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Jan. 10 - HUD Secretary Donovan to Host Roundtable with Georgia Housing Leaders

Category: National News

Obama Administration strategy to preserve public and assisted housing

Jan. 10, 2013 – Today, U.S. Housing and Urban Development Secretary Shaun Donovan will host a roundtable with local housing leaders and advocates to discuss the Obama Administration’s implementation of the Rental Assistance Demonstration (RAD), a comprehensive strategy that offers a long-term solution to preserve and enhance the country’s affordable housing stock – including leveraging public and private funding to make much-needed improvements.

HUD Secretary Donovan will also tour a Savannah-based RAD site, the Fred Wessels Homes, located on East Broad Street in the city. Following the tour, Donovan and local leaders will conduct a media availability beginning at 1:45 p.m.

RAD allows public housing agencies and owners of certain at-risk, federally-assisted properties to convert their current assistance to long-term project-based Section 8 contracts by enabling owners to leverage financing to help reduce the severe backlog of capital repair needs. In the initial 30-day application window, awardees proposed to generate over $650 million in private debt and equity investments to reduce the backlog in their properties without any additional public housing funds. In the process, RAD will help create and support thousands of local construction jobs in communities across the country.

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