RAD rent check
Pick any of the 6,191 public housing projects that haven't converted. You get HUD's 2026 RAD contract rent, the PBV and PBRA caps, the Section 18 blend rents HUD estimates, and an illustration of the mortgage each rent level could carry. About 91% of remaining units have a RAD rent below their PBV cap, by our count from HUD's May 2026 tool.
Example project, 100 units
$7,040,000 of debt, illustrative- Net operating income
- $525,400
- Debt per unit
- $70,377
Change any box. Pick a project to load HUD's rents for it and compare the RAD rent, the PBV and PBRA caps and the blend rents side by side.
Where the numbers come from
Rents are HUD's, from the RAD Contract Rents Look-Up Tool (May 2026): 2024 public housing funding per unit (capital fund, operating fund and tenant rents) inflated by the 2025 and 2026 operating cost adjustment factors. The PBV cap is 110% of the weighted fair market rent and the PBRA cap 120%, both before subtracting HUD's estimated utility allowance. Blend rents are HUD's estimates for 90/10, 60/40 and 30/70 RAD/Section 18 blends.
Debt is the loan whose level payment plus FHA's 0.25% annual mortgage insurance premium the net operating income covers at your coverage ratio. 1.11 is HUD's feasibility benchmark for RAD deals that carry debt (Supplemental Notice 4C, section X), tested over ten years, and under Mortgagee Letter 2025-03 it is also the FHA minimum for affordable and heavily assisted 223(f) and 221(d)(4) loans. The 5.54% default is the median note rate on FHA-insured apartment loans HUD endorsed in the year to September 30, 2026, from HUD's insured mortgage file; 35 years is the 223(f) maximum term. Vacancy, operating costs and reserves are placeholders: put in your own.
What it leaves out: rent caps after a rent reasonableness study, utility allowances on the RAD rent itself, tax credit equity, soft debt, and the lender's own underwriting. It is a sizing sketch, not a loan.
Want a second look?
Send the project to the commercial mortgage team at Janover Capital LLC with the scope of work and where the CHAP stands, and a person at Janover Capital will reply with a first read on how it might size.