NEW YORK, NY - At a gathering today of public housing authority administrators in Edison, New Jersey, Greystone, a real estate lending, investment and advisory company, introduced its new focus on assisting these communities in navigating HUD’s Rental Assistance Demonstration program. The RAD program converts the financial structure of public housing authority properties to enable access to capital for physical improvements and increase overall operational efficiency.
Tanya Eastwood, head of Greystone’s affordable housing preservation group, led an informative seminar with Jerry Anderson, Executive Vice President of Gill Group, and with support from the New Jersey Association of Housing & Redevelopment Authorities, to illustrate how RAD conversion can make a positive impact on the future of affordable housing communities.
“Housing authorities across the nation are at a critical crossroads in that their properties are rapidly deteriorating and available capital for improvements is at a minimum. The RAD conversion is an ideal solution for this, but it can be an incredibly complex process to navigate, so we want to educate local housing authorities on their options,” said Mr. Anderson. Mr. Anderson, instrumental in the original development of the RAD program, was the former Associate Deputy Assistant Secretary of the Office of Affordable Housing Preservation at HUD, and has created a joint venture with Greystone to advise public housing authorities across the U.S.
Greystone’s experienced team has preserved over 6,000 affordable housing units as both financial advisor and developer, putting into place the resources needed from a variety of sources to preserve and refurbish housing that is critical to many low-income or senior residents in the U.S. In advising housing authorities throughout the RAD conversion process, Greystone brings its capital assistance, equity and debt access, relationships with State and Federal agencies, and decades of experience transforming residential properties through recapitalization.
“We are incredibly excited to embark on this RAD advisory service, and believe Greystone’s unique position in the market as a leading developer, advisor, and lender will prove to be invaluable to the many housing authorities that are on the cusp of a RAD conversion,” said Ms. Eastwood. “It’s a positive step for the authorities but more importantly, the residents of these affordable housing communities, who will most certainly benefit from the financial and physical improvements for years to come.”