Summary
The Restore-Rebuild initiative enables a housing authority to utilize its authority to add additional ACC public housing units under its Faircloth Authority limit. Procedurally, developments approved as part of the Restore-Rebuild initiative go to a financial closing as a public housing development through a Mixed Finance transaction but receive pre-approval to convert under the RAD program to project based vouchers (“PBV”) as soon as the units are eligible for occupancy. With early-stage RAD conversion approvals, lenders and investors will have the revenue certainty through familiar Section 8 PBV Housing Assistance Payments (“HAP”) contracts to underwrite the construction of these projects. A Restore-Rebuild conversion goes through three phases: (1) Pre-Development (ACC); (2) Construction; and (3) Conversion to Permanent Financing (RAD). HA is pleased to issue this Request for Proposals (“RFP”) to solicit proposals from interested property owners and developers who would like to participate in PHA’s Restore-Rebuild Initiative.