NYC Approval For Private Management Of Housing
The US Housing and Urban Development's rental assistance demonstration program, known as RAD, changes how rents get paid, allowing investors to rely on predictable revenue from monthly rent vouchers guaranteed for 40 years instead of the uncertainty of annual federal budget appropriations. It has been used in Far Rockaway, Queens to renovate almost 1,400 units with US$560 million in private and government financing. So far, it and two other complexes housing about 13,000 have been formally approved.¬
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