Baker Tilly's podcast series specifically for professionals in the multifamily housing industry
On this episode of the BuzzHouse, hosts Don Bernards and Garrick Gibson sit down with Tom Davis, director of the office of recapitalization at the US Department of Housing and Urban Development (HUD) to discuss all things Rental Assistance Demonstration (RAD). Tom provides background on Faircloth-to-RAD conversions and the success they’ve seen so far, including more than 30 projects in the pipeline in only a little over a year since it was created.
Tom also details the financial and nonfinancial items HUD requested in the 2023 budget for RAD. While congress is currently debating the budget, there are several tweaks that could be impactful to the renovation and preservation of the existing public housing portfolio. Other topics include an overview of RAD for PRAC, observations on RAD section 18 blends and HUD’s high priorities for the next three to five years.
Tom Davis is the Director of the Office of Recapitalization, within HUD’s Office of Multifamily Housing Programs. Prior to joining HUD, Tom was Senior Vice President of Recap Real Estate Advisors, where he led the firm’s affordable housing consulting practice, focused on the recapitalization and preservation of existing affordable housing through transactional, strategy and policy engagements. Throughout his career, Tom has integrated his experience in transactional legal work, development project management, affordable housing finance, asset management, resident services and property operations in an effort to maximize the value of affordable housing – as homes and as a platform from which to offer resources which families can access to achieve their own success.