |
| Georgia | 130 | 25.7 | 16.6 to 37.1 |
| Hawaii | 1 | 37.2 | |
| Idaho | 2 | 17.1 | |
| Illinois | 92 | 16.6 | 8.7 to 25.7 |
| Indiana | 26 | 29.2 | 23.0 to 30.6 |
| Iowa | 1 | 16.1 | |
| Kansas | 7 | 22.7 | 16.3 to 37.0 |
| Kentucky | 9 | 21.5 | 20.2 to 26.6 |
| Louisiana | 24 | 33.4 | 25.3 to 43.4 |
| Maine | 3 | 17.3 | |
| Maryland | 58 | 33.8 | 22.8 to 44.2 |
| Massachusetts | 36 | 23.3 | 15.1 to 38.2 |
| Michigan | 48 | 23.2 | 17.3 to 38.6 |
| Minnesota | 22 | 13.8 | 13.7 to 18.9 |
| Mississippi | 36 | 14.1 | 13.5 to 22.8 |
| Missouri | 15 | 30.4 | 15.1 to 38.1 |
| Montana | 2 | 17.4 | |
| Nebraska | 5 | 21.4 | 10.2 to 22.4 |
| Nevada | 12 | 17.6 | 14.7 to 23.5 |
| New Hampshire | 3 | 17.2 | |
| New Jersey | 76 | 29.9 | 22.5 to 42.8 |
| New Mexico | 10 | 27.6 | 24.5 to 35.9 |
| New York | 95 | 24.5 | 16.3 to 34.1 |
| North Carolina | 124 | 23.6 | 18.5 to 31.7 |
| North Dakota | 1 | 21.2 | |
| Ohio | 90 | 24.4 | 17.2 to 44.5 |
| Oklahoma | 12 | 20.9 | 17.1 to 31.3 |
| Oregon | 24 | 25.7 | 13.8 to 27.8 |
| Pennsylvania | 86 | 18.6 | 10.7 to 30.5 |
| Rhode Island | 4 | 23.6 | 17.5 to 27.6 |
| South Carolina | 34 | 30.2 | 21.4 to 45.0 |
| South Dakota | 1 | 21.1 | |
| Tennessee | 108 | 22.3 | 14.9 to 31.7 |
| Texas | 140 | 20.1 | 15.7 to 27.4 |
| U.S. Virgin Islands | 3 | 77.1 | |
| Utah | 9 | 15.9 | 13.3 to 20.5 |
| Vermont | 10 | 11.4 | 10.4 to 17.7 |
| Virginia | 51 | 20.7 | 12.8 to 24.5 |
| Washington | 29 | 17.7 | 13.2 to 41.9 |
| Wisconsin | 34 | 19.7 | 11.7 to 24.6 |
| Wyoming | 1 | 30.6 |
Method and limits
Duration is the number of days from the CHAP (Commitment to enter into a Housing Assistance Payments contract) date to the closing date in HUD's RAD Resource Desk Component 1 export, divided by 30.44 to give months. Percentiles use linear interpolation. Of 1,955 closed conversions, 97 are left out because their CHAP date is January 1, 2013, which HUD's export uses for early awards and looks like a placeholder. Pipeline waits run from the CHAP date to the export date.
The closed figures describe deals that made it to closing. Deals that withdrew are not in the closed set, and deals still waiting are not either, so the true time for a deal starting today is likely a little longer than the closed median. HUD records a single CHAP date per deal; where a CHAP was amended or reissued, the clock starts from the date HUD shows.
Sources
RAD Resource Desk Component 1 property export, downloaded October 24, 2026; latest closing in the file October 21, 2026. All figures on this page are computed from that file when the site is built. More on the fields in about the data.
Questions about RAD timing
How long does a RAD conversion take from CHAP to closing?
The median is 22.5 months (about 1.9 years) across 1,858 closed RAD public housing conversions in HUD's RAD Resource Desk data as of October 24, 2026. Half of conversions closed between 15.2 and 32.5 months after the CHAP award; one in ten took longer than 48.1 months.
Do tax credit or FHA deals take longer to close?
Conversions with no tax credits closed a median 21.4 months after CHAP, 4% credit deals 24.3 months and 9% credit deals 22.1 months. FHA-insured deals took 28.7 months, longer than the 21.9 months for deals without FHA insurance. HUD data of October 24, 2026.
Is PBV or PBRA faster?
In HUD's data, PBV conversions closed a median 22.4 months after CHAP and PBRA conversions 23.0 months. The gap is small next to the spread within each type: the middle half of PBV deals ran 14.9 to 32.9 months.
How many RAD deals are waiting to close?
624 conversions covering 66,308 units were between CHAP and closing as of October 24, 2026. Of the 624 with a usable CHAP date, the median has waited 22.4 months, and 164 have waited longer than 48.1 months, which only one in ten closed deals took.
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Working toward closing?
The Financing Plan is where most RAD time goes. Send the deal to the commercial mortgage team at Janover Capital: FHA, bank, bond or tax credit debt, sized to the RAD rents. A senior advisor replies within one business day.
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