Trying to connect the dots on multifamily financing deals often hinges on some help from Uncle Sam in the form of the Department of Housing and Urban Development (HUD). Developers already acquainted with the Rental Assistance Demonstration (RAD) program, low-income housing tax credits (LIHTCs), Opportunity Zones, and, of course, the Section 221(d)(4) program know how the process works. But to shed some light on the process for those uninitiated, Multifamily Executive posed some questions to James Rice, vice president of HUD AEC Services at AEI Consultants, based in San Francisco.
Rice: HUD raised allocations because as the economy expands, multifamily owners are looking to increase rent due to increased operating costs. HUD offers multiple programs to allow private investors to invest in affordable housing. Of note are the RAD program, the LIHTC program, and Opportunity Zones, which allow public housing agencies to leverage public and private debt and equity in order to reinvest in public housing.
Suraj Shrestha is an associate at Harborside Partners. He has been taking the lead role on research projects; to develop and implement online marketing strategies for search engine optimization and social media marketing. He is one of the core parts for helping to grow business revenue and the company’s online presence.