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Mod Rehab (First Component of RAD): Limited Dividend
For Mod Rehab applications under the first component, if you choose PBRA the limited dividend is eliminated (2.2.6.a.5). Why is the LD not eliminated if choosing PBV?The Notice provision you mention simply clarifies that no new limited distribution requirement is imposed if your Mod Rehab (first component) project selects PBRA. Similarly, there would be no new limited distribution requirement if you selected PBVs (the PBV program does not limit distributions). However, neither PBV nor PBRA would eliminate an existing limited distribution requirement (if, for example, your project had an existing mortgage loan that imposed a limited distribution requirement).
Mod Unit Conversions Under First Component
Is there still a 1,250 unit cap for Mod Rehab conversions under the 1st component?No. That cap was removed with the publication of PIH Notice 2012-32 REV-1. [Updated 7.29.13]
Different Rents for the Same Sized Unit
There are two different rents for the same size unit. Would these rents be kept different in the RAD HAP or averaged?If there is a sound business reason to maintain a different rent for the different 2-bedroom units, we would consider it (i.e., one with 1 1/2 baths and the other with just 1 bath). Otherwise, we would consolidate into one contract rent for all two bedrooms. [Updated 7.29.13]
Increasing Subsidized Units in SRO Mod Rehab
Through SRO Mod rad conversion is an increase to the total units subsidized approvable?No, an increase to the total units subsidized is not allowed. Only units on the contract are eligible for conversion.