For efficient closing of RAD transactions by December 31, 2015, public housing authorities and developers should remain mindful of the Office of Recapitalization’s recently released processing deadlines. Planning ahead and incorporating the following issuance dates into operating schedules will help ensure your projects advance in a timely manner:
- Upload all required Financing Plan documents no later than September 18, 2015.
- To avoid delays in the review process, be sure that Financing Plan submissions contain all required documentation.
- Receive a RAD Conversion Commitment (“RCC”) no later than November 2, 2015.
- Submit FHA financing applications by August 1, 2015, to ensure that FHA firm commitments will be ready with the RCC for processing.
- Submit counter-signed RCC no later than November 9, 2014.
- Submit complete closing package no later than November 9, 2014.
- For a HAP effective date of December 1, transactions must close in November.
- For a HAP effective date of January 1, transactions must close in December.
Considering the expansion of the RAD program, along with the usual bevvy of holidays, the Office of Recapitalization expects to be unprecedentedly busy in the last two months of the calendar year. Plan to avoid late-December closings within project planning milestones.
Housing Plus and Ballard Spahr’s RAD Team would be happy to address any questions or comments regarding RAD transaction closings and the schedule outlined above.